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?

At your age you do need to have a plan before you hand in your notice.

Either start looking for another job, or setting yourself up as freelance/consultant in the same field - if you think you can find clients.

I did the latter aged 48, it took about 7 months to get my first piece of business bit now things are going well and I'm more content in my career than I have ever been.

Good luck.

Also get an assessment of what your pension is worth.

Can you afford to downsize your house if things don't go well financially?

I'm not sure this is an AIBU, you may get better advice on the Employment Board. No body here knows you personally & you'll just gets lots of contradictory information from strangers.

Having done the same job for 30 years could make you an asset to another organisation, but equally, there will be a perception to fight that you can't learn new ways and adapt to different firm's way of doing business. Interviews are tough - you haven't done one for decades!

I think you should start looking now, treating the first few applications as practice. Knowing that they don't really count, because you're intending on nailing a different, later application, might help get your confidence up.

Please have something else lined up first! I've been out of work for 8 months now, and it's no fun!

You’ve worked 30 years so you’re 50 ish? Much easier at this age to move to a new job from a position of employment rather than being unemployed. So look for jobs now. Why wait to next Jan?
Check your pension. Sometimes another year of paying in can make a big difference to payout. You’ve put in 30 years so want to get our maximum gains

I think go for it. Maybe get a pension forecast first, to ensure you’re not making s mistake. I hate my job too (GP). As soon as my mortgage is paid off, which will hopefully be in my late 40’s, I’m going to resign and do something else, but related.

Could you slowly change your way of doing your job to make it more palatable for you? I did this. It was a big effort but worth it. I gradually changed my interactions with people that I did not like dealing with. I forced myself to have a much more neutral approach to them as they were excellent at winding me up, both deliberately and by breathing. I kept my interactions with them shorter and more perfunctory but always careful to not appear rude. I lied a lot and said I had 'family trouble' so they had half a reason for my behaviour and this allowed me to shift my behaviour as my co-workers put it down to that. It meant that instead of sitting with others for lunch I could sit in the car, decompress and chill. It explained why I was cooler towards everyone and it actually improved my skills. I became almost robotic but it came as an immense relief as all I had to concentrate on was getting there, doing the job and coming home. My MH improved too. You have to do it one tiny step at a time but for me, it meant I was able to stick at a well paid job for three years longer than I would have. I stopped getting asked to contribute to presents and I didn't get invited to the Christmas party. I am confident it wasn't hostile, I had just become the 'grey man' for want of a better term. This suited me. Perhaps take a holiday first just to give yourself some breathing space and plan your moves!
The above is hard to do if you are management but easy if your are a minion.

Thing is though peachy - as a GP, you always have the safety net of clinical work, even if you hate it. You're in a very different position from most other professionals, who can't just pick up well paid sessional work whenever they need it. I'm a doctor who now mainly does something else. People call my career choices brave, but they're not, because I always had clinical work to fall back on.

I would really caution the OP against 'just going for it' until she has her Plan B. I know quite a few people who 'went for it', only to find themselves in worse-paid, even less satisfying jobs. No one should stay in a job that damages their mental health, but you need your exit plan in place before you jump.

Thanks so much for your swift replies. Reading them has probably been the most useful conversation I have had with anyone for a while!

To reply to a few queries. I will be 55 in September. My work is in Local Government and very specialised.

Several people have mentioned my pension. I have started a to do list and contacting my financial adviser is top of that to find out what my position would be.

There is a possibility of becoming freelance. I will find out a bit more about it. Also about the rules for sabbaticals and reducing hours.

The comments about moving towards something positive have made me think. I am so wrapped up in keeping going day to day and keeping on top of everything it is hard to think. I need to look at what is out there.

If you need to carry on working look for another job before you resign.

At 46 after 26 years in a well paid job I decided I'd had enough. I took an unpaid career break and went abroad, decided I didn't want to go back, extended the break then eventually resigned. Best thing I ever did but it did mean a noticeably smaller pension at 60 which I had factored into my plans.

If you don't want to work for a while/again could you downsize and live of the proceeds from the sale?

You have no dependents so you only need to think about doing whatever makes you happy.

If you've been in LGPS that long, surely your pension kicks in at 60? You now need 35 years NICs for your state pension, but that will be reduced as you were contracted out with the LGPS.

I have 15 years in the teachers pension scheme and I think that will start at 60 and 15 years LGPS at 65.

Teaching pension you can access at 55 though of course would be reduced, don’t know about your local govt one but I imagine 30 years in total public sector should see you ok. But definitely look carefully because even another year or so may make a significant difference on returns

I think you only have 5 years til you can start to use your pension without it being reduced? With no mortgage that can be doable, if you can find something part time.

Look around now to see what available locally. And start to look for ideas for things you can do that are related to your field that you hadn't thought about.

Sit tight and use your employer's time to work out what's next rather than doing it on your own dime.
I'd be very tempted to wait for the next round of voluntary redundancies and use that time for your own needs(based on which they might be quite keen to select you anyway)

Both my LGPS and TPS start at 60, but I have deferred benefits in both.

I have nearly 20years in LGPS. We have been told that in our area at least, LGPS pension will not be paid in full until until state retirement age, even if the employee has paid in for the full number of years (40 I think). So someone of my age, who could potentially have been paging in now for 40 years, will actually have to pay in for several more years before they can get their full pension.

I would check how many years National insurance you would need for a full state pension - it’s more than 30 years! If you go into the government gateway at gov.uk you can see how many more years you would need at the moment (beware the governement could easily increase the pension age higher than 68 the next few years due to demographics.

Why not find a new job, a part-time one.

I really think you need all of the facts in front of you before taking this decision. You can do this by getting some pension and investment advice independently. assuming you are what 55 now you are likely to live for at least another 30 years, if not more. so plan this very carefully.

Local government is an increasingly difficult and stressful environment. I feel for you.

I had less continuous service than you but was also stressed and anxious. I think the idea of giving yourself a fixed deadline is good. It helped me. Use the next few months to plan out what you do next financially etc. But also use that time to look at training, new skills, joining or becoming more involved in a relevant professional body.

Local Gov has many disadvantages but as a profession it usually attracts good and understanding people. Could you talk to your line manager about what support might be available for your general wellbeing - especially as it's eoy appraisal time. Doesn't stop you leaving later in the year but might get you in a better headspace to make those big decisions.

The other advantage with local gov is most places are genuinely committed to flexible working - could you look at reduced or compressed hours to give you a bit of time away from work?

Good luck

Don't underestimate the problem of ageism particularly for women.

You are much more attractive to a new employer when you are in work already.

Have you identified recruitment firms and headhunters that operate in your specialist area? Good recruitment firms with a relevant specialism for well paid professional roles can be very useful. Prepare a cv and call one up for a conversation - you don't need to wait for them to have a specific job advertised. They can advise on how much work is currently available, likely pay etc and can approach potential new employers on your behalf.

Can you use your holiday entitlement to start doing 9 days over a two week period? A long weekend every other week might help you get through the hard bits.

Thanks all. Realistically I would not be in a position to start claiming a pension yet but I certainly need to get the facts clear so I know what will happen when I stop paying in. I will follow your advice about actively looking for another job. Also, I appreciate the advice about ageism as a potential barrier.

I will try and speak to my line manager but it is increasingly difficult to discuss work without getting emotional and I am aware she is under as much stress as me. We only meet every few weeks and mostly work from home but we have a meeting planned in the next couple of weeks to I will try and say something.

If redundancy is likely to happen I would stay so that you receive your payment. Secondly, if you are still working why don't you concentrate your energy on doing things that you enjoy outside work eg hobbies, family, friends, travel, volunteering etc I agree it is easier to find employment when you are still employed.

A few thoughts- I am late to the thread but in my early fifties:

Ageism does exist so getting another job may be difficult, or at least one with a similar salary.
Consider a reduced working week, or even the use of your holidays to reduce the number of five day working weeks.
Don't leave without a plan.