Redundancy and Life Choices

Kittyc
Kittyc Community member Posts: 59 Contributor
in Work
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: 8,000 Online Community Team
    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? 
  • Kittyc
    Kittyc Community member Posts: 59 Contributor
    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 Contributor
    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
    OverlyAnxious Community member Posts: 3,352 Championing
    edited January 31
    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 Contributor
    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

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