Redundancy and Life Choices

Kittyc

I've just gone into the 30 day consultation for redundancy.  I have a few choices as have had ill health for a number of years.  I would really like to give up work for a little while.  I have two pensions and can get £19k a year.  It has been suggested that you need £24k to live on.  I am really struggling at work.  I have a few choices and some of it is out of my control... If I can get voluntary redundancy - shall I go for it?   Shall I carry on working part time in a firm I know?  Shall I look into doing an MA at 56?  Shall I have a break and do another career?   I have been to the careers advisory and I have so many things I could do.... Arhghghghh I would really love to give up work completely and just volunteer. 

Albus_Scope

Hiya @Kittyc, I can't really advise you too well here, but I think it's never too late to do some learning if it's within your means?  Maybe sit down and write a pros and cons of each thing you'd like to do? Narrow it down that way? 

woodbine

Many people live on less than £19k a year in many cases a lot less, but we cannot make life choices for you.
One bit of advice if you are considering taking your pensions early speak to CAB and get an appointment to see a "pension wise" advisor.

Kittyc

Woodbine - I took my deferred pension out last year.  My current smaller pension I will have to take if I get made redundant.  I will look into a pension wise and CAB.  I had a free hour appointment with a financial advisor who seemed to be obsessed with having to have £24000 every year to live on.  It was an interesting experience as it was free and it was really good advice.  Thanks Woodbine 

Kittyc

Albus_Scope said:

Hiya @Kittyc, I can't really advise you too well here, but I think it's never too late to do some learning if it's within your means?  Maybe sit down and write a pros and cons of each thing you'd like to do? Narrow it down that way? 

I think you are right - it was good to write down in the forum and I will do that.  Just helpful to write it in the forum and you can see it clearer.  Thanks everyone 

OverlyAnxious

Do you rent or mortgage your home?  If it's owned, that's a large chunk of outgoings that don't need to be spent. 

Obviously area, lifestyle and living arrangements all make a difference, but I personally can live on less than £12k a year.  (With most of that being rent)  I don't know where the £24k a year has come from.  

It shouldn't be too difficult to calculate your current outgoings from the past year of bank statements to get a rough idea of how much you need.

Kittyc

OverlyAnxious said:

Do you rent or mortgage your home?  If it's owned, that's a large chunk of outgoings that don't need to be spent. 

Obviously area, lifestyle and living arrangements all make a difference, but I personally can live on less than £12k a year.  (With most of that being rent)  I don't know where the £24k a year has come from.  

It shouldn't be too difficult to calculate your current outgoings from the past year of bank statements to get a rough idea of how much you need.

No I jointly own my house.   It was the financial advisor who said the £24k - which I thought was a bit silly.  Thank you