Redundancy please can someone help me calm down?

[OldGrinch]

We've just found out they my OH will finish work at end of June. He's being made redundant and there isn't anything else the company can offer him. I'm just here crying my eyes out, I'm currently signed off work with stress due to other matters and this news could not have come at a worst time. He's 61 so won't be able to get state pension for another 4 years and at his age highly unlikely he would ever get a comparable job in the future. I work and earn £30,000 per year he will be able to draw his private pension which will be about £10,000 a year. He will get about £18, 000 redundancy payment. Please can someone help me give my head a wobble, this will be OK won't? Our mortgage is paid off thank god. But there is things like a loan and car finance outstanding. We have two teenage DC, I am sat here thinking that we will never be able to help DC with things like uni costs or weddings or ever go on holiday again. I know I'm behind pathetic and people manage on far less but could do with a handhold just now.

Redundancy is hard, I’m sorry your husband is going through that. Your new income averages out at more money that we get a month, both working, children and mortgage. You will be fine, you may have to change your lifestyle a bit but it’s not the end of world. I’m pretty sure we are going to see more redundancies over the next year with people having to live off a much lower income than you

Redundancy is tax free up to 30k

The day after he is made redundant, he can claim job seekers contributions based universal credit job seekers allowance via www.gov.uk
Take identification, CV, Redundancy info to job centre.

He will need references from his employer for his CV

Good luck

This happened to my dh. He was about 10 years younger and had worked for the same company for the majority of his working life. We still have a sizeable mortgage and I am far too ill to work.His payout was more than your dhs but so were our overheads including my expenses, which are sizeable. He got some training from a firm for cv writing and interview skills and walked into a job a few months later.

Your dh can do all of these things if he puts his mind to it. Your upset is the shock talking and on top of your current stress. Perhaps his being home will help to alleviate your stress in other ways.

You will be fine. It is stressful. Been made redundant twice, last time just recently. But it is an opportunity. You are in a good position financially. The kids will actually be better off for uni as they will get better loans with less income. Take a breath. Relax and budget.

at his age highly unlikely he would ever get a comparable job in the future.

Doesn't mean he can't get another job though. He shouldn't use this as an excuse to retire early as he can't find a similar role, lots of jobs out there he could do I am sure.

What is his job now?

He MAY not get a job at the same salary bracket however your in a ideal situation. No mortgage payments, a nice settlement and your on a decent wage.

You need to get over yourself tbh. There are people in worse circumstances than you who have been made redundant. I am giving them my

I think your mental health is making this a big deal when it really isn't.
Use some of the payout to pay off any loans and if there is any left then its savings.
He can get a part time job doing anything to keep him busy and to top up his private pension for a yew years.
If he can get a job earning 10k then you will have an income of 50k. Thats the same me and my husband bring in on 2 wages with 2 kids, a mortgage and ton of debts!

@AmIAWeed what a lovely reply.

I’m seeing so many positives to this situation

A mortgage free rent free life
£18k in the bank to pay of all the debts and loans
A dh that can get a part time job and be happy
A private pension paying more than the state pension
£ 30k coming into the household

So much good news there

What was his role and how much did he earn?

I wish people would try a little harder to be kind. Fair enough if worse has happened to you- scroll past.

I've gone through redundancy and the fear that you will have to radically scale back your life. Ir's not selfish to feel that way.

It may be worth investing in a really good job coach for a few sessions- help your husband rethink his skill set. Contact agencies and recruiters - many will welcome candidates with a wide breadth of experience and for interim, contracts, age is less an issue.

Look at some outgoings- are there a few things you could cut out- Gyms for example- whilst he's not working he can use the time to walk or swim off peak in municipal pools.

Good luck

18k should give your DH a buffer & time to find a new job or look into taking early retirement

Does he have any contacts that he can use to apply for a job in another company ?

What is his field of work why are you so determined that he won’t get another job doesn’t necessarily need to be a permanent robot about temporary contracts to see him through

It’s not the end of the world

You don't have a mortgage so the roof over your head is safe. That is the main thing. Absolute worst case is you downsize/move to a cheaper area to release some equity, but I emphasise worst case.

Is your stress work-related? Can you find another job elsewhere paying as well? Are your teens still in education?

I would suggest that your DH asks for outplacement support as part of his redundancy package. It is very good - helps build you up when your confidence has been shattered by the redundancy and may give him some ideas for self-employment.

Does he have a private pension? He could potentially take that now as they are usually accessible from 55, but I would suggest that only as a last resort.

Assuming you're planning to go back to work, you'll be able to manage absolutely fine on 40k per year. You also have the 18k redundancy package as a back-up, plus if he's not leaving until June, he has another 3-4 months pay to come his way, plus any holidays owed.

However it may be worth looking at where you can save money. I've just gone self-employed and it's surprising where you can make savings when you have to. We switched to ALDI instead of Tesco and saved around £40 per week on groceries, for example. We also switched broadband providers and saved £15 per month for the next two years. So looking on comparison sites and shopping around could save you some money long-term too

Good luck - I understand it's a shock but you can make it work. There's also a good chance he can go back to work - it may not be earning the same as he's on now, but it's still something.

OP,
It sounds like you will be able to manage which is great news. You and your husband have done amazingly to save a private pension that pays 10k! That is a big pension pot these days.

It's hard to get an idea of the scale of your cutbacks as we don't know if he is being made redundant from a 20k job or a 70k job and we don't know if you have 4k of loans and car finance or 40k. Perhaps you also have some savings?

It's also fantastic that you are mortgage free.

The best thing you can do is get yourself well and do your best to stay upbeat and positive for yourself and your husband. If you need help to manage debt when your income drops there is help out there - so ask for advice on this (I won't go into it here as I think it is probably not needed).

We all want to help our kids but most people can't afford to be too lavish with this either. Perhaps you can afford to support them to stay at home to take a year out and save towards uni expenses or let them come home after uni to save up their house deposits if they want to.

Your partner may well find another job and don't forget when he does he will already have his 10k private pension to start him off.

I think although redundancy is horrible you are gonna good position to roll with the punches and get through it.

Can I just add
Get some proper financial advice before taking the pension now? The longer you delay taking it, the more you get per month, rough rule of thumb. Your dh may well get another job.

AJPTaylor

Agree, if ops do gets another job he will end up paying tax on his pension if he draws it now