Redundancy and Life Choices
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.
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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?1
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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 Woodbine0
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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 everyoneAlbus_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?
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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.0 -
No I jointly own my house. It was the financial advisor who said the £24k - which I thought was a bit silly. Thank youOverlyAnxious 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.
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