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Retire or get a new job?

(121 Posts)
Nanny2859 Fri 15-May-20 14:51:12

I’ve been unexpectedly made redundant and really feel lost. OH retires at the start of September. Don’t know whether to try to get another job or take some time off so I’m off when OH retires. I’m normal times this would be a great opportunity for an extended holiday!
Also trying to decide if we want to carry on working or retire or downsize and not need to work at all. We’re both 53. I’ve also been warned by a friend against being too accessible for babysitting the grandchildren! Feeling a bit lost and don’t know how to fill my days. It seems a bit pointless even getting out of bed!
How do you make such big decisions 😱

Calendargirl Fri 15-May-20 14:54:52

I suppose a lot depends on your financial situation. 53 sounds quite young to pack up altogether.

What about a part time job doing something you would enjoy, but leaving you some free time, and giving you the chance to wind down gradually?

Lucca Fri 15-May-20 14:58:14

I wonder if 53 is a miss type ?

tanith Fri 15-May-20 14:58:35

A big decision, no need to rush it I would just enjoy your time for now and see how it goes. You are young to be retiring completely. Lots of talking with your partner I’m guessing.

Nanny2859 Fri 15-May-20 14:59:39

We’re fortunate that we can pay off the mortgage with OH lump sum when he retires so will be mortgage free so could cope money wise but would have to be careful. In normal times it would be a great opportunity to have an extended holiday but obviously that’s not an option now.

Naty Fri 15-May-20 15:00:06

How are you able to retire so young? I'm curious and hopeful you can point me in the right direction for my own future early retirement.grin

Nanny2859 Fri 15-May-20 15:01:24

No we’re both 53. OH retirement has been planned for a longtime. My redundancy was completely unexpected so it’s thrown/shocked me. Paid on furlough up to end of July then finished.

Nanny2859 Fri 15-May-20 15:04:00

OH will have completed his 30 years service. He’d always planned to take a few months off then get a part time job. The thing that’s causing confusion is the sudden change in my work situation. I just didn’t see it coming.

Calendargirl Fri 15-May-20 15:05:39

It will be great to be mortgage free with the help of the lump sum, but you say you would ‘have to be careful’.

That’s why 53 sounds quite young to pack up altogether. A long time to go to state pension age, whereas if you worked part time for a few more years, maybe aiming to finish at say 60?

Whitewavemark2 Fri 15-May-20 15:06:59

I suspect there will be a lot more being made redundant over the next months.

My DH took early retirement with full pension at 55 and has never looked back.

I retired at 60 and am the same.

I love being retired. But appreciate everyone is different. Imo if you can afford it go for it.

Nanny2859 Fri 15-May-20 15:09:19

Another factor is both OH parents passed away in their 60s so it makes you think about whether you want to keep working.

twinnytwin Fri 15-May-20 15:11:07

I retired at 52 when both DH and I were offered voluntary retirement from our individual companies. It's been wonderful. We planned our company pensions well and luckily I didn't have to wait too far past 60 for State Pension. If you can afford it, go for it. You'll both wonder how you managed to find time to work!

SirChenjin Fri 15-May-20 15:24:09

Each to their own but I can’t imagine retiring in 2 years time and don’t know anyone who has retired at such a young age who hasn’t then gone on to find other work - consultancy, p/t role, career change, etc.

I suppose it depends on whether you have goals and interests that would keep you mentally and physically fit and active for another 30-odd years? And do you really want to spend those 30 years being careful? You could be paying into a pension for another 10 years to build up your finances so you don’t have to operate in that way at such an early age.

Jaycee5 Fri 15-May-20 15:33:09

It's probably not a good time to find a new job so I would take a break and have a period of reflection. It takes time to get used to being retired and you have a long stretch ahead of you, probably a minimum of 30 years but people are living longer now so possibly 40 or 50 years.
How much do you enjoy work? I would probably take a few months off but just idly keep an eye out for jobs available that may suit me. It sounds as if you can be flexible so don't have to take any job that you can get.
Retirement might be fun if you have enough money and someone to do things with who enjoys the same things as you. If you want to do things like travel, you might not be able to if you retire later.
It's a very personal question.

Puzzler61 Fri 15-May-20 15:33:41

My colleague and myself found our jobs redundant at the same time. I was 10 years older so I retired.
She spent the next year doing extended travelling and generally taking a break, and then acquired another job the following year.
With even part time work you can carry on saving into a pension so you won’t have to be ‘careful’ so much when you do retire.

Shelmiss Fri 15-May-20 15:34:25

I was made redundant when I was 46 and never went back to work. Instead I went on to do studying, which I love, got my degree, then went on to do a Masters. I’ve also done bits of part time jobs here and there, and voluntary work etc.

There is life after work, if you can afford it, regardless of what age you are.

Puzzler61 Fri 15-May-20 15:34:50

We were typing similar things at the same time Jaycee

Nanny2859 Fri 15-May-20 17:36:58

Thanks everyone. Lots to think about.

BlueSky Fri 15-May-20 17:42:20

The best advice seems for both of you to get a part time job to wind down till retirement at perhaps 60.

notanan2 Fri 15-May-20 17:45:49

Its a difficult time to make this decision, all the usual things you could have done to give you structure, travel, take lessons etc are off the cards

I would probably work part time until the other options are on the cards again. But jobs that arent high risk/front line will be thin on the ground.

Maybe something self employed or cash in hand (e.g. if you like gardening doing day work ocassionally labouring for a landscaper etc)

Caro57 Sat 16-May-20 09:23:49

If you don’t have to work how about volunteering for something - you will have more flexibility and be occupied

Jess20 Sat 16-May-20 09:25:29

First thing I'd think is to get a state pension forecast, check you have paid enough stamps to get your full pension, if you need it. If you are in a work 'contracted out' pension scheme you might find you don't get as much as you might think. You probably need to see a proper pension advisor before you decide what to do and these days it's important imho to know you have enough to live on in your own right without having to rely on your partners pension.

tiredoldwoman Sat 16-May-20 09:29:57

I'm terrified that redundancies might happen at my work . I'm 63 , newly back to work after 2 knee replacements , not quite able to do the things I used to . Who would employ me now ?( I'm a cleaner ) Lost my brains somewhere but found bigger hips , instead . Oh dear, oh dear ........off to drink the weedkiller !

Beanie654321 Sat 16-May-20 09:30:04

Dear Nanny2859 I retired last year and have yet to enjoy myself and start all the things I planned for. I cared for 3 grandchildren who had chickenpox, one grandson of 6 years who had a stroke due to chickenpox. Then we had workmen in 6 days a week to update every room in house. Then hubby off sick for months. Then pandemic. Please I just want to tick some thing off my list. If you are retiring look at the University of the Third Age, I've looked at 3 courses with them, but not started yet. Coffee with friends has happened once. Becareful too as family think that once you retire you are available full time to grandchildren sit and yes it does happen. I too took early retirement. Good luck.

chattykathy Sat 16-May-20 09:31:51

I would advise you to take financial advice too re the lump sum/redundancy pay /downsizing. It's no fun being retired if you haven't the funds to do the things you want to do. Remember that if you don't work you won't be paying NI so this will affect your eventual state pensions too.