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

Omg I would love that take it.!!
Get another job, travel enjoy life.

What did you really enjoy doing af 7?

What were you passionate about at 12?

thinking about those things will help you find your purpose.

Take the money. Have a holiday even if it’s pottering at home & really think about what you want from the next phase of your life. The next phase is coming anyway, you might as well take control now.

Im very envious, I’m 56 & can retire at 60. I’ve been putting as much as I can into a pension but if I could go now I would

At some point you will
Have to retire, doing it now while younger and with a package will make it much much easier to find a new life.
Go to university, learn a new language, try to become a volunteer with children's tribunals, look at non exec director roles. Do a college course in something you think sounds fun.
Do it !

My friend retired at 57 after 24 years in the same job. You sound very much like her. She didn't enjoy retirement as she felt she had no structure in her life without work, At 62 she went back to work getting a job in the civil service. Four years on and she is still happy even though she is doing a low grade job now compared with what she did before.
I would say do it. Take the package and take a few weeks or months to regroup (see it as an extended annual leave!) Look for something else in the job market in a new sector.

Thanks all, I am still checking in here, it's been tremendous food for thought, will update when I can x

Approach it from another angle.

Assume you’re going to be made redundant, and come up with a plan on what you’d do.

Open university course.
Study at the local college
Job in a cafe
Leisure centre receptionist
Volunteer steward at local museum / theatre / art gallery
Volunteer at a community cafe.

There’s a risk you’ll need to deal with the situation so approach it from that angle. Then see what you think of it.

You’re looking for a combination that covers:
Leaving the house
Using your brain
Interacting with other people
Physica activity.

So that might be:
A regular group exercise class
A part time checkout job at a supermarket
Learning flower arranging with a local group
Being a crossword fiend.

For me, I think OP you need to work on future proofing your life. It’s seems quite solitary apart from work and if you stay in work until you are 65+ there’s no saying you will be easily able to build your tribe. Taking redundancy now will allow you to build your tribe whilst you have the energy to do so.

In your shoes, I would take the redundancy and now start thinking about how you can build a social circle.

It must look very scary, OP but take a leap of faith. There’s so many ideas on this thread for things you could do. I suggest you make a list and start planning your next phase.

I would get a rescue dog, do some volunteering/get a part time job and join meet up groups and try to get involved in the community. This may not be what you want to do so figure out what appeals and go for it.

Take the money!!

Start volunteering. I volunteer regularly and there's such community around it. People have made lifelong friends.

It doesn't seem to be the work that's keeping you there per se. More the interaction with the people. I think you have to come to terms with the fact that at some point you won't be working there and you need to find another purpose. That has to be your focus.
The offer seems fantastic, and is going to be a lot better than compulsory redundancy.
This issue has been forced upon you earlier than you would like, but it was something you were going to have to deal with at some point. Better now, than when you are older.
Take the money and find your new purpose.

Use it as an opportunity to reinvent yourself while you are still young: travel, join clubs, volunteer. It will be harder if you leave it too late and you still risk compulsory redundancy.

I think you like to be in the comfort zone if you have stayed in same company all your working life. If you don’t take risks you don’t get rewarded.

I was in your situation but the difference was my job was relocating and the job I was offered didn't suit so same age as you and retired last summer . It's been fantastic but I have a good social circle which makes a difference although not really close friends enough people to go out with . January has been hard because of the weather and all round gloom .
One day you will have to manage without work / colleagues so it might as well be now . Plan what you are going to to and find structure to your day . I'd go for it , a big adventure and have a reset .

Take the money. Join U3A and find somewhere to volunteer. Maybe look for a part time job as well. Join a walking group or a book group. Maybe you have always wanted to paint? Join a class. Gon on holidays for Solos and meet some like minded people. Are you on FB? Join the local group on there and find out what is going on. The world is your oyster. You just haven’t noticed.

Snap their hand off.

Check your state pension forecast.

Spend a year's salary just travelling - a company called explore do group holidays which will include single people

Get a new job.

OP, I hear what you are saying about what a big step this would be. I think a lot of posters on this thread are imagining how much they would like to take VR/early retirement, but you need to listen to your gut and do what is right for you. I have worked for the same employer for 25 years and I know what you mean - even though I don't see my colleagues out of work, I get a lot of comfort from work relationships that have lasted that long.

I agree that there are lots of volunteering opportunities that might give you a strong sense of purpose and make you feel like your skills are still being used.

If you do decide to go for it, would you consider getting some therapy to support you with the transition? I think it might be really helpful for you to have a space where you can talk about how you are feeling, and what you want to get out of the next stage of life. I think if you could find the right therapist this could be a real help.

You are going to face the reality of life without work in a few years anyway - better to go for it now whilst you're fit and well and have energy and opportunities to carve out a new way of living . Putting it off a few years will make it harder not easier

Lots of people saying take the money.
It sounds like you are not ready yet to do that.
I think that if you are not ready, but are confident that you are OK financially for retirement in a couple of years, take this as an early warning.
Maybe find a counsellor to work through how to build up a network. This means going out to things to meet people. It's not easy but you can do it.

Take it! Unplanned retirement must seem daunting after so long at the same place, but it could be an amazing opportunity to enjoy your last years at work and to shape your future.

Do you think you would be ok financially if you retired early and took a smaller part time job? Consider what you would need to earn and pension contributions etc.

https://m.youtube.com/watch?v=LiNxnsPSrJg

I have found the meditations from the mindful movement very helpful. I would recommend some of these. There are some healing ones too.

Thanks all for taking the time to respond. I have now applied for VR. I've also jotted down all points raised here for future reference. I'm at peace now so I think I have made the right decision.

Good luck!! Keep us updated.

Awesome! So pleased for you.

@Middlechild3 I do think you’ve made the right decision. You’re really just bringing the inevitable forward a couple of years - at least this way you get a decent package

Well done. You have definitely made the right decision.

Of course it's scary I quite understand. But this really could be the making of a new life for you as it will force you out of your comfort zone and into doing new things and making new connections and friends.

A part time job could be ideal giving structure and purpose to your week and supplement your income whilst at the same time meeting others.

Joining things whereby you see the same people every week is where you gradually build a rapport with others. There will usually be a couple of people that you gravitate towards and slowly over time build a connection where it's easier to suggest a coffee, lunch etc outside of the activity.

I moved to where we are now several years ago and whilst I still work from home the two things that have helped me find new friends are
The local sports centre where I do aqua aerobics 3 times a week and over time I now have friends from there.
The local WI ! This has been an eye opener. As long as you join a local evening one the age demographic really is wide from mid 30s right up to 70s.
They also have sub groups (walking, book club, theatre trips etc) where the groups are smaller and easier to form friendships.

Good luck. Change can be extremely challenging but in time it will open up all sorts of new avenues for you.

I just found out I've been accepted for voluntary so another meeting or 2 and I should have an end date agreed. It's very scary but exciting. I felt every emotion in about 10 seconds when I was told. I already swim regularly early morning (before work) so have familiar friendly faces there. I'll keep doing this. I also sea swim with a fantastic group already and have just completed my 7th park run. so I'll keep doing all these activities. These are superficial friends though mostly at the moment that is. I do need to focus on building my village as someone said earlier on the thread. Build a strong network. Who knows, now I'm becoming unstuck maybe that will extend to my love life too. I've been on my own far too long. Thanks all the future is opening up to possibilities and is exciting xx