Remaining politically neutral during General Election 2024


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Redundancy and Life Choices

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Kittyc
Kittyc Community member Posts: 59 Courageous
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. 

Comments

  • Albus_Scope
    Albus_Scope Posts: 5,242 Scope online community team
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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? 
    Albus (he/him)

    Online Community Coordinator @ Scope

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  • woodbine
    woodbine Community member Posts: 11,949 Disability Gamechanger
    edited January 30
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    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.
    2024 The year of the general election...the time for change is coming 💡

  • Kittyc
    Kittyc Community member Posts: 59 Courageous
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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 Woodbine 
  • Kittyc
    Kittyc Community member Posts: 59 Courageous
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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? 
    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
    OverlyAnxious Community member Posts: 2,736 Disability Gamechanger
    edited January 31
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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.
  • Kittyc
    Kittyc Community member Posts: 59 Courageous
    Options
    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

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