AIBU to stop working?

[Undecidedat46]

AIBU to give up work at the age of 46? I’ve been in a senior finance role with a large multinational for the past 20+ years and we’re all being offered voluntary redundancy. My payout would be about 1.5 years pay and would be enough for me to keep as my financial cushion until I retire, especially as we’re not planning any big holidays anywhere any time soon, and mortgage is almost paid off. My main issue is that if I take it, I’m unlikely to work again – my skills are quite niche, and in an industry that has been battered by COVID, and will unlikely to allow me to find another role at the same pay scale so would mean childcare costs would outweigh any future earnings (youngest child has SN so we pay for support for her whilst I work, which I would take over if I’m not). If I don’t take redundancy, work will continue to be full-on – long hours and stressful, but I could try to navigate a springboard out of the niche-ness in the next couple of years. I don’t love my job – I mainly do it because I’m ok at and it and they pay me a decent salary, which I can save for the children for when they’re older, but it is stressful.

I guess what I’m really asking is AIBU to give up a career of over 20 years in the making and just stop (financially this is ok, and husband’s job is very secure). I’ve worked since the age of 16, been full-time working since 23 and never took more than 6 months for each of the mat leaves (have 4 children – 3 in secondary, 1 in year 5 in primary) so maybe I’m just done? Pension is good and accessible at 57 (assuming the gov don’t up the age limit again) and will be plenty for us to live off comfortably once we get there. Career (and £) or just take it easy for a bit and spend time with kids and see what happens?

Take the payout, then take on some part-time CFO or Board roles to give you some extra cash for luxuries. Plenty of CFO roles around if you’re happy to do part-time.

I agree - take the pay out! You could always look at some part time finance roles. A friend works for a company that provides part time CFOs to small businesses (one or two days a week) which might be worth considering? To be honest though, I'd have a bit of a break first though. It sounds like you've earned it!

Take the money.

YANBU, with your skills and experience you’ll easily get another job. I agree with others - take a break first then find something part time.

Thanks so much for the replies all - I hadn’t considered the non-exec or part-time option. Definitely worth thinking about

I'd do it in a heartbeat
There are lots of ways to spend your time. You are in a very fortunate position. Take advantage of it!

I'd take the money- enjoy some time with family and perhaps a PT role a bit further down the line

I would take the voluntary redundancy, then have a well earned break for a bit, enjoy spending time with your children and after that maybe think about taking on something else part time. Doesn't have to be finance, could be anything. If you don't need the money, this could be your chance to try out doing something you really love.

It’s going to be quite a shock to the system to go from full time to nothing, After the first few months, how are you going to feel? If your career is part of “who you are” (ie who you see yourself as) then this is going to be hard.
And you’ll find it amazing how many people’s opinions of you change when you’re career changes!

In your position Id take the redundancy, but go in with your eyes open.

Take the money. I did, at the same age as you, and have a lovely time pottering about all day 😁

I quit at 45, if anyone asked wh
at i was going to do I said I was retiring. My job was hugely stressful and it benefited no one, the only real reason to do it was the money.

I don’t regret the decision yet

I don't understand how your 1.5 years redundancy payout would cushion you for the next 10 or so years until you can draw your pension.

The financial side of any decision is one that most find difficult to deal with but you have the advantage of being able to ascertain the impact on your decision.

I would take the money. It's not a lot but you can get carers allowance probably (which means you get your ni paid for your state pension). You could always use your skills in the charity sector when dc is not as reliant on you, or volunteer to keep yourself mentally stimulated. Once dc is a young adult there are options to help them live independently

@Saz12 I think you’ve nailed some of my reluctance - which is more about how other people view me (which I now realise I don’t care about and shouldn’t be part of my decision making process). My career is a massive part of who I am, how I’m perceived etc and I think actually separating that now might be a bit of a healthy step for the future (if that makes sense)

@Othering I do like a good potter about, I must admit - I think I could adjust to that quite nicely

Do it. Lucky you!

Take the money but get a part time board role or something straight away, or even something not as well paid but more enjoyable. I went from a practising to non practising but similar role with fewer hours at 43, I also have a SN child. It's improved my quality of life immensely. I don't think I could have gone from a senior role like yours to being at home full time until retirement.

I have a very similar career background to you. A couple of years ago, when I was 48 I also decided I had enough of my finance role so I quit and spent a year doing a masters degree. I did have ideas of starting in a new career but to be honest didn’t find employers very open to having a 49 year old in a trainee position. I then had some illness and then all this covid started so I have not worked since I finished my masters.

I am not sure if I will work again and I am thinking along similar lines, that it would be very difficult to pick up from where I left off if I ever wanted to. I sometimes think I might look for something local, the nearest shop to me is a small Nisa and they are often looking for staff and I have thought about it a few times.

I had a good well paying career and we managed to au off the mortgage early when I was 43. So I am also thinking I am kind of done with career work now.

I was in your exact shoes a few years ago- took voluntary redundancy in a niche, very well paid job in your same industry and haven’t looked back. I took time out to be at home and more recently have used transferable skills to work in another sector - half the pay but local and I love it.

It felt odd at first as my identity was also quite tied up in my job- I still get a twinge occasionally when I remember my high flying days but genuinely, genuinely I have realised since that I am so much more than that and I truly love my new more meaningful career!! HTH

Big thank you to you all for sharing your stories and experience - it’s been really helpful to hear that so many others have been in a similar position and the decisions that you made. Breaking that link between work and self is a really big part of this, I think.
@NYMM when I describe it as a financial cushion, I mean that we don’t need to use it to live off for the next 10 years and can keep it for emergencies/supporting kids as needed.