Made Redundant

[Nicko]

Well, sadly I worked my last day this week at the employer where I've been quite happy to spend over six years. I'm officially employed until the end of next week but still had some holiday owing. I was one of the last to go after the majority of employees were given notice towards the end of October and we've all gradually left as our notice periods ended. Luckily most of my colleagues seem to have sorted out alternative employment quite easily which is good, especially for the younger ones who have the bigger commitments to meet.

Its left me with a bit of a dilemma though. I'll be 63 next year and was already starting to wind down a bit. For the past couple of years I've mostly been working 27 hours spread over three days each week and this suits me rather well. Looking at what's out there, most part-time jobs seem to be low wage and likely much lower job satisfaction and I really don't want to go back to full time working and then try and tail it down again. Retirement could be an option, but there is a certain amount of financial anxiety attached to that. I am in receipt of some pension income and my wife still works part time, but it will be two years until I have a further pension to take and then two more before I hit state pension age.

What's saddened me most is that I've had more job satisfaction in these past six and a half years than I'd had at any time in probably the previous 15 years. Any tips, sage advice or even a gentle pat on the head would be much appreciated at this time. Thanks for reading.

Nick

[Geoffers]

Sorry to hear your news Nick 😔.

Can’t really offer any advice other than that given to me by a friend who helps people find work which is think laterally and consider all the transferable skills which you have when looking for another job.

Keep your chin up 👍

Geoff.

[PaulinKendal]

Ah, sorry to hear that Nick.

I was effectively forced out of a job I dearly loved at the age of 64. Like you I had already reduced my working week to three days. (I had intended to work to 66 when I get the state pension.)

Financially this has been tricky for me. Psychologically it has been worse - stopping work when I hadn't intended to was massively disrupting.

Not sure I can offer any advice at all, sage or not. But I can tell you I quickly became aware that, while I wouldn't be able to match the wage I had been receiving (even though that wasn't very much), I could easily find part-time work that would be reasonably satisfying. There is self-esteem in doing a simple job well, and the steady reliability and experience of us older folks is in greater demand than you might imagine.

In the end I realised I could survive without going back to work. The challenge then was to adjust to a life of leisure - much harder than I expected! I accepted that the transition would not be seamless and that there would be difficulties in making the change. But you and I have dealt with bigger challenges than this, and the disruption will lead on to all sorts of new positives in your life.

I wish you every good fortune in making the best of this change in your life circumstances - go for it!

[scottie3158]

Nick,
Like Geoff can't really offer any advice, the only thing I would say is there are some good part time jobs out there. I now work part time as a maintenance guy in a school and I can safely say it is one of the most enjoyable rewarding jobs I have ever done despite doing previous well paid jobs.

[Jim R]

I took early retirement from teaching because the job had changed and I wasn't happy with how things were going. I was very worried about our finances as I would only have the teachers pension, slightly reduced due to my retiring early, until the state pension for the wife and I started in a few years time. We sat down and figured things out and actually we were fine. I did get a job as a general dogs body at a small garden centre/florists. No stress and minimum wage. I enjoyed it. Kept that job until our state pensions kicked in. I have never regretted my decision and actually we managed financially very well indeed.

[pjgtech]

Sorry to hear that you've had to leave a job that you liked.
Only advice I can give is you have to do what's right for you!
If you don't yet feel ready for full retirement then get out there and find a job, even if its only a part time job.
If you can afford to retire and think you are ready for it, then just go for it.

I recently retired, last year at age 59! I had been winding down, (working only three days a week for a year or so before retiring), and I was going to retire at 60 anyway, but TBH my job was getting worse and worse, for various reasons, (and after C19) both my wife and I decided we wanted to retire early, based on the whole work/life balance thing.

We were in the very lucky position that we could afford to do it, having just paid off our mortgage. We have much less income now than when we were both working, but we can afford our current lifestyle, albeit with a bit more careful planning. Plus, you actually spend quite a lot less when you are not going out to work everyday, eg: less travel cost, less lunch costs, etc, etc.

It is certainly not a decision that I regret, and would happily do it again without hesitation, but everyone's own situation is different.
Whatever you choose to do, I hope it all works out for you.

[Nicko]

Thanks Guys for your story's and comments. As always, the support here is just the best and you've given me food for thought.

cheers,
Nick

[LeytonO]

I retired two months shy of 55, always intended to go at 58 and early leaver deal was too good to turn down.
Best thing I ever did and if you can afford it enjoy the freedom.
So much to do you might well wonder how you found the time to go to work.
Seen loads of people hang on at work and then not have that much time after retirement.
Had people say to me you could get a little job.
Why, no thanks and now I'm three weeks away from getting my state pension.
No regrets and whatever you do hope it works out for the best.

[Airborne01]

I retired at 60, some odd 16 years ago; at first I thought I'd be at a loose end but it hasn't worked out that way. (I think I work harder now than previously thanks to SWMBO)). I work at my wife's school, helping eke out their meagre budget, on an 'as needed' basis. I have then compartmentalised my day.; mornings spent in getting Kate off to school followed by 'domestics, time in the cave, canine exercise periods, lunch, play pool with mates in the afternoons followed by evening meal preparation. Once the missus is fed and watered we spend the evening together watching TV etc. This routine isn't written in stone but is more of a general plan. I think you'll almost certainly be able to organise your day to suit yourselves, especially if you find an undemanding/satisfying little earner to supplement your income! Look at your enforced freedom as an opportunity rather than an ending! Good Luck mate!
Steve

[Jack L]

I was made redundant (along with many others) during Covid. It was my dream job. I'd worked hard to get there, and I was one of eight people internationally who did my specific role. I was beyond proud of where I'd managed to get myself. Redundancy hit me very hard. I was single with no income, at the age of 33. People's reassurance of "there are plenty of people in the same boat" was the opposite of reassuring. I went through interview after Interview for various positions. I interviewed really well for one job, to be unsuccessful because the position was already filled internally. I spent days preparing for presentations, for the interview to be cancelled 'to avoid internal redundancies'. The shortest and worst interview I had was for a minimum wage job with Magnet Kitchens, They had put up the wrong job description for the position (warehouse, when it was in fact trade sales) I'd applied for. I spent every penny of the house deposit I was saving just to get by.

However, day by day, pay check by pay check I clawed my way back. While my situation is still less than ideal, I can only be thankful of experiences I've had along the way, and where this has lead me. It's hard at the time, but looking back I can have a good laugh. The Magnet interview is now absolutely hilarious to me, especially as they called me back two weeks later offering a second round interview.

If finances are a concern, get yourself to the job centre. It broke me going to the place, it's not fit for purpose and it's beyond useless, I was speaking to people who had less than half the education and qualifications I had. I all but walked out when one of the staff told me my CV should be in bullet point format. But the money does take the pressure off and can keep you afloat.

[wotan]

Sorry to hear of your dilemma. I was fortunate to retire at 57 (I am 72 now) I learned that there are two main factors to retirement. Obviously one is financial but an equally important factor is what the heck to do with all the spare time. At the start I used to look forward to going to the supermarket with my wife and I even tried to take up cooking. Eventually I found hobbies and activities that filled in my time but it took about a year to adjust.

Obviously a part time job would help with both factors, but it is not the time to find any old menial job because you will not enjoy it. See if there is anything available that you KNOW you would enjoy.

Incidentally pension entitlements etc are very similar here in Canada to those in England.

John

[Nicko]

Thanks for continuing to share your stories Guys. I've been doing the sums and talking things through with the family.

As of this moment, I'm thinking I might tale the rest of the winter off and see how it goes thereafter.

Cheers,
Nick

[Ian M]

Sorry to learn your predicament. I do not know what you did, but nevertheless a bad thing if you liked it.
I can say from personal experience doing nowt is bloody hard work. lol.
I have been self-unemployed for almost ten years, we sold our town house and moved to the countryside where we can manage quite well.

[LeytonO]

One thing I have noticed is how expensive travel has become especially accommodation.
We planned to take more trips than we actually have due to rising costs
Its something to consider for any potential retirees here that don't have a very generous post work income.

[wotan]

Rich I agree and its not only the cost of trips but it is the increasing hassle of actually travelling, particularly by air that puts us off.

[LeytonO]

The hassle is certainly off putting, spent most of this morning trying to sort out a trip to Brussels.
Thought I had it all worked out only to find out our train to St Pancras International has a replacement bus part of the way.