Redundancy- Am I mad?

Adrift · 21-12-2023 10:00pm #1

Looking for opinions.

Redundancy coming up next year and I’m thinking of taking it.

Im early 40s, and have done over 20 years with the company. I feel like the work has run it’s course, and from that side of things can feel myself losing enthusiasm and becoming more and more institutionalised . Most of my friends have taken packages or left for pastures new. So I’m feeling the place a lot less and the desire to do something new increases year on year.

A package sounds ideal, the guts of 200k, I’ve some loans etc could tidy things up and support myself retraining, adding to my qualifications is really appealing to me, just to be learning again.

downside is, I don’t think I’d get the same terms and conditions ever again. I do 90+ here each year. Great pension, healthcare etc bonuses. And still have 250k owed on the house.

Is it madness to consider taking it to be more fulfilled but less well off some place else? Anyone else done similar? Is it just a mid career midlife crisis.

Flinty997 · 28-12-2023 6:11pm

It won't be any easier or as lucrative as you get older. Not without some risk. Nothing ever is.

Sonic the Shaghog · 28-12-2023 6:23pm

Going off the info provided I'd stay put. If it's just the work is "boring" it happens to many of us there's other ways to excite yourself, train in your free time, hobbies etc.

Be different story if you hated the place or were depressed there. The main thing especially when you said you'll never match the salary and benefits.

Is the wife working? Many kids? You've 250k left on the house and you've other loans you say. How would you manage with the mortgage and day to day bills? You said the guts of 200k but it's for other loans and to keep you going retaining

Str8outtaWuhan · 28-12-2023 6:26pm

Depends on your circumstances. If you are single, take the money rent the house and spend the next 30 years living like a king in some 3rd world paradise.

Flinty997 · 28-12-2023 6:37pm

Torture working in a job that you've lost all interest in.

Former Former Former · 28-12-2023 6:39pm

https://www.boards.ie/discussion/2058327954/redundancy-am-i-mad

The biggest issue with your post is “thinking” you wouldn’t get the same benefits elsewhere. You need to do some research into what’s out there and what they’re paying. You might be surprised.

If you feel like the job has run its course, then what’s plan B? Run down the clock until you’re 65? That’s not really an option, you’re going to leave at some point, so if there’s a good package on offer now, you might be well advised to take it.

listermint · 28-12-2023 6:43pm

Your 40. Not 90. You can do whatever you put your mind to.

POBox19 · 28-12-2023 6:53pm

Take their arms off for it now. Way better knowing when and how it is happening than being told on a Friday morning that the company is finished with you, possibly sooner than you might think. Work with them to get the best package including retraining if necessary. Get your CV in order and references and hit the circuit.

893bet · 28-12-2023 6:57pm

At early 40 you are young enough to make a fresh start in a new company at the same role (or a different role).

Take the money!

Rubberchikken · 28-12-2023 7:03pm

Take the redundancy and start the next stage. Whether that's another job or retraining/ education, it's a chance for a fresh start and new opportunities.

You could stay and work away and then the day could come where they just close down anyway. Nothing is forever

CelticRambler · 28-12-2023 7:07pm

The Brother (married with two children at the time) took a package somewhat along those lines when he was about that same age. Did an MBA over the following two years and walked into a new job with better T&Cs at the end of it.

A close friend I've known since primary passed up the offer of a similar package, again at about the same age, because he didn't want to live with the insecurity. The company folded some time later anyway, so he ended up on the dole with a loss less, had to take what he could get afterwards and is now trudging towards retirement on 50% of what he was earning previously.

Take the money and start making plans for a new future.

Jim2007 · 29-12-2023 2:57pm

https://www.boards.ie/discussion/2058327954/redundancy-am-i-mad

Madness would be spending the remainder of your life wishing you were doing something else... You have one life to live, there are not dress rehearsals, if you don't like how it is going it is up to you to change it. None of us can tell you what is right for you, only what we might think we'd do in those circumstances, but we are not you.

CramCycle · 29-12-2023 3:05pm

If they are offering redundancies and they are decent, take it. Company could well fold and you'd get very little. Leave now and you've effectively 4 years of wages to sit on and make plans, get retrained etc.

bucketybuck · 29-12-2023 3:24pm

Early 40's, big redundancy on offer, job market at full employment.

If you don't jump under these circumstances then you aren't ever jumping, so you would want to be pretty damn sure staying there for the rest of life is what you want.

And thats jumping, you could easily get pushed at any time with far worse of a deal. Why do you think they are offering redundancies at all?

For myself, I would bite their hands of for that package.

maninasia · 29-12-2023 3:25pm

Take the money and run early 40s is still young. Great deal.

antimatterx · 29-12-2023 3:25pm

I'd take it and and run. Even if you got a job paying 75K that would be a good deal.

lbunnae · 29-12-2023 3:32pm

Good god take that cash!! Way too young to be bored out of your tree in work. That’s a whopper wedge, something that might not be available in future.

Deep Thought · 29-12-2023 3:40pm

Take it

i was 45 when I got mine (100K). Also had a 1yo baby.

when we sat down and did the maths, would have 5 years money in the bank assuming I didn’t get a job or any social welfare in those 5 years. 4 weeks later got a new job.

got new kitchen, paid off cars and only have mortgage.. even working in basic job would cover us and still had money to cover us and put a few grand away for kids college.

its rare to have an opportunity to have so much cash.

dublin49 · 29-12-2023 3:54pm

I took the deal at 50 ,good decision but it will only be a benefit if you can find paying work reasonably quickly after you leave,I did and the comfort of a big payout is a nice security blanket but work is still a grind albeit I am nearly done now.

paddyisreal · 29-12-2023 4:02pm

https://www.boards.ie/discussion/comment/121547243#Comment_121547243

250k mortgage in early 40s and on 90k a year ... That's not a lot of debt at all

Padre_Pio · 29-12-2023 4:08pm

Take money and find a new job.

fjon · 29-12-2023 4:20pm

Take it! Was in a similar situation, similar age, but it was forced on me. Looking back I am so glad it happened - used it to pay off a big chunk of the mortgage, got a car, and walked into a job almost immediately. The pay was lower initially, but a few years later I am not making 30% more than in that job.

You will probably never be in a position to get such a big chunk of cash again. Even if you spend a year looking for a new job you'll still benefit.

listermint · 29-12-2023 4:26pm

https://www.boards.ie/discussion/comment/121547243#Comment_121547243

250k on house at 40 is alot of debt .. with a salary of over 90 k. You're either banana's or haven't a clue about the housing market horse.

Also fairly pointed comment at the OP there about floating into the job he has. Bit rude.

Adrift · 29-12-2023 8:16pm

One or two barbed comments aside thanks for the advice lads.

I deliberately held back on one or two things but one things for sure I worked damn hard to get there in that company.

Also I don’t consider 250k to be insane considering the prices people paid in the boom. Given the state of things now and the average age of a first time buyer right now is 35 I’m glad we got in in our twenties and are happy here

Donald Trump · 29-12-2023 8:21pm

You say the redundancy is "coming up". It sounds like you'd have time to be sussing out other opportunities, or even have one lined up, before your current place puts any offer on your plate.

Do some interviews in your own time and see how you get on. Say nothing to the current shower.

Adrift · 29-12-2023 8:35pm

Yeah someone mentioned studying, I think that’s what I’d do. I’ve sussed out the course already.

Theres days I think it’s the correct thing to do and there’s days where I think I’m throwing away a safe reliable income

lbunnae · 29-12-2023 8:38pm

https://www.boards.ie/discussion/comment/121548241#Comment_121548241

Remember 200k is nearly 400k higher rate of income. That’s a lot of gross income.

Pawwed Rig · 29-12-2023 9:06pm

If you have a plan that will work then take the money and do it. If you don't have a plan then don't. After 40 a change of industry is more difficult as hiring managers will be reluctant to hire older people for junior positions. Even at mid manager levels it will be hard.

Any scope to get a similar job that matches your experience?

Capt'n Midnight · 30-12-2023 2:21am

How many years would it take you to save up that much ?

Adrift · 30-12-2023 3:00pm

More than a lifetime. Nigh on impossible in my own circumstance

Mrs OBumble · 30-12-2023 4:27pm

It's not madness.

But be careful with timing, once you hit 49.5 there will be a good bit of "computer says no" to hiring a late-career-stage person. This can be got around with good relationships (which may come from your study, if you choose well) or good luck.

(Yeah, this is illegal. But no company will ever admit to it - and these days some don't even know what algorithms their hiring software is using to find people who are energetic / enthusiastic / however else they describe their company values.)

Redundancy- Am I mad?

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