Thinking of going into semi retirement in the new year!!

[merryone]

I've just turned 55 and this means I qualify under a scheme at work which means I should be able to reduce my hours from 39 hours per week down to 25. If I do this, I will be able to take a lump sum of money now, but the downside will be a reduced rate of pension when the time comes.

I know I'm not particularly old, but I feel worn out doing so many hours. I have to start work at 7am 3 times a week, sometimes it's 6.30 am, yes it does mean I finish at 4pm however, I'm falling asleep when I get in most days and twice a week I start work at 2.30 in the afternoon and work through till 10.30pm and have to work every other Saturday. Ok the reduced hours won't put a stop to these earlies and lates but I'll be doing a lot less of them and will have set hours instead of having to wait and see what delights our rota writers have given us full timers..Sometimes I dread looking at them. Next week they've decided that it's fair for me to work Thurs, Fri and Saturday night all till 10.30 pm. To be fair I did complain and they're letting me start a bit earlier on the Friday so I can finish at 8.30..but it's so stressful and difficult to make any plans, and as for xmas and new year...all I've been given is xmas day and boxing day, back to work then i've got my day off for the week, they could've at least given me three consecutive days...I've literally had enough.
I've told my line manager I wish to discuss my plans in the new year but it's got to be financially viable. I plan to use some of the lump sum to clear all my outstanding debts, and put the rest away and as long as my reduced pay packet provides enough for me to meet my monthly outgoings should be fine..and of course I shouldn't have to pay so much in taxes. The other "biggie" is what hours I'll be offered..if it means working the same amount of days but with shorter shifts and still having to work 2 lates and be told I have to work every saturday..I won't do it. Ideally I'd like to drop saturdays and lates altogether but I know they won't let me do that...Perhaps I'll be able to do just one late, a middle shift and a couple of earlies. I'll keep you posted. But can't carry on the way it is in retail at my age lol!

 

[stratobuddy]

Is it possible to take a lower lump sum (enough to clear debts) as this should not have such an effect on you pension?

Also, if you work a certain number of hours, but are on a low income, I think there is some sort of credit that the gov't can pay to top it up.


I don't know all the rules, and it may not apply to you, so I suggest contacting Citizens Advice to see if it applies, and what the hours and income limits are. Possibly your own HR dept could advise as well, if you have one.

Sometimes you have to work less than 16 hours, sometimes more, for various benefits/credits, and I think there are also rules about below and above 25 hours which also apply.

 

[merryone]

Our own dept will be able to answer any queries I may have..and yep could take a lower lump sum but could also invest a bit and use some for much needed home improvements that need doing now, so probably would take the maximum amount. Like I say as long as I can meet my monthly outgoings, should be ok..Just finding full time work in retail too much these days. Probs if I'd stayed with office work I'd be less inclined to want to retire, but it's full on at the best of times, and xmas is just ridiculous. I'll still get my state pension of course but just a slightly smaller work pension, and hopefully by that time my lump sum won't have all gone. House is paid for, so I've got a roof over my head come what may, so that helps a lot!

 

[stratobuddy]

Don't forget the state pension age keeps going up, it's no longer 60 for most women these days.

Do you know what age yours is?

 

[loveallthingsitalian]

I left college on the Friday started work on the Monday and even though I have changed jobs along the way I worked solidly full time for 50 years (no family) with no time off except annual leave and the very very odd day for sick.

2 years ago I was struggling with full time and travelling long distance to care for my father so was lucky to rearrange my work to get a Friday off which really helped.

My father died, my husband retired so I decided to pack it in as well. My manager hated the thought of rearranging his work around a newbie so said he would swing it for me to work 2 days a week. Knowing that for the first time in my life I held the winning hand I laid down the rules regarding days etc although I did agree to be flexible WHEN it suited me although I did work a lot of extra days last year to help out when someone had personal problems and wasn’t able to cope.

I am coming up to end of first year and can honestly say I have never looked back. The bit of money I consider holiday/extras fund as I want to be able to live without it and as someone who has never stayed at home it is enough to stop me from climbing the walls!

I would say I would never have considered working half days as that is very poor use of time when you factor travel time and cost but I appreciate that this is not possible in retail. Just make sure your shifts won’t leave you with odd hours off which aren’t long enough to do anything before you need to go to work. If you have expensive travel costs going in every day for shorter hours means you are still out the same money but earning less.

 

[merryone]

No, I don't have any travel expenses as I live 5 or ten mins away from work depending upon whether I walk or cycle. I've also said to myself that the new hours will only be viable for me if it will make me feel though I'm doing less hours, so for example a late shift that starts at 4pm as opposed to 2pm, or an early that starts at 8.30 instead of 7 won't be worth while, what I'm saying I guess is that I don't want to just have a few hours shaved off every shift I currently do...I want to drop at least one whole day and if I am going to do a couple of half days that they're not late shifts...Really hope it'll be a goer...Cos I feel too old even at 55 for full time in retail!

 

[mediastar]

I feel you! I've just "lost" Monday mornings if makes a lot of difference to me energy i travel to the next city for work, then I travel from base to different venues to do my face to face role and base is where I do admin. Thatis all on buses i hope you can come to an arrangement that suits you better and doesn't leave going on much out of pocket!