The government over here in the UK is thinning out it's admin folk, (me).

They had a scheme whereby you could elect for Voluntary Early Release. Being in the right age group to maximise the financial package I filled in the paper work and put myself forward. Knowing that if successful I wouldn't have to take it.

Today was the day and out of the six of in our department I am the only one to be accepted. (The others did want to go too - fate works in mysterious ways.)

My dilemma is that I really don't want it. The primary aim was to receive an accurate pension forecast prior to actual retirement in six years time.

Now I have been selected I am having serious thoughts about what to do. I'll have to wait until I actually see the ££'s but I'm in a 'do I' - 'don't I' phase. Another element is my post is being reduced from nine down to five supervisors and we all have to apply for our own jobs. This is occurring right now so the pressure is on to decide on what and where I want to be this time next year.

Another thing, well money again, my earning potential over six years is massively more than the retirement package. I would have to work but living in a seasonal work area and being an old fart getting another job is easier said than done.

Still, I have a job, next to no mortgage so really I have all the cards stacked in my favour. Decisions!!!!!

Sorry to prattle on, had to get it off my chest.

Tough decision. Consider this... what happens if you don't take it, and you are not one of the 5 retained as a supervisor? ( I can hear someone saying 'he had a way out, and didn't take it, so don't feel sorry for him'). I don't expect an answer... just think about it. I assume you have a bit of time to consider your actions, so take it, sleep on it, and your answer will come.

Good Luck!

Glad to hear that you have a solid position to base your actions on. It's still going to be a tough decision, though.

Again... Good Luck!

Thanks Gary, I think I have a few months grace yet.

Doug,

I think the key factor here is that YOU were evidently NOT thinking about retiring yet. Just because THEY brought the subject up does NOT mean that you have to change your mind about retiring.

I have been a stockbroker since 1986. I see the same thought process at work among clients when the stock market declines - they think that they have to do something, or react, to the decline. They're still decades from retirement, so nothing has really changed (you don't have to change your mind just because they gave you an offer).

Those last couple of years of working are often key to having a comfortable retirement for two reasons:
- those are several more years to save money, and
- those are several more years that you are not spending your savings.

Stay with it a little longer.

Buddy I agree with you. The cash incentive to go is meagre compared to the earning potential in the six years to when I planned to retire.

Added to the equation is that six years of earning as you stated will enhance the actual pension at 65 by nearly 25%, don't know why it's what the pension forecast shows.

The pension is worth more to me than ££ or $$'s in that, historically my side of the family have lived to ripe old ages. Both parents still alive, one in their 90's the other rapidly approaching 90.

Certainly lots to think about.

Summed up; short term gain or long term stability.

Hi Doug
Can fully sympathise with your dilema.
I took the plunge 10 years ago opting for voluntary redundacy.
Do I regret it,overall its a big NO,but I must admit there have been odd time when I have missed the whole work ethic ie the technical side and the friendships involved in the workplace.
The best advice I can give you is to do whats best for YOU and your family.
I am sure you will resolve it and once decided get on with life.

Best of luck

Wal