Take the voluntary redundancy?

[Middlechild3]

Hello, I've been 39 years at the same employer doing a variety of niche roles. Age 59, 60 in August at which point I can take my pension. Chance to volunteer for redundancy,generous package of 21 months pay plus potential for extra 3 months in lieu of notice. Sounds good but I'm single, have no family, close or extended whatsoever, very few close friends post COVID, so no emotional safety net. The one consistency ever in my life has been this employer and various colleagues and acquaintance s. I had only just started thinking of a retirement plan as in an age to stop, didn't intend to work until 67 but around 63 or 64. I'm not mentally ready to not work. I've had some great roles at my employers but the now the work is dull but pay, terms, conditions much better than I would get elsewhere. There is a risk of Compulsory Redundancy on a lesser package if not enough volunteers for Voluntary Redundancy. Please give objective views. I've run scenarios past a financial advisor and I'll be ok money wise but flip flopping on what to do. Part of me is terrified at the thought of leaving and having nothing, no job, no family, no partner, no kids grandchildren and days and days of nothingness to bursts of feeling energized at the thought of change. I do sometimes think I've got stuck in life, so a shake up and big change may help get me unstuck in other areas of life too. I'm not where I want to be personal life wise. Sorry it's so long, so much going round in my head and deadline dates looming. For my circumstances it would be so much more than just leaving a job.... But maybe it's time. Any thoughts much appreciated

Take the money. Have an adventure (travel? Holiday? Learn a new skill?). Then get another job. I know it might not be easy but could you temp for a while? What a gift you are being given.

I would take it and see it as semi retirement. If financially viable you could find a volunteering role or a part time role somewhere that doesn't pay as well but you might enjoy more and meet new people. My mum was made redundant after furlough, so retired a few years earlier than planned but got horribly bored, so took a part time job at a café that supports and employs young adults with learning disabilities. She absolutely loves it.

Two years redundancy is a brilliant offer, even after tax. I’d take it and maybe look at getting a part time job or volunteer. If compulsory redundancy happens, how likely would you be to get the push?

I agree with temping. It could be a great way to work a few days here and there without commitment

It may be easier to adjust to retirement at 59 than at 64. Could you request or spend some of the money on outplacement to help you get a part-time or voluntary role? There's also the university of the third age and a couple of charities that help with the transition from work to retirement.

21 months' is an incredible deal and I'd bite their hand off.

Finally, whilst it may sound a bit daft, might a cat or dog help from a companion perspective?

They wouldn't see me for dust. Take it.

Re Compulsory Redundancy it's a potential risk for me in the 'at risk' pool I'm in. I can't stress how empty my life is (as the horrible realization is dawning on me). I literally have no family members to phone, Christmas etc, no family to get together with, it's hard to comprehend unless in this unusual situation yourself, hence the decision being hugely emotional. I've spent my life trying to heal after a very damaging childhood and almost there. I suppose a parallel is how some people find a family by joining the military. In a way that is what my organisation has been to me.

Take the money.

Use the first year to build a village. Join clubs, make friends and do what you enjoy.

After a year, get a PT job.

What do you enjoy, for example do you enjoy meeting people? Dating? Travel? Seeing new places and do you like spending money?

I ask as some people are set in their ways and others will do anything to change the day to day.

If the latter, have you searched online for travel companies who organise tours for single retired folk? I bet more are in your situation than you realise. Or dating websites set to filters you choose.

Take the money and make it work. Control what you can. Enjoy the time off and as others have said take up part time work if you get bored or lonely.

Go for it. Take the money, it gives you the greatest gift of time.
You can’t see past working now because it’s so embedded in your life and makes you busy so you have no room to make plans.
Once you stop you can think properly about things you’ve always wanted to do. I know it’s scary, but if you’re ok moneywise, then you can make anything happen.

Does sound a good offer. What kind of work do you do? Easily transferable skills, to a nice part time office role?

This. Throw yourself into building a life for yourself.

Our last vss offer was 6 months pay. I would have taken it had it been 2 years pay!

It's fear holding you back. You can't live in fear.

This is going to be a fantastic start for you. Definitely book a travelling adventure, but also schools can be great places to know a lot of people. I'm excited for you!

i know it sounds frightening but this is the very reason you should take it. Get a wee part time job in a cafe or something where you do have company and the chance to meet people. i bet you’ll see life totally differently !

I agree about taking the redundancy and getting a PT job. I would also volunteer - for me it would it as a witness service volunteer or at a local prison but you know what would suit you best. I have also heard park run is a good community. Good luck. You can do this.

What do you do in your holidays at the moment? Can you see them as a dress rehearsal for retirement? Go on a solo holiday, either somewhere relaxing or somewhere hobby related. You may not have a fixed hobby as such at the moment but is there something you are curious about? History? Art? Craft? Health? Walking? Find somewhere and try it for a week but also practice making a few friends/ acquaintances. When do you need to decide?

Also it isn't unusual to move somewhere when you retire so maybe consider that as an option.

I hear what you’re saying in your second post but you can’t stay there forever. You have to go at some point so why not now whilst there’s so much money on offer? Use the money to start to fill your life with other things - find hobbies, groups, volunteer or a part time job in what you really enjoy. It’s scary but you can find happiness elsewhere.

At some point you will need to retire and will need to change your life so take the money, go and have adventures and build a life for you with a mix of exercise, join social groups etc. Do some work, but I would temp and just generally use the financial freedom to shake my life up.

I wonder if we work for the same employer. This is going down in my workplace with quite a tight turnaround for VR decisions and without a complete set of info for those making this decision. I’m at the other end of the spectrum with far less service and a different package and worse deal.

if I had significant money on the table I’d walk immediately. I empathise with your concerns but I think you would just need to find a hobby or some volunteering work. You could do anything because you would be financially secure - travel if you wanted. Or work part time elsewhere. This is a huge opportunity for you but I have colleagues closer to me who are not mentally ready and who are struggling with that.

Maybe if you have in a passing interest in reading join a book club. I have recently and it's great. Generally only 20% of the evening is spent discussing the book, the rest of general chit chat so it's easy to get to know people - the club is now extending into cinema or quiz night trips etc.

Also if you are near or commute to London they is a meetup group called stayers. They organise drinks and other events. I went to one and everyone was really friendly - very mixed ages.

I was made redundant at 58, always wanted a dog, but never entertained it when I worked, it’s been lovely and have met so many new people in our village who have become doggy friends. It is difficult on your own, personally I’m not the type of person to want to look at finding friends, my friends volunteer but that’s more to fill the day, rather than make friends

2 years pay and no financial need to work again? I would take that in a heartbeat.

look at what local community groups you can join. I’ve found an outdoor adventure group for women on Facebook in my city. I’ve only been on a couple of outings, but they are lovely. Lots of Middle Aged women getting together. Usually a mix of newcomers and regulars, but all very welcoming.

also, think about therapy, home projects, volunteering, creating a book club. So many options to create community once you have the time and space for it once work is no longer consuming your time.

I think i get it. My bad childhood has made me put barriers up and i think i have un diagnosed autism. So yeah work for me is a life line. It gives me a purpose and helps with the lack of self esteem.

I’d take the money. Get another job and volunteer. Some risks are worth it. But i may also have undiagnosed adhd.

FYI found at book clubs it’s common not to have needed to have read the book. And then its just chatting, can someone explain the point?