Hmmnn ..... to leave job or not .....

axisus

I've been 26 years in the same job. I've had 3 bosses in that time and they all thought that I did a fabulous job. Even my bosses boss seemed to think I walked on water. I love the job (mostly!), love the people that I work with, and get a very good wage. All sounds good, but my bosses boss left and there is a new guy in and he doesn't seem to care for our dept at all and has to save money. They are offering 'voluntary exit' and the dosh would pay off what is left of our mortgage, but come April we are all being transferred to new T&Cs, and after that I will get peanuts (relatively speaking) if I'm made redundant.

I don't think I'll get another decent job at my age (53), but don't know whether to jump or not. Wife + 4 kids at home so I can't just sit on my arse. It's a bit depressing the thought of leaving a job that you are so into, and a bit scary to be out looking after so long in one place. A month to think about it .....

RocknRollDave

The risk is staying with a job you love, only to find it isn't there is 2 years' time or you DON'T love it anymore because the atmosphere in the company has changed.

You can pay your mortgage off...BIG plus..

Personally, I'd lean more towards leaving.

WezV

Take the money and get out.

thomasross20

+1 I'd lean toward leaving.

DesVegas

Leave and become a postman

Fuengi

Unless you're a footballer 53 is not that old! 

octatonic

I'd take the money, no question.

jd0272

If your mortgage is your main/only debt, and your children are nearly all adult age, take the money. Pay off the mortgage. You'll have so much less pressure to replace the job. Just my tuppence.

jd0272

Not fancy a bit of self employment? 

Vibetronic

I've just been in a vaguely similar situation; loved the people I worked with, but new(ish) management were crap, although unlike you I was sick of the job itself after 15 years, so I left to do my own thing. I think if you have even a vague idea of what you might do next then it's worth doing. Life is too short not to take a chance sometimes, and 53 is not old at all !

Motorhate

PAY OFF THAT MORTGAGE NOW!! It’s the biggest millstone you’ll ever have round your neck but once it’s paid off, you’d be surprised at the freedom you’ll have and the chance to try another job. Age is just a number and if you’re a half decent person with a brain, you WILL get a job.

EricTheWeary

Hmm, not completely dissimilar to myself, although my redundancy wasn't voluntary I didn't fight to stay either and partly that was knowing the redundancy policy was being renegotiated so longer term if I went it would be with a lot less (probably about one third of what I got). 
I was, basically, a Spinning Jenny operator who had done okay in the Spinning Jenny company but nobody wants a Spinning Jenny operator now  If you do something that's reasonably in demand I'd take the money. 

BRISTOL86

In your position I think I'd be taking the dosh 100%!

Grunfeld

axisus said:

...'voluntary exit'...would pay off what is left of our mortgage, but come April we are all being transferred to new T&Cs, and after that I will get peanuts (relatively speaking) if I'm made redundant.

I don't think I'll get another decent job at my age (53)...

With your mortgage paid off you won't need to earn as much.  Sounds obvious.
Your definition of a "decent job" can change.  I haven't regretted the decision to work significantly fewer hours, just a couple of days a week, since paying off my mortgage early.  It gave me time to learn a new career too.  Having time is valuable.

My 2p's would be to take the redundancy -- see it as the last good thing from the end of a good company.  By staying in what's effectively a new company you would still have your mortgage to pay and if work becomes shit you'll feel trapped.  You will still have the thought, "I don't think I can get another decent job," but actually you might find something you like doing more.  (I did.) And you would be kicking yourself for not paying off the mortgage which would be trapping you there.

joneve

axisus said:

I've been 26 years in the same job. I've had 3 bosses in that time and they all thought that I did a fabulous job. Even my bosses boss seemed to think I walked on water. I love the job (mostly!), love the people that I work with, and get a very good wage. All sounds good, but my bosses boss left and there is a new guy in and he doesn't seem to care for our dept at all and has to save money. They are offering 'voluntary exit' and the dosh would pay off what is left of our mortgage, but come April we are all being transferred to new T&Cs, and after that I will get peanuts (relatively speaking) if I'm made redundant.

I don't think I'll get another decent job at my age (53), but don't know whether to jump or not. Wife + 4 kids at home so I can't just sit on my arse. It's a bit depressing the thought of leaving a job that you are so into, and a bit scary to be out looking after so long in one place. A month to think about it .....

All you have to do is believe. My dad is in his 60's, never sold cars before in his life (although has worked in sales), and is now loving live as a Sales Executive with Listers Lexus....If you're good at your job, you'll find someone that will hire you. 

If you can pay off your mortgage, you wouldn't necessarily need a job that's as high paying, so you'd have more flexibility. You only live once. 

stickyfiddle

I'd echo all the above.

There are always other jobs. If your mortgage is cleared you can afford to do something you like for less money if necessary. 

DLM

axisus said:

I don't think I'll get another decent job at my age (53)

Whyever not, you have great skills! Let's see Malmsteen with the fire extinguisher again!

BigMonka

How much of a burden is your mortgage? I you're near the end of it and therefore not paying a huge amount to it each month then it may not be as much of a selling point as some people here are suggesting.

quarky

I found that paying off the mortgage didn't make such a difference. Maybe because having kids, and a few years of crap rises and rising expenses just eroded the benefits away anyway, and the savings I have put aside would get fuck all as interest....

Definitely worth doing though, you could be made redundant or given the boot next year anyway, who knows. Worth considering your pension though. If you leave and take a lower wage, what effect do smaller contributions make. Probably not a major thing at 53, but something to consider.

jellyroll

I'd probably weigh it up by assuming I'd be out of work for 1 - 2 years and then comparing that loss of earnings to the lump sum. You might also factor in a further loss if you expect that any future job might be less well paid than your current one.

WezV

What are the company going to do in the next few years?  Chances are the redundancies won't be voluntary and you know the offer won't be as good.... but you will definitely be older than you are now.