Things just got real.

How are you preparing
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korolev
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Location: Land of the South Saxons

Things just got real.

Post by korolev » Fri Mar 08, 2019 8:10 am

Had an "all hands" call at work yesterday where we were told that the work we do is being moved to a location 150 miles away. We have three choices, Relocate, Redeploy (into another role), or Redundancy.
I'm 55 with 35 years on the firm and will get a year's money to go. I've been putting extra into my pension for a few years so I can afford to take it early, when I'm 58 (there's a write-down which reduces the value slightly but it's still decent).
I'm so glad I had done all the sums and had a spreadsheet to work from.

Financial planning and preparation might not be the most glamorous or as fun as a new bit of kit turning up but it's absolutely essential.

Arzosah
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Joined: Fri Jun 22, 2012 4:20 pm

Re: Things just got real.

Post by Arzosah » Fri Mar 08, 2019 8:46 am

Sorry to hear that you got that news, korolev, but so well done for having made plans and taken actions that mean this isn't going to force you into a 150 mile commute/weekday room rental/selling your place to keep your job.
My blog (all mended now) www.preparednessfactandfiction.co.uk
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Deeps
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Re: Things just got real.

Post by Deeps » Fri Mar 08, 2019 10:00 am

It must be frustrating for it to happen now when you're in sniffing distance of the pension. Hope things work out.

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korolev
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Location: Land of the South Saxons

Re: Things just got real.

Post by korolev » Fri Mar 08, 2019 10:27 am

Deeps wrote:
Fri Mar 08, 2019 10:00 am
It must be frustrating for it to happen now when you're in sniffing distance of the pension. Hope things work out.
Thanks. They will work out. If no other jobs come up (and I ain't going to take just anything) I have to survive for a couple of years on my leaver payment and the wife's money.

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Deeps
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Re: Things just got real.

Post by Deeps » Fri Mar 08, 2019 11:22 am

korolev wrote:
Fri Mar 08, 2019 10:27 am
Deeps wrote:
Fri Mar 08, 2019 10:00 am
It must be frustrating for it to happen now when you're in sniffing distance of the pension. Hope things work out.
Thanks. They will work out. If no other jobs come up (and I ain't going to take just anything) I have to survive for a couple of years on my leaver payment and the wife's money.
I took early retirement, it was surprising how much less I needed than I thought. Everyone will have different requirements/situations but (lazy git that I am) I took to it.

dazthechippy
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Re: Things just got real.

Post by dazthechippy » Fri Mar 08, 2019 2:28 pm

hi Korolev, mate of mine is in the same place, 2 years off retirement, things not working out as he'd hoped for his last job before packing it all in at the large corporate he works at, he's at the point of just leaving..

thing is he's done the numbers,happy to live from his savings until the pension kicks in and best of all, he feels like he's in control.

he's not a prepper, i wouldn't think of him as one in the piling tins in the pantry sense but he's certainly a financial prepper that's for sure.

being financially prepared has put him in control - if he jacks it in he'll have a huge smile on his face...

good luck to you!

jennyjj01
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Joined: Sun Jun 04, 2017 11:09 pm

Re: Things just got real.

Post by jennyjj01 » Fri Mar 08, 2019 2:59 pm

korolev wrote:
Fri Mar 08, 2019 8:10 am
Had an "all hands" call at work yesterday where we were told that the work we do is being moved to a location 150 miles away. We have three choices, Relocate, Redeploy (into another role), or Redundancy.
I'm 55 with 35 years on the firm and will get a year's money to go. I've been putting extra into my pension for a few years so I can afford to take it early, when I'm 58 (there's a write-down which reduces the value slightly but it's still decent).
I'm so glad I had done all the sums and had a spreadsheet to work from.

Financial planning and preparation might not be the most glamorous or as fun as a new bit of kit turning up but it's absolutely essential.
Hi, My sympathies on this news.

However, having financially prepped, you sound like you are actually not in a bad place.
Your stats almost exactly match the situation I was in a few years back, right down to reduction in early pension. Voluntary Redundancy turned out to be one of the best things to ever happen to me. Eliminated crushing commute and liberated 40 hours per week to enjoy.
You'll have a bit of adapting to do, but embrace the change.

Make sure that you maximise any pension opportunities, by maybe whacking some of your leaver package into AVCs. Similarly exploit any available share incentives and take opportunities to minimise tax by structuring and timing any leaver payment..

Good luck for the future.

Bosworth
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Joined: Thu Sep 12, 2013 11:03 pm

Re: Things just got real.

Post by Bosworth » Sat Mar 09, 2019 9:11 am

Sorry to hear you are facing a difficult choice, but great that you have ‘eyes open’ and some choices. Well played :)

I wanted to chip in that working away for a couple of years, given it is a bounded problem, might be worth considering. Might not suit your domestic situation but you have a clearly defined timeline to lessen the pain. Keeping your current job for the final push by lodging somewhere at the new location might not be so bad. There are some lovely rooms in lovely houses that are available.

I work away from home quite a bit so am speaking from vague awareness of the challenge.

Good luck with whatever you decide to do...

jansman
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Re: Things just got real.

Post by jansman » Sat Mar 09, 2019 4:36 pm

Good luck. It will work out. I got the bullet from a long-time job six years ago. Lost a good income, regular cash bonuses, good hours. However, when the business declared insolvency ( a business strategy) I lost all that, and substantial shares too. Since then I have had a series of jobs , including six months as a fishing guide in Spain, ( Damn Brexit knackered that gig). But life goes on. I haven’t got a huge pension pot, but the property is ours, and has been for a good number of years. We are now looking at reducing hours between us and living on less. It’s an adventure.
In three words I can sum up everything I have learned about life: It goes on.

Robert Frost.

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Arwen Thebard
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Re: Things just got real.

Post by Arwen Thebard » Tue Mar 12, 2019 7:40 am

It must have come as a shock korolev, but your financial planning and foresight show you to be a good prepper, so hats off to you.

Like some others above, I was able to to give up "paid" work at an early age and have never looked back, best thing I [we] ever did.

Given that global economies are tanking almost everywhere, you might be getting out at a very opportune moment. Good luck to you, but I dont think you will need it. ;)
Arwen The Bard

"What did you learn today?"

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