Redundant mid 50s

[wtftodowithmylife]

Name changed for this one.

Was made redundant at the end of last year from a senior corporate role. Very glad to get out at the time as my boss was ineffective and I was not happy. I'm 55. Thought I'd have a couple of months off and then start to look for another job, which is what I'm doing now. The job market is a NIGHTMARE!

I'm having an identity crisis where I can't decide if I get a PT job for the next few years and start to take my private pension to top things up, or if I want another full-on corporate role. I interviewed for a job for which I had all the right experience, and I thought it went well, but soul destroyingly I haven't heard back in over a week. I honestly thought I'd get called back but... Nothing. I don't think I have the resilience to do this over and over when I will probably lose out to someone younger.

Pension pot is about £350k with a small final salary pension due to be paid out at 60. DH still working and well paid, and has said we will work something out if I don't want to go back to FT work. We still have a mortgage to pay for the next 4 years.

WWYD? I'm overthinking this all to the nth degree at the moment.

What’s your industry OP?

Don’t go for a soul destroying job. Keep looking, it is only 2 months. If nothing happened within a year then you can reassess.

That’s quite a punchy statement when you know very little about the OP’s financial situation

Financial services.

I should have also said, my redundancy money could stretch til the end of the year if I'm very careful. But I worry about it running out and being left with fewer options.

The financial situation is outlined in the opening post.

I'm about to be in a similar position OP. End of June.
I've been procrastinating for months.
I'm too young to retire but feel too old to start over. The market is flooded with young, enthusiastic types.

No advice I'm sorry. But I share your dilemma.

only that they’ll make it work if the op wants to go part time not that taking a year to find work would work

Ah ok
have you ever been contacted by a head hunter in the past?

This has happened to a friend in retail. V senior role. Late 50s. I said to update your cv and linked in and remove degree dates. Don’t go too far back. Start speaking to hh. Good luck

I'm in the same boat - 16 months on. It is soul destroying. And if I get another "your over-qualified" rejection, I will scream.

It sounds like you're facing a tough transition, but you have options and financial stability to explore what truly feels right for you. Maybe take some time to reflect on what would bring you the most fulfillment—whether that’s a PT role with more balance or another corporate challenge. Stay open to opportunities, and don’t let one setback define your path!

@Bestthriller yes. And I've had plenty of conversations with recruiters in the past few weeks. But nothing has come of any of them.

Solidarity to others in the same situation. It's really hard at this age!

Is there any kind of freelance/ self employment/consultancy and training work in your industry?

I'm only in my early 40s but after children found my industry (which is youth obsessed) wrote me off so I switched to self employment and have found it rewarding so far. I earn slightly less than I did before but work less than half the hours and in the current job market I find having lots of clients much calmer than one job/single income stream you could lose at any time

Have you got back in contact with the head hunters? Because if they contacted you, it means that at points in the past you’ve been actively wanted

@Bestthriller no but I've done all the usual LinkedIn stuff. Feels like there's a lack of opportunities at the minute.

Not sure about freelancing/contracting. Could be one to look into, thanks.

Bloody hell op… first thing I’d do is get in contact with the head hunters that have sought me out in the past!!

It's a sad fact that when I was job hunting at 53 the only way I found my job was to remove my masters degree and downgrade my work history on my CV. I then worked back up to my current level over 3 years. I am 57 and save every spare penny into pension cos if I lose this job I'm nit counting on being able to get another on the same level.
Being female and 50s seem to equal double blind in the jobs market.
Also found that nice part time jobs didn't exist.

I'm being a tenant, but that's not an industry but a service.

Industries by definition are involved with processing raw materials into a manufactured product.

I got made redundant at a similar age. Never have my age a thought... just got back out there and found a job (which was far better than the one I got made redundant from). It took me 6 months to get the new job. You've only been looking for a couple of months so it's not a nightmare it's just a normal length of time to find a decent job.

You're in a good financial position so take your time and only go after the jobs that you really want. Recruiters know when your hearts not really in it.

Your age is not an issue. Your attitude towards your age is the issue.

I'm in a similar situation but a little bit younger at 49. In sitting waiting for an assessment centre I have later today for a job I know I would be great at!
There is nothing else out there for me at the moment so I'm hoping to get this role.

My biggest issue is the boredom I'm feeling!

My dog is having lots of walks and my dp and ds are delighted to have a slave for then at home to clean and cook!

I have claimed job seekers allowance which is not means tested and is about £90 a week which is helping my redundancy money a bit further. I would recommend claiming for this as you are entitled due to paying your national insurance contributions

Keep going believe in yourself and the best of luck xx

Similar circumstances to you OP. I tanked a Financial Services interview and decided it wasn't for me, went onto GoodMoves to look at charity sector roles and am now doing a one year stint as Mat Leave cover. It's reasonably paid - nothing like Financial Sector of course - but it's nice to do something totally different.

Don't know what I will do come August when my contract finishes, but I'm liking the idea of late stage micro careers for me.

It's a sad fact that when I was job hunting at 53 the only way I found my job was to remove my masters degree and downgrade my work history on my CV. I then worked back up to my current level over 3 years. I am 57 and save every spare penny into pension cos if I lose this job I'm nit counting on being able to get another on the same level.
Being female and 50s seem to equal double blind in the jobs market.
Also found that nice part time jobs didn't exist.

I meant to say charity sector struggles to get really good candidates because of the lower salaries, so there is less competition. Also less people go for temporary contracts. Having said that the quality of staff here is excellent.

Thankyou, I'll take a look. A temporary contract does appeal to me.