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

Your main barrier is that taking the redundancy will mean there is no purpose or interaction in your life.

However as others have said there are literally endless possibilities to volunteer and do something incredibly meaningful.

If you're being offered VR now, it will likely change to reduced compulsory in the future.

I would definitely take it but look on it as a new beginning.

Take it!!!!!!! It will be scary, of course, but take it. Its an opportunity, grab it.

Take it! I was made redundant recently with almost a years money but I’m a bit younger and do need to work again. But it’s a fantastic opportunity to have a change. Scary i agree. First thing I did was book a holiday (I have family but they were busy so I went alone). 3 weeks in SE Asia - I’d never been. Great people great time. I went with Exodus and would recommend them. I’m now thinking about what next but filling my day is not too difficult. Some previous posters have made great suggestions.

Take the money and prioritise building your own network. Do some regular voluntary work for a cause close to your heart and take at least one weekly class to learn a new skill and another one to do some exercise.

Listen to some podcasts about how to make friends and follow their advice. Get a weekly therapist.

Wonderful things will happen OP. You can take this next step.

Take the money!

There is always a risk when voluntary redundancies start happening that they could be followed later on with more redundancies with less generous packages.

Get yourself a part-time job and enjoy your semi retirement.

That's reasonably generous financially (I think). Take the money and look for a temp job.

Learn a language and if you're fit (I wish I was) and go somewhere and use it!

They and see it as an opportunity.

Things some of my friends have done when they’ve found themselves facing huge life changes

• joined a hiking group
• taken up sewing and joined a sewing class
• got a dog
• follow a band around the world (ok a bit niche!)
• moved to another part of the country just because they could
• Traveled - exodus are good for mixed age single travel groups
• volunteered to listen to children read in school
• learnt to play bridge

I’m sure once you stop you’ll be able to think of plenty of things that would be great for you. And it seems much easier to find a new place in life in your 50s than late 60s.

I can relate to your worries OP. Work takes up so much of life and energy and gives a ready made outlet to interact with other people. But you will have to leave at some point and I think better to do it on a good package (which values your long service) and while you are young enough to try something else however daunting that might seem. I think some suggestions on here may feel beyond you but there are also some good smaller steps suggested. Go for it OP as this might he the vest way to prepare for the future.

I’m with everyone else on this - take the money and rebuild your social life with other work, volunteering or hobbies.

Kindly, if there are a lot of redundancies going on what you have in the company now might not even be left in a few months. Colleagues can become friends, a lot of my work friendships grew to a new level once I moved on.

Thanks to everyone who has taken the time to reply there is so much of use in these objective replies. I'm not sure how to reply to individuals but yes, the lack of purpose and interaction is what I need that I would miss. I'm a sociable introvert and have back packed independently in my youth all over and now travel when I can, I also belong to a specific sports club and put in events and have recently already started doing park run. So much of people's conversations are about their families extended, close etc I have nothing to add. The comment a few of you have made that I will have to leave this place at some stage has hit home, good point that better to do that early with a good package as it may be just as hard or harder later emotionally. There is a role I used to do a few years ago I could apply for internally but whilst enjoyable it is incredibly demanding and hard work and involves being away a lot. I think I may just be going backwards to reconsider it again at this time of my life and probably just to avoid leaving rather than passionately wanting it. To the person who mentioned this sounds like her situation, If one of the lines of work helps people not to get lost then it probably is.

The thing about relying on work and colleagues as a surrogate family is that most people are only there to get paid, the job is the central thing that glues you all together. People leave, new people join, cultures can turn toxic. I had a role in a lovely team that helped me through some hard times. Then my boss retired, the atmosphere changed and I left. There was one woman I was particularly close to, we used to see each other out of work, our families knew each other etc and although we keep in touch we rarely have time to get together, it's over a year since I last saw you.
As pp said, I'd take the chance to find new friendships and reliable support that are more likelyto last for the rest of your lifetime.

Also, your being under 60 might work favourably here. For some packages once you get over 60 the pay off is far less favourable. I think it unlikely you’ll get the chance again but I think the challenge for you is to turn this into a positive opportunity for you. And that’s not easy when you’re not in the driving seat

Thank you, I realized this has been a mistake I made about a year ago when I was poorly for a bit. I would never consciously have called them my family but that's definitely what's happened, I was already wishing up to this complacency on my part. Thanks all, I have to drop off now but will revisit. This has been tremendously useful!

@Gardenfish

It's once a month so it's a low demand social thing. We chat in between on a WhatsApp group. As a single parent who has a massive commute I like that.

Wising up not wishing!

Just to add it's not about hobbies, interests, travel, I have and do these. It's about purpose, interaction etc, I'm not ready to potter endlessly and financially I'm not going to be loaded just not out on the street.

My fil took redundancy at 59. He has a part time gardening business and works part time on a farm. He also tried his hand at part time caretaker in a school. and at one point volunteered for an environmental project in the local community. He has a dog and helps out with child care.

I'd do it and study, travel, take up hobbies or volunteer, get a pet, a part time job such as library or cafe.

Look at is as a soft launch for retirement

Our charity quite often has low hours paid positions in their shops. It's not hugely well paid of course, but I often think that one of these 8-12 hour positions would be a nice transition both financially and socially from full time work to full retirement.

On another note, parkrun is amazing. I have volunteered a few times and it seems like a real community if you are there often , if you still want to get your parkrun in you could go for tail walker or runner.

I took the money in December and got a part time job which I can leave behind at the end of the day with no stress or hassle.

Never been happier.

@Middlechild3 just a thought - taking 2 years salary now is the equivalent of stopping work without a package at 61 (if I remember your age correctly) which is half way to your potential retirement anyway. Except in this case it is without having to actually go to work, and with those couple of years of youth on your side!

Almost 40 years with one employer is a huge deal, no wonder you’re feeling daunted. The settlement seems like a great opportunity.

I’m slightly younger than you and with DCs, but they’re both now at Uni so I have an empty nest for a lot of the year. Obviously, I knew this was coming, so spent the last 10 years throwing myself into different activities, clubs, volunteering etc, trying to build up a life outside of my house. Im not a big extrovert so it was a huge effort but so worthwhile. I’m much closer to people I’ve met in the last 5 years than anyone I’ve ever worked with.

I’m not old enough to retire, so I still work, but I’m actually looking forward to the idea of retiring with an easy part time job.

Personally I'd take it now, sounds like there would be no difference to your personal life if you waited a few years ? So go for it.
It may well be the best thing you've done, join groups , learn new skills , volunteer, whilst you have your health - I've seen far too many wait and end up in a worse position unable to enjoy their retirement , life's too short.

Take the money & the opportunity to change your life. At some stage you will still have to face leaving work, better to do it now when your younger.

This. Most definitely this. You could retire soon anyway - so take the cash and spend the time travelling/volunteering/finding out what you actually fancy spending your time on.

Been there
can honestly say grab it with both hands the only thing holding you back is giving up that routine ,something that’s be familiar and a constant in your life you can’t remember a time when you didn’t work for the company

get another job it’s librating because you have finical security off redundancy money to fall back on .so if new job doesn’t workout just leave

with min wage jobs you don’t pay a great deal in deductions and you can dip into redundancy pot for a few £100 to top up each month

the deciding factor for me was there was an enormous amount (thousands) between volunteering to go or waiting to be made compulsory redundant and leaving with minimum payment

love my new job but if at any point I get pissed off or feel it not for me I can just leave

haven’t touched my pension as taking it now I would take a massive but it is still an option