Should I take voluntary redundancy?

[Hooverfish]

I have made being trying to get an appointment with an adviser but no joy yet just to independently review all the figures.

I put in a lot of effort to get a financial review for my partner last year. Unfortunately given the timescale of your decision, I found that the only way was to search out the different advisors and work through the effort of "interviewing" all their approaches until I found one that met mine and whose communications I felt I could understand clearly. Quite a few don't really offer fee-based approaches, because they say people aren't prepared to pay what it really costs for them to gather all the data and discuss your life-intentions to meet the independent financial advisor "rules". There are some. And their "prices" really do vary a lot so there is no quick way to find the right one on that aspect either.

Again, this is just my experience, your mileage may differ on the same journey. I also did my own research and my own "back of an envelope" excel amortisation calculations on how my partner's funds might last in different circumstances. I was very happy with the advisor chosen but unfortunately COVID-19 has meant we had to put the resulting plans largely on hold. Which then resulted in having to take on full-time care of a relative with no social welfare available due to money in the partner's bank accounts...! So always remember, you really cannot predict where life will take you more than a year or two ahead. Live life for now, not for an imaginary golden future.

 

[Mommabearof3]

So true I can remember reading this forum years ago on maternity leave and now I have adult children. The whole process has been beneficial in that it has made us look at how spend our money and also our lack of financial planning. I am trying to organise seeing somebody to review our situation thank you for your experience re that. My partner and I definitely have come to the realisation that we were drifting through rather than living life to the maximum. I realise everybody has different approaches and expectations but I am glad to have stepped back and taken a close look at the bigger picture. It has been almost cathartic.

 

[lledlledlled]

Sorry I missed your response and I appreciate the thoughts from a gender perspective because it is very relevant to my situation. I have been giving this lots of consideration and the main issue is that I do not have enough pension contributions to leave it dormant for 15 years. That's not allowing for the later state pension and the 3 yr gap between the 2. I have made being trying to get an appointment with an adviser but no joy yet just to independently review all the figures.

I would stay put, based on the fact that you dont have sufficient pension contributions.

 

[Mommabearof3]

Thank you for your feedback thats the decision i have come to hope I do not regret it but it is what it is.

 

[Leper]

Thank you for your feedback thats the decision i have come to hope I do not regret it but it is what it is.

Hi Ruth,

Just following up (and it's none of my business) how did things pan out for you? Don't answer if you wish.

 

[lowspender]

I left on better lumpsum conditions but if I had not great savings I don't think it would work. Pension amount is very important as the years go on.

 

[bitethebullet]

I was talking to my dad and he was offered redundancy at 52 but he didn't take it. |Says he still regrets that decision.
I work shift also incl nights. I'm 50 and finding the hours very tough. As you get older it defintely gets tougher. I'd take that offer in a heartbeat if it were me. Still young enough to get something with more sensible hours.

 

[Mommabearof3]

Funnily enough I just left it and had decided I wouldn’t take it. Then after 18 months changed my mind and I’m going to take it now but there are Union negotiations to be agreed first kind of a quid pro quo before I can get a date. The company say they will not allow these voluntary exits until things are agreed. This kind of suits as I have maximised pension contributions and the markets seem somewhat better although that can change so easily. I have approx combined €400k pot in 2 dc funds and 8k annually in a deferred db scheme not getting any inflationary benefits. Eldest started in one of the big 4 trainee accountant. Second starting a 2 yr masters which will cost me and youngest still in school. I am actually trying to park it in my mind in case it doesn’t happen but I’m pretty sure it will. So glad I got the chance and time to reconsider. Shift work is a f***er it truly is I would really advise against it long term. For me the change of heart was really considering how much money do I actually need? That’s different for everybody I guess but also our house is currently worth approx 850k mortgage free and if the proverbial really hit I would be perfectly happy to downsize I’m not attached in that it’s bricks and mortar and if we get into bother it is an asset that can release equity.

 

[SPC100]

The more I read about sleep and our circadian cycles and affects on health, the more I would be wary of one of my loved ones working shift. Especially if the shift hours change regularly.

 

[Mommabearof3]

The more I read about sleep and our circadian cycles and affects on health, the more I would be wary of one of my loved ones working shift. Especially if the shift hours change regularly.

We are becoming far more educated in terms of our physical and mental health and the necessity of quality rem and deep sleep. I think it’s something that cannot be under estimated. There are some people who manage to balance it better than others but fundamentally I have a brother who is an actuary and he says the calculations in Terms of life expectancy factor in shift work. That said it’s great in terms of organising child care and often has higher remuneration but for me personally I think the cost must always be considered.