To resign from a well paid job after 30 years

[Kelvingrove]

I realised last week that I cannot do another year in my job. I am getting stressed and anxious and I have lost a huge amount of confidence. I have been effectively waiting to be made redundant for a couple of years but I think I need to make the decision and resign. I have ten more years before I can retire and I don't want to waste my life hating work. My plan is to get through the next few months which are our most challenging time, and then identify a resignation date so I can finish work in January.

I have worked full time for 30 years. I have paid off my mortgage and have a little money saved which would last a few months. No dependants to support. I think I would find different work either in my field of expertise or doing something different but it is a massive risk and I would only really know what I can do when I have resigned from my present job.

I would appreciate your opinions. Is this a really bad idea? Will my pension be a disaster in ten years time? What do I need to think about before I do this?

The only thing that is getting me through the working week is the secret knowledge that I have decided to resign. Is it the right thing to do?

Why don't you apply for other jobs and secure something before you resign?
If you are not leaving until January this should be enough time to line up other options?

If you’re ok financially is there any chance of cutting your hours in your current job, as a way of lifting some of the pressure and giving you a bit of headspace to seek other options?

Why do you need to resign before looking for another job? You could start looking now & have something to move to

Could you cut your hours to part time in the meantime to reduce the stress?

Seconding the idea of getting a new job. Much easier to find another job when you already have one. Looking at other options might also make you feel better.

Look for something else? Why do you have to wait until January to resign though?

If you can manage financially then leave. No point making yourself stressed and unhappy.

If you're concerned about your pension, I think you need more specific advice than anyone here is going to be able to give you. With no idea what type of scheme you're in, pot size, your age etc, it's impossible to say.

That's not to say you shouldn't look elsewhere btw. But it would be wise to make it an informed decision. Why would you only know what you can do when you've resigned? You probably know the old cliché about it being easier to get a job when you have a job. I wonder if you're just so consumed and used up by coping that you feel you need to leave before there is room to actually think.

30 years should presumably mean your state pension has reached its full amount? And if you've paid into an occupational pension as a full time worker for 30 years then that should be reasonable too. Can you get forecasts of both pensions to work out where you stand? If redundancy has been looming any chance you could request voluntary redundancy?
I'd spend some time thinking about what it is you'd like to be doing for the next ten years, give it a proper brainstorm of all the options. You need to be heading towards something as well as escaping something. Good luck!

Agree with the idea of looking for another job now.. I think your focus and efforts should be on doing that than fantasising about the joyful moment you can resign.. I would worry that fear would take over and risk looking for a new job in panic mode whilst out of work rather than looking for the job I actually wanted.. also, one thing I found quite interesting.. I was out of my ‘corporate’ type job for 4 years and in that break worked for a small local company doing something ENTIRELY different. I virtually halved my salary overnight but bizarrely due to tax bands and higher earning tax bracket (with the old job) wasn’t actually that much worse off. It was quite strange, also I had a uniform (think retail type job) and worked 3 miles from home so wasn’t spending so much on commuting and work clothes etc.

Do you want to jump into another job, OP? If not, resign and don't look back.
However, keep in mind, it may be harder to get back into work the older we get. But this often depends on your sector.
I truly believe you should do what makes you happy.

Find another job first, or plan some retraining. I hate to say it but its not easy jobhunting after a certain age when employers can pay younger people less. I know.

Good luck, you have time on your hands. Rent your house, travel the world! Do it, safely as you can!

have you got a defined benefit or a defined contributions pension?

could you take early retirement on ill health? how old are you?
I would get some advice on the best way forward

Does your employer offer career breaks? Taking a few months out might give you a breather and time to really plan out what you want without losing your terms and conditions. It might also be that you are burnt out, which is a legitimate reason to take some time out sick to get yourself back on track. I hope you find a happy resolution, OP.

Do you do a regular sort of job you can easily find or specialist?

Personally I'd start looking now before resigning - get your cv up to date, get a few interviews under your belt so you've had experience, perhaps see job agencies in your field and get some help from them

Once you've made a decision to leave you'll get that confidence back to find something else - get your skills up to date too

What large businesses are in your area that you could approach or check their job
Market? Are you near a big city?

My dhs experience at 50 was that it’s much easier to find a job while you are in a job...

Only you know the finances. Being ok for a few months, in my opinion, is not long enough. You perhaps need to map it out a bit better. What is your pension worth on a monthly basis at today's rates?

If I were you, I'd update my CV, post it on a few job sites, select what jobs you are looking for and then see what comes up.

Can you drop a day a week for now? I do compressed hours so whilst I do 2 extra hours a day on 3 days, and 1 extra on 1 day, I get a day a week off...which gives me the headspace. I'd be happy to drop one day if it meant the extra day off.

I agree with tiger

Look at the career break option but

Sorry don't know where that but came from

Are redundancies likely? Can you hold your nerve until they are and then apply for voluntary redundancy? Am assuming after so long you’d get a good payoff.

(Apologies if this isn’t an option, I work in a field where there are cycles like this every eighteen months!)

Would your employer give you a sabbatical?

You could use the time to travel or study.

OP - I know how you feel. I have been in my job 20 years, and 20 until retirement so I’ve still got 10 years to catch up with you! If you reduced hours that would affect your pension and make it lower wouldn’t it? Compressed hours sounds a good option. Would give you a day free a week. As you’ve paid your mortgage off you are a bit freer. But yes I’d look for something part time before resigning.

Feel for you, OP - the threat of redundancy is awful. But surely you would be entitled to a substantial pay out, if you've been there a long time? Please don't do anything rash.

Also agree with PPs that, even if you decide to leave, you shouldn't resign before finding another post. Unfortunately workplace ageism is rife and an unemployed professional in mid-life will often struggle to get another job. Go and see some employment agencies that specialise in your sector and get their advice.

I agree with many other pp's in that I would advise you find another position first.

I was the same as you - 43 - and had been in a very high earning post in which I had an excellent, proven track record but walked out after 20years thinking I would have no problem obtaining another similar post as I had been headhunted on several occasions. What happened?
Couldn't even get a bloody interview - ageism ☹️ - apart from one of our main competitors who, quite obviously, was just trying to glean "Inside info" on my former employers. 😡

It did work out brilliantly eventually but I had to start my own business in which I was earning peanuts initially. Fortunately I had a reasonably high earning DH so we were just ok but it was a very worrying time as we had a huge mortgage and a young DC.

I was actually headhunted again 10 months after walking out of my previous post but decided to stick at my business instead.

Not trying to project OP but this all happened 20 years ago and I understand the job market is even worse now. You must be at least mid/late 40's if you have been with your present company 30 years -obviously great at the job you do - and honestly, a few months savings will soon disappear and cause you even worse stress if you struggle to acquire another post. DEFINITELY easier when you are already in a job!

X posted but spot on XX! (Unfortunately)