# Best laid plans and all that..



## thomas111 (10 Feb 2021)

Age: 44
Spouse’s/Partner's age: 44

Annual gross income from employment or profession: €84k
Annual gross income spouse: None

Type of employment: Private sector

Expenditure pattern: Saving

Rough estimate of value of home: €275k
Mortgage on home: None

Other borrowings – car loans/personal loans etc: None

Do you pay off your full credit card balance each month? Yes

Savings and investments: €120k

Do you have a pension scheme? Yes. Approx value €180k with a smaller previous Defined Benefit pension worth approx 
Age: 44
Spouse’s/Partner's age: 44

Annual gross income from employment or profession: €84k
Annual gross income spouse: None

Type of employment: Private sector

Expenditure pattern: Saving

Rough estimate of value of home: €275k
Mortgage on home: None

Other borrowings – car loans/personal loans etc: None

Do you pay off your full credit card balance each month? Yes

Savings and investments: €120k

Do you have a pension scheme? 

Me. Yes paying 7% with employer paying 10%  - approx value €180k. Have a smaller Defined Benefit pension from previous employer due to pay me roughly €15k pa in retirement.

Wife. Small pension from employment prior to having our son. Not paid into for last 8 years - Currently valued at €50k.

Do you own any investment or other property? Yes apartment in Lanzarote. We only let friends/family stay here rather then renting it out to maximise income.

Ages of children: 8 year old

Life/health insurance:
- VHI 
- Death in Service cover from employer

What specific question do you have or what issues are of concern to you?

We've worked hard and saved hard over the last 20 years. 

I had a heart attack in August and some subsequent surgery and have not returned to work. Employer sick leave is excellent so there has been no impact to income yet. I would have worked long hours in quite a stressful environment however following the health scare I have taken my time recovering and have yet to return to work. 

I am unsure about my return to work at this point just due to stress levels and concerns of slipping back into bad habits. However I do not want to replace one stress with another down the line by not being setup adequately for my family & retirement. There is the possibility of voluntary severance at some stage in the next year or two. 

I guess I am looking for pointers as to how feasible it would be to make some lifestyle changes such as potentially reduce my working hours, possibly take a severance and do something much less stressful in the next 12-18months. I'm obviously too young to retire at mid 40s and expect to provide for the family, presume life cover is going to be difficult/expensive to come by. 

thanks for reading this far.


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## NoRegretsCoyote (10 Feb 2021)

thomas111 said:


> I'm obviously too young to retire at mid 40s and expect to provide for the family,



Sorry to hear about this.

Would your spouse return to work at any point?


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## Clamball (11 Feb 2021)

The fact you have no debts and own your home without a mortgage and have very decent savings is a real plus at your age.   It does allow you to consider making lifestyle changes to reduce your work stress and improve your health.

Your spouse returning to work to become the main breadwinner would be the first obvious choice.  It would allow her to also build her pension.  How feasible are her chances of employment?   If she worked you would be under less pressure to provide for the family and could take on a less stressful part time role if possible.

You should also consider your current expenditure and determine how long a work break you can afford to take on your current saving and income.  What impact would it have on your health if you returned to your current job for 12-24 months in anticipation of a redundancy payment?  What would happen if you had another heart attack?  Your doctors can advise you better than the internet.


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## thomas111 (11 Feb 2021)

NoRegretsCoyote said:


> Would your spouse return to work at any point?



Yes. She would be keen to return to some form of work in the next year or two.



Clamball said:


> How feasible are her chances of employment?



 She’s not keen on a return to what she did previously in a corporate setting.  Had more envisaged something part time locally. 


Clamball said:


> What impact would it have on your health if you returned to your current job for 12-24 months in anticipation of a redundancy payment? What would happen if you had another heart attack? Your doctors can advise you better than the internet.


Completely agree on taking doctors advise here. My main concern returning to work would be i slip back into bad habits - find it hard not to immediately rejoin the long hours, 24/7 on call for teams/WhatsApp messsging that it brings and before I know it the good lifestyle changes I’ve made are undone.


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## Clamball (11 Feb 2021)

Is your spouse willing to become the main earner in the household.  Does she have to capacity to earn sufficient for the household in the event you are unable to work at all?  This would remove the stress from you completely which might be best for your health.  

Discussing a part time job in a few years does not really sound like she has considered seriously becoming the main household earner?  Maybe it has not been discussed yet because you are continuing to be paid?


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## michaelm (11 Feb 2021)

With no mortgage or other debts and only one child who presumably will ultimately inherit the earth you're at least in good financial shape.  If I though my job might put me in an early grave I wouldn't return.  I'd actively seek severance before facing having to return.


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## Bluefin (11 Feb 2021)

Does your employer have Income protection benefit scheme.  Must large multinationals have it - normally a % of your salary thats payable after sick leave expires. This scheme normally contributes to your pension as well.


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## ArthurMcB (8 Jun 2021)

Hi @thomas111 , id be interested to hear how you are doing and what decisions you might have taken.

Thanks.


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## thomas111 (8 Jul 2021)

ArthurMcB said:


> Hi @thomas111 , id be interested to hear how you are doing and what decisions you might have taken.
> 
> Thanks.


Hi sorry for delay haven't checked in on this thread for some time. I'm doing ok. I have still not returned to work and I am coming towards the end of the employer sick leave entitlements so will need to decide what to do shortly. I am considering looking at a return on a part time basis if my employer will support same and see how that goes.


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## presidenttttt (12 Jul 2021)

Working Identity- unconventional strategies for reinventing your career,  by Herminia Ibarra is a great and easy read.

I can relate to doing an all consuming role and then having a period with space to reflect on the potential damage it is doing to health or simply having no life. You haven’t said what you do but it may be a case of redefining yourself completely or switching to something with similar skills in an organisation that doesn’t have the 24/7 connected culture - something more and more organisations are waking up to.


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## goingforgold (20 Jul 2021)

You are doing well financially. Is the holiday home in Lanzarote necessary? What's it worth? Rather than returning to work could you use it buy property here and get an income. It wouldn't or shouldn't bring much stress if it's effectively your full-time job to manage it, and as much as it is difficult being a small time landlord in Ireland right now, you'd certainly be better off financially going down this route.


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