r32

Have a chance to take early retirement, our Company is shedding jobs, I've been there for 34 years and the offer is pretty poor. A grand for each year of service. I dont enjoy it any more and my health has been a bit iffy too. It would mean a big drop in income, dont think 'er indoors wants me to take it.
Worry is getting bored being at home all day and perhaps having little contact ............ dont know what to do, are there many part time jobs around?

KiwiGTI

There is a huge correlation between early retirement and early death, obviously they don't know the exact reason (possibly due to lack of goal/drives etc) but it's something that makes me want to work as long as possible.

I'd look at some kind of business of your own if you do retire.

Nicks VR4

Tricky one really
You need to work out what was coming into the house cash wise
What you will get taking early retirement / Redundancy after Mr tax man has grapped some
I got made redundant a few years ago and tax was a different % per amount
ie 10k at x% 8k @ x%

Talk to HR and ask them what you will take home cash wise

As you say you dont like the job thats a + side for leaving too
Nothing worse getting up in the morning to a job you hate that can make you ill too

I work at home it has its - and + sides mainly lack of interaction with other people face to face

HTH Nick

Mark Miwurdz

The maximum ex gratia (tax free) payment is around £30K IIRC but the revenue and customs website should tell you the exact amount.

What are your domestic overheads - mortgage etc? If you can afford to cut your cloth accordingly it sounds like you'll be better off out of where you are now.

What are you skilled at? A lot of employers are recognising the value of the 'grey' workforce now so there may be more opportunity out there than you're giving credit for.

Best of luck.

Cheers
Kav

Lee247

£34k is not much for all your years of service btw have you a pension with them, what would happen to that if you left?
Aside from that, if you left, your health would probably improve without the stress of a job you hated.
Look about at the job situation before you decide.
Good Luck

pslewis

I assume what the poster means is £1000 per year of service per year?? Thats £34k a year - I would think seriously about going myself!

And the muppet poster above saying you die early if you retire early!! The data I have seen has shown that to retire at 65 means you die 5 years earlier than if you retire at 60!!!

£34k a year would be a struggle, but it all depends upon your situation? Have you any mortgages on your properties, for example?

Pete

_RIP_

A grand for each year of service means just that. Are you blind and stupid lewis?

pslewis

You frigging idiot .............................. means just what?

You half-wit

£1000 for each year of service ....... yes, per year or as a lump sum? If its a lump sum there will also be an annual pension ..

Your village is missing its idiot isn't it?? GO BACK and entertain them!!

Pete

Dieseldog

Don't be shy, just come out and tell us how rich and succesful you are. Maybe you could make it a sticky - then you wouldn't have to keep dropping hints all the time. It would save you valuable time!

dpb

He takes home £117 after tax for his 7 shifts at Morrisons ..!..

pslewis

I'm just telling it as I see it ................

£34k a year would be a struggle I can imagine - FACT!!

He may have mortgages on his properties, they may not be rented at the current time, lots of things can affect the decision!! - FACT!!

I don't really see what your problems are?? If you are jealous for some reason then fair enough (but thats YOUR problem - NOT the posters!!) .... he is in a position that you would like, but thats NOT his fault!!

I think you need to curb your jealously and anger at being a loser ......

Pete

pslewis

I don't think you should look down on the poster for that ...... I certainly don't!!

If he works at Morrisons then its fine by me ....

We are being asked for opinions on the offer of early retirement - what has the place he works got to do with it??

Dear me, it's a struggle for some of you to keep up isn't it??

Pete

Brit_in_Japan

If you can get something else which makes up the deficit then you might end up better off (new job, new challenge, lump sum, pension and new wage).

I remember a company I used to work for asked for volunteers for early redundancy. Within 6 months most were back as contractors for more money but with less responsibility. They were laughing all the way to the bank.

Talk to recruitment agencies now to see whether there's a market for what you can offer. Then you can make a decision based on facts.

Dieseldog

It's simply that I enjoy showing you for the figure of ridicule you are Lewis, surely I'm not the only one . You don't seem to like people picking up on your not so subtle attempts to tell people how well you've done, using the plural of 'property' to make the statement "surely everyone has more than one property". You're a midlle class, aspirational little man. get used to it

pslewis

Sorry, looked in my dictionary and cannot find the word MIDLLE, so it's difficult for me to comment really???

I do know that, in the past, you have shown yourself up ....... seems like you are doing it again ..

*whisper on* "a tip,when you are a loser - stay quiet!!"* whisper off*

Pete

dpb

Your hillarious...

Big Den

Don't be such a tit (but you can't be cos a tit is useful!! ).

The guy says he will get £1K for each of his 34 years of service which = a total early retirement lump sum of £34K - NOT £34K per year - ffs put yer reading glasses on!!

Lee247

Thanks Big Den, thought I was going senile

alcazar

iTrader: (2)

Phew..................it's the opposite in teaching, the wife's job. For every year you go early, the average teacher lives an extra 3 years. I suppose it's down to stress levels?

Alcazar

pslewis

Yep!! Working 66% of the time that normal workers work must really take it out of you

It's interesting to note that non-teaching staff in school, paid for by the relevant council, get paid as if they were council workers ... and, as Teachers only have directed time as 66% of the full time of council workers, the non-Teaching staff get 66% of their salary (yet, Teachers get 100% for a 66% working week!!??) ............ go figure that one out!!

I think Teachers get stressed because they struggle with spending such a large salary!!

Back on topic, the poster said he will get £1000 per year of service - I am still unclear if that is a lump sum (if so, he will also get a pension!!) OR if it is the annual pension??

Pete

Leslie

Looks like PSL has got both feet in his mouth again as usual by not making sure he understands the initial post before he shoots his mouth off again. Never mind, its big enough to cope with the boots as well!

You can always tell when he is rattled because he launches into gratuitous insults in a vain effort to defend himself.

If you have paid your mortgage off R32 and don't have other enormous depts, you can live surprisingly well on the reduced income. You may have to accept pulling your horns in a bit but the relaxation of chucking the stress of the job is usually well worth it. It helps to have some absorbing hobbies too.

Les

paulr

When i think of early retirement i look at my next door neighbour.Great bloke but he spends far too much time power washing his drive.
The thing is the original poster said he doesnt enjoy his job any more.

pslewis

So ...... is it £1000 a year pension or lump sum + pension .... oh, wise one Lesley??

Pete

r32

Bit of a late reply guys but, it would be a one off 34 grand, I am 57 so I can take my (reduced) pension early too. Have just (hopefully) got through a second bout of cancer so who knows what my life span is likely to be, dont expect to get to 90 for instance. I dont want to die while I'm still working, I would like to think I have some time to myself.
As far as I am aware the 1000 per year is totally tax free as its classed as redundancy. I also have shares and things which I would have to give up if I leave so the money can be invested.. I also lose 4% off my pension for each year I go early. So my good pension will be much reduced...... sad they didnt do a deal to improve early retirement. It would be around half of my current income, probably less. Dont have a mortgage or any big bills like loans etc etc ...... still dont know what to do even though the decision day is creeping ever closer......

lawson101

Well good luck to you whatever you decide mate.