Joining the ranks of the Unemployed

[pete75]

Redundancy on the 31st March lots of free time. Looking forward to it.....

[Cyril Haearn]

Have you got a plan? Do you intend to work again?

I am starting work again on 14.3, looking forward just like you, +/-1!

On the same day the new government in Berlin will take office, nearly five months after the election

[thirdcrank]

I hope things turn out OK for you. I last had a paid job when I was 52, in 1997, but I'd known that was the plan since I was 22 so it didn't come as a shock, unlike others I know who found unexpected job loss hard to take.

[pete75]

Thanks chaps. There are a couple of good things - severance amount is almost two years salary and they'll pay my pension straightaway because I'm over 55 so maybe I might just call it retirement. .....
Been working for a long time in many different jobs motorbike mechanic, builders labourer, quality controller, farm worker, stator winder, refrigeration engineer, lecturer, programmer, systems analyst, DBA even a government artist.

[mercalia]

well if you can afford it and and have some cycling ambitions do them while you are able? unless you are one of those 80 year olds the BBC was running on about a few days ago, do 100-200km audaxes and having the body fat of 20 year olds ( but not the face )

you need to consider the contributions to get the New State Pension though that is worth I think just under £160 pw triple locked at the moment ( not to be sneezed at), unless you have the miniumum of 35 qualifying years already that is required for the maximum.

[pete75]

well if you can afford it and and have some cycling ambitions do them while you are able? unless you are one of those 80 year olds the BBC was running on about a few days ago, do 100-200km audaxes and having the body fat of 20 year olds ( but not the face )

you need to consider the contributions to get the New State Pension though that is worth I think just under £160 pw triple locked at the moment ( not to be sneezed at), unless you have the miniumum of 35 qualifying years already that is required for the maximum.

I've got 35 years contributions already.

[tatanab]

Thanks chaps. There are a couple of good things - severance amount is almost two years salary and they'll pay my pension straightaway because I'm over 55 so maybe I might just call it retirement.

I stopped work at 57, just fed up. I had enough in savings not to claim any pensions but to coninue living my life style which needs surprisingly little money since the house is paid for and I've no dependants. 8 years later I am over 65 and doing fine with my comapny pensions and state pension. Typically I take one long cycle tour a year, about 4 weeks which I could not do when working. I took a couple of volunteer jobs to get me out doing different things and meeting different people. Obviously your situation may need more funds, I do not know; but it is worth sitting down and working out what you can get by on.

[kwackers]

I hope things turn out OK for you. I last had a paid job when I was 52, in 1997, but I'd known that was the plan since I was 22 so it didn't come as a shock, unlike others I know who found unexpected job loss hard to take.

Ms Kwackers was made redundant about 3 years ago and didn't take it too well. She started a business doing fused glass art but as anyone who tries their hand at crafts knows you'll never be rich.
Then 6 months ago someone offered her a job doing what she used to (software project management) and she jumped at it. So now she has two, her day job and keeping all the shops she'd built up selling her work supplied with merchandise.

I on the other hand could happily retire tomorrow (I'm 57) although I do enjoy my job. We bought a new house three years ago when we ran out of workshop space as our 'final' resting place and whilst we had the savings it made a huge hole in them.
Given how much work we'd like to do on the house I suspect I might end up going the distance although I'm seriously considering dropping to 4 or even 3 days a week, especially if Ms K continues working (she negotiated a 4 day week with her new employers too).

[Cyril Haearn]

Thanks chaps. There are a couple of good things - severance amount is almost two years salary and they'll pay my pension straightaway because I'm over 55 so maybe I might just call it retirement. .....
Been working for a long time in many different jobs motorbike mechanic, builders labourer, quality controller, farm worker, stator winder, refrigeration engineer, lecturer, programmer, systems analyst, DBA even a government artist.

I fear I have done more different jobs, over 20, hope the new one will be the last but there is a theme park here where one can work 7 months in summer, might do that later
Tomorrow I am going to an event about voluntary work
Big problems could be lack of routine and contacts, and financial of course

[pete75]

Thanks chaps. There are a couple of good things - severance amount is almost two years salary and they'll pay my pension straightaway because I'm over 55 so maybe I might just call it retirement.

I stopped work at 57, just fed up. I had enough in savings not to claim any pensions but to coninue living my life style which needs surprisingly little money since the house is paid for and I've no dependants. 8 years later I am over 65 and doing fine with my comapny pensions and state pension. Typically I take one long cycle tour a year, about 4 weeks which I could not do when working. I took a couple of volunteer jobs to get me out doing different things and meeting different people. Obviously your situation may need more funds, I do not know; but it is worth sitting down and working out what you can get by on.

Got no choice with ours - if you're made redundant and 55 or over you have to take the pension. Haven't had final figures yet but after tax it will be about 66% of my current income. The income reduction is not as bad as I thought it might be because all the income lost is taxed, the whole of my employment income is subject to pension contributions and most to NI neither of which I will paying now.

[Vorpal]

Got no choice with ours - if you're made redundant and 55 or over you have to take the pension. Haven't had final figures yet but after tax it will be about 66% of my current income.

When I was not working, I managed to live on about 1/3rd what I needed when I was working. That included lunches, business clothes, commuting, and everything else. I guess someone who cycles everyday, has the company pay for work clothes, and that sort of thing won't save quite so much, but it really surprised me how much it came out to. Some was due to being rather more careful with money, but much was expenses that I no longer had.

p.s. enjoy it, if you can. I certainly would!

[reohn2]

Pete
If you can afford to jack the work in its a mug's game
All the best whatever your choice,I stopped working full time ten years ago then did a bit part time for a few years as and when I felt like it.
I was able to manage and very tired of the grind,never regretted it

[francovendee]

Pete
If you can afford to jack the work in its a mug's game
All the best whatever your choice,I stopped working full time ten years ago then did a bit part time for a few years as and when I felt like it.
I was able to manage and very tired of the grind,never regretted it

I'd second that, I left it until I was 60, now 15 years on I wish I'd done it sooner.
It's amazing how much 'stuff' you work to afford you don't really need to enjoy a good life.
My father died aged 48 and never lived to enjoy a retirement, I decided to make sure I didn't follow in Dad's footsteps.

[Mick F]

Me too.

27 years hard graft in the RN.
One day, mid 1995, on my way to work and walking to my ship HMS Argyll, I said, "What the heck. I don't want to do this any more!"
I very nearly turned round to go home. I'd had enough. I'd done sufficient time to leave with a pension, so I did my homework, worked out what the resettlement grant (golden handshake) would be and what my pension would be ..................... and then went to see my boss, and handed in my notice. Just over a year later, I was out.

Since then, I had a job locally driving a delivery van and did that for five or six years, 100miles a day round the lanes of Cornwall and Devon.
Also, I did voluntary work and took on the Poppy Appeal. We moved house and bought a bungalow in need of TLC, and that took up a massive block of time. The job is still not finished despite being here 21years.

Basically, retiring is great. You have the time available to do what YOU want to do. My days are filled, and I'm never bored.

Good luck Pete. I'm sure you'll be fine.

[rjb]

And ensure you get a State Pension Forecast so you know where you are later when you can claim it. I retired early due to privatisation of the electrickery business. Never looked back, i was old enough to have my company pension but had to wait for the state pension. The state pension rules kept changing and they moved the goalposts on several occasions so its worth keeping on top of it. Enjoy your new found freedom.