I was made redundant at 50 from a well paid job. I could not find further employment due to my age. A few years later my wife left me due to lack of income. I ended up losing my house due to divorce. I worked for years to own my house outright and vastly extend it. However, divorce changes all that. No point in going to work and trying hard any more.
@@Time2RetireUK Thank you for your kind comments. After losing my house which was in Bristol, I used my half of the proceeds to buy a house in South Wales. This was in 2017 and the house in Wales was cheap compared to my previous house in Bristol. Since then my house in Wales has more than doubled in value.Therefore I have made back the money that my divorce cost me. The welsh people are very nice and friendly and I love living here. Maybe it's true that every cloud has a silver lining.
I was made redundant at 53, 2 years ago. I took a lot of time toying with what to do next, or should I go back to my very well paid career. Finally decided I’m not going back! Delighted
For me I took early redundancy at 56. I could see the writing on the wall and I suspect I would have been made redundant within a year anyway. I also worked in IT for over 30 years. I took all the redundancy and put it into my SIPP to get the tax back, some of the redundancy is tax free obviously. I suspect finding a good job in IT will be a challenge but you could get lucky. I’d see this as a chance to do something different like the dog walking. There seems to be endless opportunities now to do more casual work. It sounds like you’re both in a good spot and you will probably be surprised how sometimes things happen out of your control that turn out to be positive. Good luck to you both. I’ve been happily retired now for a bit over a year with my wife who also decided to retire at the same time, she was just 52 and we’re having a great time. We stopped spending on pointless things we didn’t need and are enjoying experiences and the lack of stress has been so positive.
Thanks Thomas, I have the same feeling, it won't be an easy ask finding a new job. I do think its time to try something new, maybe casual and less stressful. I'm pleased to hear it worked out for you, Eric and I are working on budgets and seeing where our pointless spend is, thanks again.
I'm in exactly the same position, although I volunteered. I will be 54 when I finish. My plan: live off redundancy and savings until my pension matures. But that might not be enough, so I may do jobs I actually find interesting without much financial demand
Sorry to hear your news, but it may well be a blessing in disguise- won’t feel like that just now. When the dust settles, I’m sure you will realise how much better off you are than most. Hopefully you will get a substantial pay off that see’s you through. Both my wife and I stopped at 54. We found as long as you have no debt it’s amazing how you can make ends meet. Can’t believe the money I spent whilst working on coffee’s, cars, lunches etc etc. wish you both well 👍🏻
Sorry to hear your news & like you our best plans can be mucked up by things outside of our control at the wrong time that come at us out of the blue !! Unfortunately for me the only way was to keep working but I'm still trying hard to find a way out so good luck to you both & that you are able to sort something out that works for you.
Best of luck. I would try not to worry too much. I think as we grow older change can be more difficult to accept, but it's a bit like software development I think (disclaimer: I worked for 35 years in IT and stopped in February. Maybe I worked in IT too long!) When I started out, software was released in a "waterfall" way, ie lots of documents written and agreed on what the software should do. This was fixed, signed off, written in stone and could not be changed. After 18 months of hard work, the software gets released. There would then be lots of meetings and plans on how to release it into production, and eventually, maybe 2 years on, users would get to see the new software. By which time they're saying, more often than not, this isn't what we need anymore! Nowadays its all agile development, and changes to requirements are welcomed and happen every day. Apps get released into production every day. I've been trying to adapt and to apply this mindset to my life outside of work. I don't want to write down now what I want, and then wait two years for it to happen. I prefer to try stuff, and see if I like it. If I do - great. If not, at the very least I've learned something and can hop onto something else. In your case, I bet you can back yourself to earn from a part time job to make ends meet if needs be. Dog walking might be a great idea, something to try, and making a dog happy is a reward in itself. Working behind a counter somewhere part time can be a great way to expand your social circle with a lower stress job. Anyway, best of luck - you've got this, I'm sure.
We retired 10 years early, saved & crimped towards that goal, we've only a tiny (£500pm) pension but can live off our savings, you've only got one life & we are enjoying ours not working.
Redundancy can be terrible or fantastic depending upon where you are in your career/time of life. Personally it was one of the best things to happen to me. At just over 50 I was made redundant from a very good job as a shift manager at a large factory that was closing. 27 years of employment, a final salary pension scheme and a big redundancy package meant we could pay off the mortgage and not have to worry too much about fences during retirement. Fast forward 7 years of more work and we lost our remaining parents 😢 within 10 months of each other, inheriting 2 estates and I decided to retire, with my wife deciding to keep working in a role she loves at University. Fast forward again 2 years and my wife is considering voluntary redundancy and retirement. Her decision is not financially based as we are secure, it is more about what happens next after over 30 years at the same workplace. How will she fill her spare time, what social life she will have and even will we annoy each other 😂. As long as you can afford to retire, it is a no brainer as life is too short to spend valuable time working, rather than enjoying it!!
Thanks for your thoughts on this. Eric is very much thinking my redundancy is a great opportunity to get an early start on retirement. I'm a bit more worried about how much we will have in the pot and also regretting that we won't be retiring at the same time. I may have to wait 2 years before can both retire.
I'm in IT. Been doing it for 30 years. I'm in my mid 50s. I would do something different. 30 years doing one discipline is a large chunk of your life. I have started playing the piano again after stopping in my teens. I realised that that gave me and others more pleasure than learning a new programming language, cloud computing or the other tech hype. I think in a couple of years time you'll look back and wonder why you worried at all. You both are pension savvy and thinking about the next few years. There aren't many people who are in this position. Good luck.
Thanks Gordon, yes 30 years is a long time in the same career. I would like to try something I'm more passionate about (and its not Cloud Computing haha) but I have to consider the drop in income. Its early days for us and we're still a little shell shocked but thanks for your kind words.
I retired at 55 on 550 a month live frugally n never look bk im now 67 and reached state pension age .it can bi done and i enjoyed the challenge p.s. i had no debts no morgage you only need 35 years stamps for a full pension 😊
We weren't fortunate to be able to retire early due to financial constraints, like putting our children through uni etc. But, I was fortunate to be able to get my pensions at 60 (yes I'm old 😃) so, as my husband couldn't retire until 65, I carried on working but I never touched either my state or small private pension, just saved it all until my husband retired. We downsized to a lovely bungalow near the coast and fortunately life is good with our finances, we manage very well and travel for our holidays around the country with our caravan. Things do seem to work out in the end. Hope things work well for you too 😊
Having lived in let's say not so good area's all my life and now at the end of life a bunglow in a good area with good people, be sure you want to sell, a house in a good area is worth every stone in gold !! (please be sure)
Ahh thanks for that thought. We do love our current neighbours and local community. When/ if we move we will try to stay within throwing of where we are ❤
Im 54 and it was hard finding perm roles too many applicants but i got a st contract best rate ever and loving the place. Keep your feelers out u got the exp.
Hello from Australia, the algorithm knew I was in the same boat except I’m 56 years old and just got the news my job will be redundant within a year. Not unexpected but I had hoped to work a few more years as I spent over 18 years as a divorced sole parent and about 10 of those years as a subcontractor working for a pittance and no superannuation (retirement) fund payments as I had a mortgage. Fast forward to now I have remarried and my husband and I are mortgage free and debt free but I too have a pitiful amount of money in my superannuation. Thankfully my husband has a good job which he loves and he wants to work until he is at least 67 (which is when he becomes eligible for the aged pension). It puts my hopes to travel overseas once a year while still working awry 😕
At least you got to 54. I got to 48. Hopefully you will get a good payoff and a decent pension. Lots of options. Dogs or gig economy jobs. Ageism in the UK is rife, but you shouldn't give up. Of course you know you can draw against your personal pension when you are 55 currently (57 in a few years). You should get some professional advice, for instance, you can withdraw tax-free at 55 up to £268,275, but ideally you should use that limit sparingly. Cannot stress enough getting professional advice as there are so many options. Don't DIY. Great video. Bon chance.
Join the club, life throws curve balls. Had same situation at 51. Ended up leaving well paid job in IT to become full time carer as an only child for mom and dad. No access to pension for another year, I also wanted to top the pension up nearer to 55 and cannot do that anymore. What’s there has to last, I have no idea how long for before I finally leave this world.
Hi Justin. Thanks for sharing. Your situation sounds difficult now, but I find life throws curve balls both ways. You are still young with a long time ahead. Things will get better. Caring is the most noble profession, but also the hardest. You should be proud of what you are doing and look to a brighter future. Please reach out to friends if you are struggling. You can get me on eric@time2retire.co.uk if you would like to chat further. Keep strong.
Sorry you’re being made redundant. We made sacrifices in our 30s but things never go to plan. My hubby was finished at 55, the job market isn’t interested in anyone over 40. I’m still working part time just to tick over and pay the bills. We are both 60 and have cashed in a pension to give us a bigger emergency fund. We support ourselves and don’t claim any benefits or support from anywhere because of savings and the sacrifices we made. It’s very dire out there and holidays are not an option. The cost of living is crippling. We pay the bills and put food on the table, there are people much worse off than us. Good luck.
Thanks for your post. It is a real shame that employers don't see the value in over 50s. We all have so much experience, particularly in IT where things go in cycles and history repeats.
Hope it all works out for you both, my hubby was sick last year so has just lost his job due to not being able to tell them when he will return to work he is 63 and now faces having to sign on as money is running out . had to give up driving so no car , life is crap sometimes , stay happy. good luck
Sorry to hear that. Maybe... but this is just from my own lens so it might not be useful: - I imagine there's a redundancy package + unemployment cheques coming up while looking for a job - Downsizing the house is a great idea, specially if you are planning on travelling which I highly recommend - The children, if they know about this new situation, they could also chip in by working part time while finishing Uni. I did this myself and it was rewarding and I would definitely do it to help my parents so they can have a better retirement - Now the bonus one! Apply for the next 'Race Around the World' at BBC. You'd make a fantastic watch! Good luck and stay positive
Well hopefully you'll get a decent redundancy package that will make up a good chunk of the couple of years you were planning to work for anyway. I think you're in a better position than most even with this curveball, but this is a reminder to make hay while the sun shines because you never know when the rainclouds will roll in.
I worked as a Software Engineer and never struggled to get a job until I hit my late 40s and then it became almost impossible. So I did a Teacher training PGCE and became a college lecturer teaching Electronics (which was my degree). I did that for 8 years and overpaid the mortgage to get rid of it and then went part-time at 58 and fully retired at 59. I decided I would rather retire for longer with less and after 3 years I have loved every minute of it. I had a few small final salary pensions and a reasonable SIPP. My wife is semi-retired so we get a bit of money from her salary but it's surprising how little you can live off when you own your house. I make sure my tax is as minimal as possible (legally of course) as I don't like the way the government squander my money!
Retiring for longer with less - Eric is a big fan. I just need to get my head around what that means practically. With one still in Uni I am still in protective Mum mode 🥰
30 years in I have covered most of it. But last 10 years been in Service Management for very large corporate. Won't really translate to working in a small firm 😒
@@Time2RetireUK don’t give up hope, but these types of jobs are harder to get as there is a lot of domain knowledge you have which is not transferable. Obviously some of the skills and methodologies are transferable to a new company, but there is often a steep learning curve, and lots of domain knowledge to pick up. It’s just my opinion, there may be the perfect job at a competitor, where this knowledge is a huge benefit.
I was made redundant four years ago , had some redundancy money and took a pension from previous employment early , no holidays or takeaways or benefits claimed , spent my time looking after elderly mum and grandchildren which has been rewarding but of course unpaid , still not state pension age but now my health is crumbling so please try and live your best life whilst you can xx
I’ve just been made redundant after being in same job/company for 37 years. I feel so down about it and it’s only been a week. At almost 56 I’m starting to think I’ve got no chance of finding a job. good luck to you anyway, hope things work out for you.
Happened to me at 55 in 2020. Yes and the same again nobody wants you when you’re in your 50s so I went self employed as a painter and decorator. Was ok for first couple of years but then the work slowed up so here I am agin scraping a living on whatever I can find. Luckily my wife works and earns fairly well so the bills are covered but I’m started to become less and less motivated to do anything and you do lose your sense of worth. I still have two teenage kids at home as well and I’m finding myself fearful for their futures especially the way the U.K. seems to be going.
Being made redundant in your mid-50s is not uncommon and finding employment again at anything near your previous salary is just about impossible. This is why I laugh at those that say we are all living much longer so you should work into your late 60s or 70s, however, you may find that your employer has different thoughts on how long you'll be working. (And while the average life expectancy from birth has increased, from retirement age it hasn't changed all that much.) Personally when thinking about retirement I would plan on working to age 60 but don't be surprised if you forced to stop 5 years earlier than that. This is what has happened to almost everyone I know.
55 just been made redundant after 30 plus years in IT. Applied for hundreds of jobs with no success. 1 interview and a few calls but no luck. The IT contract market is dead so looking to move into other industries. Talking to friends they cant believe there is no jobs with someone with my experience but thats my reality.
@Time2RetireUK my job was moved to South Africa. Lots of young people, skilled and looking for jobs. Close to UK time zone and in modern cloud computing most IT jobs can be done fully remote. They work for about 30% of equivalent UK salary. Can't see a future in IT here
Once you are in your fifties, gets very difficult to get a job with an employer. My advice is to work for yourself - whether that is behind a limited company (which would allow you to work as a sub-contractor in IT and also for clients direct), or as a sole trader doing something that you enjoy but still making a few quid (like dog walking). IMO (and from experience), never rely on an income from a single source - running your own business, you will never be out of work, and less your financial responsibilities are, the less pressure you will be under.
Find out what the redundancy package is, chances are it may cover more than you think with a tax free lump sum. You could potentially put a large lump sum into your pension to get the tax relief and get 25% tax free out next year when you reach 55 if you have a SIPP. I have spreadsheets to cover the next few years to my retirement and beyond and these are so helpful in financial planning in that I can look at "what if" scenarios.
I'm 57, been in IT since 1994, and still have £34k of mortgage to pay off, so count yourself lucky if you've paid it off. IT is a dying industry, most jobs will replaced by cheap offshore staff or AI. I could see this happening as early as 2002. The IT job market is beyond terrible if you're over 50. I've been redundant eight (8) times in my life, and always managed to get another job within 3-4 months but I'm sure I would be screwed if I was turfed out now.
The It jobs martket is not dead it has changed. Worked in technology and data for 25 years and I notice that some older employees are smoky resistant to change. Embrace cloud, ai, ml, microservices etc - the past will never return
Maybe time to downshift and do some nice, meaningful job that brings in a small amount of money. Lovely way to round out the end of your career. If you were going to leave in 18 months anyway, seems like you can probably get away with that.
Sorry, I live in the United States and cannot tell what you are each talking about. Did the wife get laid-off from her job in information Technology (IT)? ... If yes, did she get a severance package? If yes, for how many weeks of pay? If not, was the wife fired? Also, what do you mean by using the word "redundancy?"... what does this word mean in the United Kingdom?
You won't find a job at 54 - unless you have good connections, unfortunately. I'm 57 and found it hard to find a job that's not minimum wage, which I'm too old to do with arthritis - especially care work. They ask too much of you for so little money.
Back in 2008 i was made redundant at 51.My wife and i started up a small facilites company which grew for ten years until i was hit with illness.We were lucky that pre brexit there were opgions so we sold up and moved to Italy.Turned out to be the best thing that could have happened
I think those working in the care sector have a huge amount of skill. Not something I think either of us have the skill for. We have huge respect for those that do 💖
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I retired from the nhs at age 51, 11 yrs ago....so glad i did...lifes too short...take the redundancy and run...❤
I was made redundant at 50 from a well paid job. I could not find further employment due to my age. A few years later my wife left me due to lack of income. I ended up losing my house due to divorce. I worked for years to own my house outright and vastly extend it.
However, divorce changes all that. No point in going to work and trying hard any more.
Really sorry to read your story Jim. I hope things work out better for you 🙏 ❤️
@@Time2RetireUK Thank you for your kind comments. After losing my house which was in Bristol, I used my half of the proceeds to buy a house in South Wales. This was in 2017 and the house in Wales was cheap compared to my previous house in Bristol. Since then my house in Wales has more than doubled in value.Therefore I have made back the money that my divorce cost me. The welsh people are very nice and friendly and I love living here. Maybe it's true that every cloud has a silver lining.
@@jimdavis5230I’m glad things worked out for you in the end.
I was made redundant at 53, 2 years ago. I took a lot of time toying with what to do next, or should I go back to my very well paid career.
Finally decided I’m not going back! Delighted
Good on you 👏
For me I took early redundancy at 56. I could see the writing on the wall and I suspect I would have been made redundant within a year anyway. I also worked in IT for over 30 years. I took all the redundancy and put it into my SIPP to get the tax back, some of the redundancy is tax free obviously. I suspect finding a good job in IT will be a challenge but you could get lucky. I’d see this as a chance to do something different like the dog walking. There seems to be endless opportunities now to do more casual work. It sounds like you’re both in a good spot and you will probably be surprised how sometimes things happen out of your control that turn out to be positive. Good luck to you both. I’ve been happily retired now for a bit over a year with my wife who also decided to retire at the same time, she was just 52 and we’re having a great time. We stopped spending on pointless things we didn’t need and are enjoying experiences and the lack of stress has been so positive.
Thanks Thomas, I have the same feeling, it won't be an easy ask finding a new job. I do think its time to try something new, maybe casual and less stressful. I'm pleased to hear it worked out for you, Eric and I are working on budgets and seeing where our pointless spend is, thanks again.
I'm in exactly the same position, although I volunteered. I will be 54 when I finish. My plan: live off redundancy and savings until my pension matures. But that might not be enough, so I may do jobs I actually find interesting without much financial demand
Thanks. Finding something a little more casual would be perfect for me. 😊
Sorry to hear your news, but it may well be a blessing in disguise- won’t feel like that just now. When the dust settles, I’m sure you will realise how much better off you are than most. Hopefully you will get a substantial pay off that see’s you through. Both my wife and I stopped at 54. We found as long as you have no debt it’s amazing how you can make ends meet. Can’t believe the money I spent whilst working on coffee’s, cars, lunches etc etc. wish you both well 👍🏻
Thanks for your words of support. Fortunately we don't have a lot of debt. Always suspected that we can live on a lot less than we do now ❤
Sorry to hear your news & like you our best plans can be mucked up by things outside of our control at the wrong time that come at us out of the blue !! Unfortunately for me the only way was to keep working but I'm still trying hard to find a way out so good luck to you both & that you are able to sort something out that works for you.
Thanks Graeme. I hope at least that you enjoy the work you do?
Best of luck. I would try not to worry too much.
I think as we grow older change can be more difficult to accept, but it's a bit like software development I think (disclaimer: I worked for 35 years in IT and stopped in February. Maybe I worked in IT too long!)
When I started out, software was released in a "waterfall" way, ie lots of documents written and agreed on what the software should do. This was fixed, signed off, written in stone and could not be changed. After 18 months of hard work, the software gets released. There would then be lots of meetings and plans on how to release it into production, and eventually, maybe 2 years on, users would get to see the new software. By which time they're saying, more often than not, this isn't what we need anymore!
Nowadays its all agile development, and changes to requirements are welcomed and happen every day. Apps get released into production every day.
I've been trying to adapt and to apply this mindset to my life outside of work. I don't want to write down now what I want, and then wait two years for it to happen. I prefer to try stuff, and see if I like it. If I do - great. If not, at the very least I've learned something and can hop onto something else. In your case, I bet you can back yourself to earn from a part time job to make ends meet if needs be. Dog walking might be a great idea, something to try, and making a dog happy is a reward in itself. Working behind a counter somewhere part time can be a great way to expand your social circle with a lower stress job. Anyway, best of luck - you've got this, I'm sure.
Love the agile vs waterfall analogy. Fits perfectly I think 👍
We retired 10 years early, saved & crimped towards that goal, we've only a tiny (£500pm) pension but can live off our savings, you've only got one life & we are enjoying ours not working.
I'm glad you are enjoying your retirement 😀
Redundancy can be terrible or fantastic depending upon where you are in your career/time of life. Personally it was one of the best things to happen to me. At just over 50 I was made redundant from a very good job as a shift manager at a large factory that was closing. 27 years of employment, a final salary pension scheme and a big redundancy package meant we could pay off the mortgage and not have to worry too much about fences during retirement. Fast forward 7 years of more work and we lost our remaining parents 😢 within 10 months of each other, inheriting 2 estates and I decided to retire, with my wife deciding to keep working in a role she loves at University. Fast forward again 2 years and my wife is considering voluntary redundancy and retirement. Her decision is not financially based as we are secure, it is more about what happens next after over 30 years at the same workplace. How will she fill her spare time, what social life she will have and even will we annoy each other 😂. As long as you can afford to retire, it is a no brainer as life is too short to spend valuable time working, rather than enjoying it!!
Thanks for your thoughts on this. Eric is very much thinking my redundancy is a great opportunity to get an early start on retirement. I'm a bit more worried about how much we will have in the pot and also regretting that we won't be retiring at the same time. I may have to wait 2 years before can both retire.
Hopefully the payout will be good one to help you survive a couple of years so don’t worry about it
Thanks. Terms haven't been confirmed yet. Fingers crossed 🤞
I'm in IT. Been doing it for 30 years. I'm in my mid 50s. I would do something different. 30 years doing one discipline is a large chunk of your life.
I have started playing the piano again after stopping in my teens.
I realised that that gave me and others more pleasure than learning a new programming language, cloud computing or the other tech hype.
I think in a couple of years time you'll look back and wonder why you worried at all.
You both are pension savvy and thinking about the next few years. There aren't many people who are in this position.
Good luck.
Thanks Gordon, yes 30 years is a long time in the same career. I would like to try something I'm more passionate about (and its not Cloud Computing haha) but I have to consider the drop in income. Its early days for us and we're still a little shell shocked but thanks for your kind words.
I retired at 55 on 550 a month live frugally n never look bk im now 67 and reached state pension age .it can bi done and i enjoyed the challenge p.s. i had no debts no morgage you only need 35 years stamps for a full pension 😊
We weren't fortunate to be able to retire early due to financial constraints, like putting our children through uni etc. But, I was fortunate to be able to get my pensions at 60 (yes I'm old 😃) so, as my husband couldn't retire until 65, I carried on working but I never touched either my state or small private pension, just saved it all until my husband retired. We downsized to a lovely bungalow near the coast and fortunately life is good with our finances, we manage very well and travel for our holidays around the country with our caravan. Things do seem to work out in the end. Hope things work well for you too 😊
Sounds like things are going well 💖.
Having lived in let's say not so good area's all my life and now at the end of life a bunglow in a good area with good people, be sure you want to sell, a house in a good area is worth every stone in gold !! (please be sure)
Ahh thanks for that thought. We do love our current neighbours and local community. When/ if we move we will try to stay within throwing of where we are ❤
Im 54 and it was hard finding perm roles too many applicants but i got a st contract best rate ever and loving the place. Keep your feelers out u got the exp.
Thanks. Great to hear 👍
Hello from Australia, the algorithm knew I was in the same boat except I’m 56 years old and just got the news my job will be redundant within a year. Not unexpected but I had hoped to work a few more years as I spent over 18 years as a divorced sole parent and about 10 of those years as a subcontractor working for a pittance and no superannuation (retirement) fund payments as I had a mortgage. Fast forward to now I have remarried and my husband and I are mortgage free and debt free but I too have a pitiful amount of money in my superannuation. Thankfully my husband has a good job which he loves and he wants to work until he is at least 67 (which is when he becomes eligible for the aged pension). It puts my hopes to travel overseas once a year while still working awry 😕
Sorry to hear that you are likely to be made redundant as well. I really hope things work out for you 🙏 ❤️
Congratulations on reaching 1K subscribers
Thanks Mark 😊
At least you got to 54. I got to 48.
Hopefully you will get a good payoff and a decent pension.
Lots of options. Dogs or gig economy jobs.
Ageism in the UK is rife, but you shouldn't give up.
Of course you know you can draw against your personal pension when you are 55 currently (57 in a few years).
You should get some professional advice, for instance, you can withdraw tax-free at 55 up to £268,275, but ideally you should use that limit sparingly.
Cannot stress enough getting professional advice as there are so many options.
Don't DIY.
Great video. Bon chance.
Thanks for the advice!
Join the club, life throws curve balls. Had same situation at 51. Ended up leaving well paid job in IT to become full time carer as an only child for mom and dad. No access to pension for another year, I also wanted to top the pension up nearer to 55 and cannot do that anymore. What’s there has to last, I have no idea how long for before I finally leave this world.
Hi Justin. Thanks for sharing. Your situation sounds difficult now, but I find life throws curve balls both ways. You are still young with a long time ahead. Things will get better. Caring is the most noble profession, but also the hardest. You should be proud of what you are doing and look to a brighter future. Please reach out to friends if you are struggling. You can get me on eric@time2retire.co.uk if you would like to chat further. Keep strong.
Sorry you’re being made redundant. We made sacrifices in our 30s but things never go to plan. My hubby was finished at 55, the job market isn’t interested in anyone over 40. I’m still working part time just to tick over and pay the bills. We are both 60 and have cashed in a pension to give us a bigger emergency fund. We support ourselves and don’t claim any benefits or support from anywhere because of savings and the sacrifices we made. It’s very dire out there and holidays are not an option. The cost of living is crippling. We pay the bills and put food on the table, there are people much worse off than us. Good luck.
Thanks for your post. It is a real shame that employers don't see the value in over 50s. We all have so much experience, particularly in IT where things go in cycles and history repeats.
Can’t understand that. The media tells us every day that we can’t fill vacancies and need immigrants to make up the shortfall
Hope it all works out for you both, my hubby was sick last year so has just lost his job due to not being able to tell them when he will return to work he is 63 and now faces having to sign on as money is running out . had to give up driving so no car , life is crap sometimes , stay happy. good luck
I really hope and feel that things will turn around for you soon 🙏
Sorry to hear that.
Maybe... but this is just from my own lens so it might not be useful:
- I imagine there's a redundancy package + unemployment cheques coming up while looking for a job
- Downsizing the house is a great idea, specially if you are planning on travelling which I highly recommend
- The children, if they know about this new situation, they could also chip in by working part time while finishing Uni. I did this myself and it was rewarding and I would definitely do it to help my parents so they can have a better retirement
- Now the bonus one! Apply for the next 'Race Around the World' at BBC. You'd make a fantastic watch!
Good luck and stay positive
Ha ha. Love the race around the World 🌎 Idea. We'd both love that ❤️
Well hopefully you'll get a decent redundancy package that will make up a good chunk of the couple of years you were planning to work for anyway.
I think you're in a better position than most even with this curveball, but this is a reminder to make hay while the sun shines because you never know when the rainclouds will roll in.
Thanks. We hope the redundancy package will make a good dent in the shortfall
If you can retire
Do it !!!!
Look at some where like Thailand to retire o rent the house out and van life it.
Expat in Australia 🇦🇺
Thanks 🙏
We do really like Thailand 👍
I worked as a Software Engineer and never struggled to get a job until I hit my late 40s and then it became almost impossible. So I did a Teacher training PGCE and became a college lecturer teaching Electronics (which was my degree). I did that for 8 years and overpaid the mortgage to get rid of it and then went part-time at 58 and fully retired at 59. I decided I would rather retire for longer with less and after 3 years I have loved every minute of it. I had a few small final salary pensions and a reasonable SIPP. My wife is semi-retired so we get a bit of money from her salary but it's surprising how little you can live off when you own your house. I make sure my tax is as minimal as possible (legally of course) as I don't like the way the government squander my money!
Retiring for longer with less - Eric is a big fan. I just need to get my head around what that means practically. With one still in Uni I am still in protective Mum mode 🥰
Sorry to hear the news. I work in IT, and there are jobs out there for over 50s it really depends on what you do in IT.
30 years in I have covered most of it. But last 10 years been in Service Management for very large corporate. Won't really translate to working in a small firm 😒
@@Time2RetireUK don’t give up hope, but these types of jobs are harder to get as there is a lot of domain knowledge you have which is not transferable. Obviously some of the skills and methodologies are transferable to a new company, but there is often a steep learning curve, and lots of domain knowledge to pick up. It’s just my opinion, there may be the perfect job at a competitor, where this knowledge is a huge benefit.
Do you think older project managers would be ok?
I was made redundant four years ago , had some redundancy money and took a pension from previous employment early , no holidays or takeaways or benefits claimed , spent my time looking after elderly mum and grandchildren which has been rewarding but of course unpaid , still not state pension age but now my health is crumbling so please try and live your best life whilst you can xx
Thanks for your story Gillian. Ate you receiving any attendance allowance?
@@Time2RetireUK my mum receives attendance allowance , I am not entitled to anything
I’ve just been made redundant after being in same job/company for 37 years. I feel so down about it and it’s only been a week. At almost 56 I’m starting to think I’ve got no chance of finding a job. good luck to you anyway, hope things work out for you.
I'm sure something will come up. Fingers crossed from us 🙏
@@Time2RetireUK thank you so much.
Happened to me at 55 in 2020. Yes and the same again nobody wants you when you’re in your 50s so I went self employed as a painter and decorator. Was ok for first couple of years but then the work slowed up so here I am agin scraping a living on whatever I can find. Luckily my wife works and earns fairly well so the bills are covered but I’m started to become less and less motivated to do anything and you do lose your sense of worth. I still have two teenage kids at home as well and I’m finding myself fearful for their futures especially the way the U.K. seems to be going.
I hope you find something that suits soon
Being made redundant in your mid-50s is not uncommon and finding employment again at anything near your previous salary is just about impossible. This is why I laugh at those that say we are all living much longer so you should work into your late 60s or 70s, however, you may find that your employer has different thoughts on how long you'll be working. (And while the average life expectancy from birth has increased, from retirement age it hasn't changed all that much.) Personally when thinking about retirement I would plan on working to age 60 but don't be surprised if you forced to stop 5 years earlier than that. This is what has happened to almost everyone I know.
55 just been made redundant after 30 plus years in IT. Applied for hundreds of jobs with no success. 1 interview and a few calls but no luck.
The IT contract market is dead so looking to move into other industries.
Talking to friends they cant believe there is no jobs with someone with my experience but thats my reality.
IT market is really bleak at the moment. Do you think it will recover?
@Time2RetireUK my job was moved to South Africa.
Lots of young people, skilled and looking for jobs. Close to UK time zone and in modern cloud computing most IT jobs can be done fully remote.
They work for about 30% of equivalent UK salary.
Can't see a future in IT here
Once you are in your fifties, gets very difficult to get a job with an employer. My advice is to work for yourself - whether that is behind a limited company (which would allow you to work as a sub-contractor in IT and also for clients direct), or as a sole trader doing something that you enjoy but still making a few quid (like dog walking). IMO (and from experience), never rely on an income from a single source - running your own business, you will never be out of work, and less your financial responsibilities are, the less pressure you will be under.
We set up a limited company yesterday. TH-cam is now paying us. It is very small but every little helps.
Find out what the redundancy package is, chances are it may cover more than you think with a tax free lump sum. You could potentially put a large lump sum into your pension to get the tax relief and get 25% tax free out next year when you reach 55 if you have a SIPP. I have spreadsheets to cover the next few years to my retirement and beyond and these are so helpful in financial planning in that I can look at "what if" scenarios.
Thanks we do have a SIPP and are keeping our fingers crossed on the payout!
Recycle redundanancy payment thru your pension, all earnings up to £60k each can go in, nice little boost...
That is absolutely the plan, Peter. Pensions tax relief is great ways make the redundancy go as far as possible when you are close to retirement age.
I'm 57, been in IT since 1994, and still have £34k of mortgage to pay off, so count yourself lucky if you've paid it off. IT is a dying industry, most jobs will replaced by cheap offshore staff or AI. I could see this happening as early as 2002. The IT job market is beyond terrible if you're over 50. I've been redundant eight (8) times in my life, and always managed to get another job within 3-4 months but I'm sure I would be screwed if I was turfed out now.
Still got £43k on the mortgage but got a lot of years to pay that off , so we'll be OK with that. Thank's for the post 👍
The It jobs martket is not dead it has changed. Worked in technology and data for 25 years and I notice that some older employees are smoky resistant to change. Embrace cloud, ai, ml, microservices etc - the past will never return
@@davidg9057 Well, in the 1990s we didn't have half of India moving to the UK to work in IT, for a start.
@@Time2RetireUK 🙂
Definitely try dog walking my friends make a grand a week each doing it and the dogs love it as well.
Sounds right up my street 🐕
I got made redundant during COVID, I would suggest getting another job, which is stress free
That sounds very appealing. A change/slow down until full retirement seems sensible. Thanks
Best bet- take the dog for a walk. 🐕
Maybe time to downshift and do some nice, meaningful job that brings in a small amount of money. Lovely way to round out the end of your career. If you were going to leave in 18 months anyway, seems like you can probably get away with that.
I found a job at 62.
Fingers crossed 🤞 for us then
Had to invent my self at 47 wasn’t easy
Sounds interesting
Sorry, I live in the United States and cannot tell what you are each talking about. Did the wife get laid-off from her job in information Technology (IT)? ... If yes, did she get a severance package? If yes, for how many weeks of pay? If not, was the wife fired? Also, what do you mean by using the word "redundancy?"... what does this word mean in the United Kingdom?
Redundancy is our word for getting laid off. She will get a severance package but we don't know how much yet.
How about call centre work that you do at home ,
Not considered that but will look I to it. Thanks
You won't find a job at 54 - unless you have good connections, unfortunately. I'm 57 and found it hard to find a job that's not minimum wage, which I'm too old to do with arthritis - especially care work. They ask too much of you for so little money.
Most of my connections are also facing redundancy
Have you considered foster caring
Nice idea, or even Shared Lives carering. We will have a look. Thanks
Back in 2008 i was made redundant at 51.My wife and i started up a small facilites company which grew for ten years until i was hit with illness.We were lucky that pre brexit there were opgions so we sold up and moved to Italy.Turned out to be the best thing that could have happened
Really glad that worked out for you. Options on moving are a bit more limited now.
You are best off having kids and signing on than working
Sad.
Don't come in the care sector, minimum wage and treated like crap,if your desperate yes otherwise no.
I think those working in the care sector have a huge amount of skill. Not something I think either of us have the skill for. We have huge respect for those that do 💖
i thought their was loads of jobs with all the immigrations thats going on vote reform
I retired at 55 and love it. If you can’t afford to retire at 55, you’ve wasted your money on holidays, flash cars, takeaways etc
Guilty on the holidays and takeaways. The only thing flashy about my cars has been the indicators.
@@Time2RetireUK FIRE - financial independence, retire early.
rubbish spend your money before this gov takes it ,if they dont take it the corrupt pension funds will