Redundancy, mortgage and jobhunting again over 50 - would you take the risk?

[soon2bejobless]

Hi,

I've been working at a company for a long time and I've asked for redundancy due to changed working hours. The hours are already unsocial and I get home very late at night, including weekends, so I haven't had much of a life outside work for years.

While I've had good opportunities at the company, it is clear I will not progress further. I do like to work hard, accomplish a lot and be challenged - I don't just want to "coast" in an easy job. But I would like more "regular" hours and to have my life back.

I'm early 50s and wonder - if I don't get out now it will be even harder to get another job, given issues of ageism in the workplace.

Alternatively, if I go now, the money will last 6 months if I do no other work - or a year if I do lower paid / part-time work. The job market is not good in my sector although I do have an opportunity at a new company that will only be part time. I would have to find additional work to supplement my income.

My friends tell me to go for it and take a risk and that I will find a way to make it work, pay the mortgage and open myself up to having a "regular" life again (on a lower income). I have enough savings to pay the mortgage for another year after the redundancy runs out. I am single and have no dependants.

I would also like to do some courses to gain new skills, such as book-keeping with a view to gaining employment.

If it all goes wrong I would have to sell my flat and relocate to a cheaper part of the country.

I would love some advice! Thanks to all.

I was in a similar position to you except I was 47 and didn't have any redundancy money behind me. But I was stressed out and working so many hours in a job that I no longer enjoyed, and that was taking me further away from what I enjoyed. I was miserable and stressed.

It was a risk but I decided to resign and take my chances on the job market (which was the worst I've ever seen it). It took me a good 3 months to find another role. I took a pay cut but I also work a lot less hours now so my equivalent hourly pay has probably gone up. I am much happier in my new role. Still stressed out and constantly challenged but it's manageable when I'm not working 16 hours/day! Everyone comments that I seem much happier and more relaxed. It's also meant that I can start getting a social life back. I get to catch with friends finally and I've taken on a voluntary job 2 days each month working with animals which I LOVE.

For me, taking the risk was definitely worth it. The uncertainty makes it tough but the pay-off in the end was worth the worry. So obviously I'd encourage you to go for it!

Don't underestimate just difficult it is to get a job if you're over 40 - and it becomes more difficult the longer you're out of the workplace. Have something lined up - part-time, freelance, anything to keep a toe in the employment pool - before making that leap or you could lose everything (bitter voice of experience).

Thanks for your encouragement, Hundred. I am so scared that I'll fail to get another job or income. I've applied for a few jobs today and have a new part-time (freelance) job in the pipeline, so I'll have something to put on a CV and won't have to say that I'm unemployed to potential employers.

I'm happy to hear that things worked out for the best for you.

Independent, thanks for your advice. I'm sorry to hear that things were difficult for you. I haven't been out of work for over a decade but realise it will be harder now I'm over 50.

What's motivating me is the fear of staying stuck in the same situation for another ten years. I have a lot of experience and a new part time freelance role lined up, which I hope will help.

I really understand you being scared soon2bejobless. I was too. It was an emotional rollercoaster between jobs. A bit like you, I had some potential work lined up. I'd had a verbal offer of some contract work (which I'd accepted) and was just waiting for the written contract, plus I was interviewing for a permanent role somewhere else as a back-up. All looked good so I took the plunge and resigned. Came back from a few day's holiday and still no written contract. Turns out they had to give the contract role to someone internal and the recruiters were too rubbish/weak to tell me. Argh! Had 3 interviews for the perm role and it became clear that they didn't really know what role they were recruiting for (and as far as I know, they still don't 9 months later) and I was probably better qualified/more experienced than the hiring manager which either makes me a huge threat or your best asset. In this case, a threat unfortunately. So suddenly I was about to be unemployed with no job possibilities on the horizon and I was kicking myself that I'd been so stupid as to resign my job.

It wasn't the easiest time looking for a job but I knew deep down I'd done the right thing - although at times I was so worried. Like you, I had the option to sell my flat and relocate somewhere cheaper if things got really bad. But I really wanted to avoid doing that as I knew I'd never get back into the London job (or property) market if I did that so it would be a very final decision and I was worried I'd regret it.

In the end, I was offered the job I'm in now. But it was the only job I was offered which I found hard. Over the last decade or so, I've always been headhunted so have never needed to look for a new job. The job market last year was tough, especially for senior roles. Companies (and recruiters) have become appallingly unprofessional. No feedback from interviews, taking forever to set interviews up (so long that you think the job has been filled in the interim), it was miserable and worrying. I was so relieved to get my current job - it was actually the job I really wanted but with no other 'eggs' in my basket, I was scared that I wouldn't get it. And when they made the offer, I had to go through 6 weeks of full-on background checks before it was a done deal. I swore to myself that I will never leave a job again without another role already lined up! Sometimes I have to remind myself of how tough it was and that a bird in the hand may well be better than two birds in the bush.

Leaving a job without something else to go to with the current market conditions is bold and not for the faint-hearted. It worked for me but I have a history of fairly bold work moves. This was one that kept me awake at night most though!

Hundredmilesanhour - God that sounds a nightmare. I feel exactly the same way when you say that you'll never quit a job again without having another to go to.

Since yesterday I've done a 180 degree about-turn and as things stand I'm very likely to withdraw my request to leave. I've been a nervous wreck worrying about getting another job to the point where I've decided it's not worth leaving no matter how stressed I may be. I'm even more stressed at the thought of not being able to pay the mortgage and bills and of having to sell my home and start all over again somewhere else.

Yesterday I was feeling slightly more positive but overall the worry has made me ill and I'm thinking now that it's better to continue in the job for the time being and just keep applying for other jobs and do any courses between my working hours.

The new part-time job I have possibly lined up will most likely not be more than one day a week. Some weeks it may be two or three days if I'm lucky but that won't sustain me. Minimum wage jobs won't pay my mortgage either.

It's reassuring to hear that someone really understands how I feel. I wish I had the guts to go through with this but I just don't think I do.