How do you "let go" of your working life?

indiasign

“ Always best to get the definitive situation in writing from the organisation rather than hearsay from the min wage plebs”

Where does it say in the post that the OP got their information from the “min wage plebs”?

All it says is that they “asked about VR”. Doesn’t say who they asked.

katejo

SarahB16 said:

katejo said:

SarahB16 said:

katejo said:

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Are you sure that's correct? My understanding is your 3-day week would be pro-rated as though it was full time but somebody more knowledgeable than me can hopefully clarify?  

Personally at 62 with the offer of VR (that normally means you can take your pension without the actuarial reduction) I'd be snapping their hands off if I were in your shoes.  

I know people talk about their 'work family' but I really think it's good to have that balance of friends from outside of work too.  Perhaps consider widening your circle of friends by joining local groups near to you.  

I specifically asked about the VR and was told that it would be 8 months salary at my current rate of pay, not the full time rate.  I do already have friends and belong to a small number of groups but have never found it easy to extend activities beyond the group. I am not sure what you mean by the actuarial reduction. I won't get the full pension unless I continue paying in  until 2029. I don't plan to wait that long but I am not quite ready for an abrupt stop in January 2026. 

Sorry I misunderstood, I was referring to your pension being based on the full time equivalent salary (I wasn't meaning your VR payout). 

Re the actuarial reduction, let's just say your normal retirement age is 67 and you are now 62 and taking your pension now.  Normally that would mean a 5-year actuarial reduction but I thought if you had been made redundant and over the age of 55 (currently) then you could take the pension you have accrued to date without the 5 year actuarial reduction because you have taken redundancy.  

Like I said I'm not 100% sure on the above but someone more knowledgeable will clarify this.  If you can then if I were in your shoes I'd taken the VR, take the pension at 62 and get a little part time job (perhaps in a nearby shop or B&Q, garden centre, etc). 

Yes I know that the pension would be based on the full time salary. I am not quite ready to make a sudden stop and my reason for casual hours was to maintain contact with colleagues and still use knowledge acquired on the job. I am not really interested in alternative part time work. 

katejo

HedgehogRulez said:

katejo said:

SarahB16 said:

katejo said:

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Are you sure that's correct? My understanding is your 3-day week would be pro-rated as though it was full time but somebody more knowledgeable than me can hopefully clarify?  

Personally at 62 with the offer of VR (that normally means you can take your pension without the actuarial reduction) I'd be snapping their hands off if I were in your shoes.  

I know people talk about their 'work family' but I really think it's good to have that balance of friends from outside of work too.  Perhaps consider widening your circle of friends by joining local groups near to you.  

I specifically asked about the VR and was told that it would be 8 months salary at my current rate of pay, not the full time rate.  I do already have friends and belong to a small number of groups but have never found it easy to extend activities beyond the group. I am not sure what you mean by the actuarial reduction. I won't get the full pension unless I continue paying in  until 2029. I don't plan to wait that long but I am not quite ready for an abrupt stop in January 2026. 

Yes, they are wrong.

Always best to get the definitive situation in writing from the organisation rather than hearsay from the min wage plebs

I am not sure what you mean here. My questions about the VR were addressed to the HR team dealing with the VR scheme.

LHW99

katejo said:

SarahB16 said:

katejo said:

SarahB16 said:

katejo said:

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Are you sure that's correct? My understanding is your 3-day week would be pro-rated as though it was full time but somebody more knowledgeable than me can hopefully clarify?  

Personally at 62 with the offer of VR (that normally means you can take your pension without the actuarial reduction) I'd be snapping their hands off if I were in your shoes.  

I know people talk about their 'work family' but I really think it's good to have that balance of friends from outside of work too.  Perhaps consider widening your circle of friends by joining local groups near to you.  

I specifically asked about the VR and was told that it would be 8 months salary at my current rate of pay, not the full time rate.  I do already have friends and belong to a small number of groups but have never found it easy to extend activities beyond the group. I am not sure what you mean by the actuarial reduction. I won't get the full pension unless I continue paying in  until 2029. I don't plan to wait that long but I am not quite ready for an abrupt stop in January 2026. 

Sorry I misunderstood, I was referring to your pension being based on the full time equivalent salary (I wasn't meaning your VR payout). 

Re the actuarial reduction, let's just say your normal retirement age is 67 and you are now 62 and taking your pension now.  Normally that would mean a 5-year actuarial reduction but I thought if you had been made redundant and over the age of 55 (currently) then you could take the pension you have accrued to date without the 5 year actuarial reduction because you have taken redundancy.  

Like I said I'm not 100% sure on the above but someone more knowledgeable will clarify this.  If you can then if I were in your shoes I'd taken the VR, take the pension at 62 and get a little part time job (perhaps in a nearby shop or B&Q, garden centre, etc). 

Yes I know that the pension would be based on the full time salary. I am not quite ready to make a sudden stop and my reason for casual hours was to maintain contact with colleagues and still use knowledge acquired on the job. I am not really interested in alternative part time work. 

If you took VR and left, with pension, could you then be able to work for the company as a consultant on an ad hoc (self-employed?) basis? 

Perhaps after having a break of x weeks before doing any work?

katejo

LHW99 said:

katejo said:

SarahB16 said:

katejo said:

SarahB16 said:

katejo said:

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Are you sure that's correct? My understanding is your 3-day week would be pro-rated as though it was full time but somebody more knowledgeable than me can hopefully clarify?  

Personally at 62 with the offer of VR (that normally means you can take your pension without the actuarial reduction) I'd be snapping their hands off if I were in your shoes.  

I know people talk about their 'work family' but I really think it's good to have that balance of friends from outside of work too.  Perhaps consider widening your circle of friends by joining local groups near to you.  

I specifically asked about the VR and was told that it would be 8 months salary at my current rate of pay, not the full time rate.  I do already have friends and belong to a small number of groups but have never found it easy to extend activities beyond the group. I am not sure what you mean by the actuarial reduction. I won't get the full pension unless I continue paying in  until 2029. I don't plan to wait that long but I am not quite ready for an abrupt stop in January 2026. 

Sorry I misunderstood, I was referring to your pension being based on the full time equivalent salary (I wasn't meaning your VR payout). 

Re the actuarial reduction, let's just say your normal retirement age is 67 and you are now 62 and taking your pension now.  Normally that would mean a 5-year actuarial reduction but I thought if you had been made redundant and over the age of 55 (currently) then you could take the pension you have accrued to date without the 5 year actuarial reduction because you have taken redundancy.  

Like I said I'm not 100% sure on the above but someone more knowledgeable will clarify this.  If you can then if I were in your shoes I'd taken the VR, take the pension at 62 and get a little part time job (perhaps in a nearby shop or B&Q, garden centre, etc). 

Yes I know that the pension would be based on the full time salary. I am not quite ready to make a sudden stop and my reason for casual hours was to maintain contact with colleagues and still use knowledge acquired on the job. I am not really interested in alternative part time work. 

If you took VR and left, with pension, could you then be able to work for the company as a consultant on an ad hoc (self-employed?) basis? 

Perhaps after having a break of x weeks before doing any work?

No not at all! One of the rules/conditions of their VR is that I would not be allowed to work for the same employer for 2 full years. That's one of the two reasons which stopped me going for it. 

Albermarle

katejo said:

HedgehogRulez said:

katejo said:

SarahB16 said:

katejo said:

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Are you sure that's correct? My understanding is your 3-day week would be pro-rated as though it was full time but somebody more knowledgeable than me can hopefully clarify?  

Personally at 62 with the offer of VR (that normally means you can take your pension without the actuarial reduction) I'd be snapping their hands off if I were in your shoes.  

I know people talk about their 'work family' but I really think it's good to have that balance of friends from outside of work too.  Perhaps consider widening your circle of friends by joining local groups near to you.  

I specifically asked about the VR and was told that it would be 8 months salary at my current rate of pay, not the full time rate.  I do already have friends and belong to a small number of groups but have never found it easy to extend activities beyond the group. I am not sure what you mean by the actuarial reduction. I won't get the full pension unless I continue paying in  until 2029. I don't plan to wait that long but I am not quite ready for an abrupt stop in January 2026. 

Yes, they are wrong.

Always best to get the definitive situation in writing from the organisation rather than hearsay from the min wage plebs

I am not sure what you mean here. My questions about the VR were addressed to the HR team dealing with the VR scheme.

The poster likes to make controversial statements, so I would not rise to the bait.

Vitor

I found it very easy! I retired at 59 in May 2023, I think it helped I'd been WFH due to the pandemic and had never returned to the office full time so that reduced the transition shock. TBH never for one minute did I miss work. I have begun an OU degree, joined U3A, am on the Committee of several clubs and fully indulge my hobbies and travel where and when I fancy.

BridgetTheCat

I’m finding it surprisingly easy to let go. I’ve spent the last 2 years under threat of redundancy and since I was turning 55 anyway I pulled together all my pension information just in case. I wasn’t made redundant in the end but I’ve decided to go part time from next April with the intention of retiring fully between 58 and 60.

I think it helps to imagine what you would do if money wasn’t a factor. Would you still work, or pursue other interests? After a long career in the sciences I want to learn about art and history, maybe even go back to uni 🤣, so it’s a matter of working out how much I need to pursue those things.

anotherquestion

Kismet_Hardy said:

I'm really, really struggling with the decision on when to retire and am hoping that there are others out there who have also struggled and may have some words of wisdom on the topic.

I am now 66, a state pensioner, and in receipt of a couple of DB pensions, but I am continuing to work in 2 roles (associated with the same profession) which are paid on a daily fee basis. The pay is very good, there is a decent amount of flexibility, and I have been slowing down over the past year. I work around 6-8 paid days per month, which would be fine if that was the end of it, but there can be a fair amount of prep and follow up work, plus keeping up with "professional knowledge" and IT changes. Also, I often find myself getting involved in wider matters, which means it sometimes feels like I am working full time. I am incapable of giving anything but 100% to the job - a product, I suspect, of the "working class Protestant work ethic" I was raised with. I have come to hate this aspect of my personality!

There are times when I enjoy the work, the "brain stretch" and the brief moments of interaction with colleagues, but some of the work can be extremely challenging and highly stressful. It takes up a great deal of my headspace and I don't feel able to follow my interests and hobbies in the way that I would like to. 

My husband, who is a few years younger, is not ready to retire and he earns well. We will have enough money coming in, we don't have a mortgage or any debts and, in a few years time, we shall downsize. Our only financial worry relates to our young adult children, 2 of which are still living with us. They are all working, but everything seems so unstable out there at the moment and I worry a great deal about them, particularly in relation to housing. 

Recently, something has happened at work which feels to me like the final straw, but I am struggling with calling it a day. Because each day I work brings in a decent amount of money, I feel like I would let the family down by stopping. I am slowly driving my husband mad by my constant chopping and changing and I really do need to make a decision and stick to it.

Can anyone help me out here please?   

twopenny

All I can say is that I was forced into retirement by the banking crash.
It was weird at first and I felt a bit left out when I heard people going to work in the morning so I got busy with jobs around the house that I'd not had time for.
Then the joy of meeting friends and being able to finish a conversation without rushing off. Going for a mid morning coffee and relaxing.

Then I started picking up more activities like tennis, table tennis, swimming as long as I wished, walks with groups and quickly made new friends. I paint, photography, needlework etc.
In the end I had to cut out some activities because I had no time for myself 😆

Love the freedom to do the things I enjoy, no more clearing ice off the car early morning, no more battling storms on the commute.
If the sun shone I could go to the beach or woods.

Stretching the mind? Well I was always learning new things, there were groups where I was with retired professionals whose knowledge I could learn from, so many things to choose from that you have to make decisions as to what is really useful.

Are you someone who is always curious and wanting to do things or are you dependent only on work that prescribes new stuff and the acquaintances from work.
We are all sorts. 
What sort are you? What would you like to do more of?