Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Fired!

Including Financial Independence and Retiring Early (FIRE)
Itsallaguess
Lemon Half
Posts: 9129
Joined: November 4th, 2016, 1:16 pm
Has thanked: 4140 times
Been thanked: 10023 times

Re: Fired!

#436355

Postby Itsallaguess » August 20th, 2021, 9:52 pm

JohnB wrote:
Gyms are my idea of hell too.

Instead I do conservation work, an hours walk to the work site, 2 hours killing trees, hours walk home, 3 hours on the sofa as my back seizes up!

Big plus after a computing career is there is no attention to detail to needed.


Must be great to have the time to branch out like that....

Cheers,

Itsallaguess

ayshfm1
Lemon Slice
Posts: 290
Joined: November 5th, 2016, 9:43 am
Has thanked: 1 time
Been thanked: 154 times

Re: Fired!

#436369

Postby ayshfm1 » August 20th, 2021, 11:25 pm

Was it actual retirement, or did you just give notice?

The reason I ask is retirement is considered being a good leaver where I work, where as giving notice is not. There are benefits to being a good leaver tax treatment of shares etc. At 52 is formal retirement allowed? Or is it something at the discretion of the company? I want to be a "good" leaver when the times comes and am wondering how best to approach the problem.

Darka
Lemon Slice
Posts: 773
Joined: November 4th, 2016, 2:18 pm
Has thanked: 1819 times
Been thanked: 704 times

Re: Fired!

#436392

Postby Darka » August 21st, 2021, 7:55 am

ayshfm1 wrote:Was it actual retirement, or did you just give notice?

The reason I ask is retirement is considered being a good leaver where I work, where as giving notice is not. There are benefits to being a good leaver tax treatment of shares etc. At 52 is formal retirement allowed? Or is it something at the discretion of the company? I want to be a "good" leaver when the times comes and am wondering how best to approach the problem.


That's a good question - I told them I was retiring and not going anywhere else as I didn't need to.

To be honest though, I don't think it made much difference as they don't seem to want to talk to me much anymore either way :D

I feel the next 3 months are going to be interesting, and I don't think they are going to be that nice to me, but we'll see.

swill453
Lemon Half
Posts: 7962
Joined: November 4th, 2016, 6:11 pm
Has thanked: 984 times
Been thanked: 3643 times

Re: Fired!

#436395

Postby swill453 » August 21st, 2021, 8:19 am

ayshfm1 wrote:Was it actual retirement, or did you just give notice?

The reason I ask is retirement is considered being a good leaver where I work, where as giving notice is not. There are benefits to being a good leaver tax treatment of shares etc. At 52 is formal retirement allowed? Or is it something at the discretion of the company? I want to be a "good" leaver when the times comes and am wondering how best to approach the problem.

In my experience there's no difference between resigning and retiring, unless you're entitled to pension from your employer. Which at age 52 won't apply. "Formal retirement" is only a state of mind :-)

Scott.

Spet0789
Lemon Quarter
Posts: 1913
Joined: June 21st, 2017, 12:02 am
Has thanked: 242 times
Been thanked: 952 times

Re: Fired!

#436401

Postby Spet0789 » August 21st, 2021, 9:42 am

swill453 wrote:
ayshfm1 wrote:Was it actual retirement, or did you just give notice?

The reason I ask is retirement is considered being a good leaver where I work, where as giving notice is not. There are benefits to being a good leaver tax treatment of shares etc. At 52 is formal retirement allowed? Or is it something at the discretion of the company? I want to be a "good" leaver when the times comes and am wondering how best to approach the problem.

In my experience there's no difference between resigning and retiring, unless you're entitled to pension from your employer. Which at age 52 won't apply. "Formal retirement" is only a state of mind :-)

Scott.


There is a big difference for employees who receive deferred pay such as shares or share options.

If you just resign, you usually lose these. If you retire, you keep them.

monabri
Lemon Half
Posts: 8396
Joined: January 7th, 2017, 9:56 am
Has thanked: 1539 times
Been thanked: 3428 times

Re: Fired!

#436405

Postby monabri » August 21st, 2021, 9:51 am

To be a "good leaver" , what does it say in your terms of employment regarding giving notice? If you adhere to giving them the stipulated notice that you intend to leave then that's it! Both parties have the ability to terminate the contract and providing you don't break the rules then there should be no issues. I'd do it formally in writing and not just verbally state that you are leaving in x months time.

Darka
Lemon Slice
Posts: 773
Joined: November 4th, 2016, 2:18 pm
Has thanked: 1819 times
Been thanked: 704 times

Re: Fired!

#436457

Postby Darka » August 21st, 2021, 1:34 pm

swill453 wrote:
ayshfm1 wrote:Was it actual retirement, or did you just give notice?

The reason I ask is retirement is considered being a good leaver where I work, where as giving notice is not. There are benefits to being a good leaver tax treatment of shares etc. At 52 is formal retirement allowed? Or is it something at the discretion of the company? I want to be a "good" leaver when the times comes and am wondering how best to approach the problem.

In my experience there's no difference between resigning and retiring, unless you're entitled to pension from your employer. Which at age 52 won't apply. "Formal retirement" is only a state of mind :-)

Scott.


Scott is correct, it's not formal retirement as there is no such thing at 52 (in the private sector at least), you might get a clock if you retire at 65, etc. but I will get nothing from my employer.

The only change was the wording of their acceptance letter as far as I am aware.

This is fine by me as I don't even want a collection/leaving card/etc. as I'd rather just disappear quietly with everyone wondering where did I go, leave a bit of mystery behind is my advice ;)

ayshfm1
Lemon Slice
Posts: 290
Joined: November 5th, 2016, 9:43 am
Has thanked: 1 time
Been thanked: 154 times

Re: Fired!

#436461

Postby ayshfm1 » August 21st, 2021, 1:49 pm

T&C are clear, hand notice in and shares are either forfeit or become a tax headache. "Retire" is a whole different animal. I'm certainly going to write that I'm retiring when I pull the trigger in my resignation letter, if that actually has any impact remains an open question.

Darka
Lemon Slice
Posts: 773
Joined: November 4th, 2016, 2:18 pm
Has thanked: 1819 times
Been thanked: 704 times

Re: Fired!

#436468

Postby Darka » August 21st, 2021, 2:17 pm

ayshfm1 wrote:T&C are clear, hand notice in and shares are either forfeit or become a tax headache. "Retire" is a whole different animal. I'm certainly going to write that I'm retiring when I pull the trigger in my resignation letter, if that actually has any impact remains an open question.


I suspect things might have been similar for my company as they do have bonus schemes, etc, but sadly they only apply to managers.

vrdiver
Lemon Quarter
Posts: 2574
Joined: November 5th, 2016, 2:22 am
Has thanked: 552 times
Been thanked: 1212 times

Re: Fired!

#436479

Postby vrdiver » August 21st, 2021, 3:12 pm

Actually, I think there are three ways to exit;
    Retire
    Resign
    Be made redundant
    (and a fourth - get sacked, but that one I'll ignore)
The company will have formal rules in place as to what happens with unvested shares, SAYE share scheme funds, bonuses, and other perks (like company cars) which will vary depending on which exit you choose. I've had the privilege of negotiating a redundancy, which gave a much better outcome than resignation, and would recommend it as a route to anyone looking to leave their company (talking to HR can reveal options that your manager may not even be aware of, let alone be willing to offer you unprompted...) The trick is to get the company to be happy to make you redundant, without getting fired (in the usual sense of the word)!

VRD

Shelford
Lemon Pip
Posts: 74
Joined: November 4th, 2016, 11:43 am
Has thanked: 21 times
Been thanked: 94 times

Re: Fired!

#439407

Postby Shelford » September 3rd, 2021, 10:20 am

Congratulations Darka.

I'm about 12 months ahead of you (left full-time work in July 20). My learnings so far:

-I don't miss work at all. But I do miss the company of some of my colleagues, and working with bright young people. My sector is predominantly 25-25 year olds, and one upside is it keeps you young. I've compensated for this in part by voluntary work which provides a sense of wellbeing and social engagement, especially during Lockdown

-it is acceptable to feel a gap in your life, largely because of the lack of structure hitherto provided by the daily grind of commuting etc. This is both nice, and weird at times. I still keep the railway text service advising of train cancellations, if only to remind me of what I'm not missing!

-Having some 'projects' to do is a good idea. I created a bucket list in my last year at work and am enjoying doing some of them/avoiding the more boring ones.

-for those in high pressure roles, the process of decompression from work can take some time. Having worked at my employer for 20 years, I realised this might be a bigger task, so took 3-4 sessions with an executive coach. This was a luxury, but enabled me to talk through the transition, offload the burden (it was a highly stressful role), and to give myself permission to take a decent break. It would be easy to do the same with a sympathetic friend down the pub with you buying the drinks, but it was helpful to have someone completely impartial asking intelligent questions

-I have ended up doing a portfolio of voluntary/part-time paid work. The latter being 3 NED roles. These have proven to be a bit more onerous than I expected, but provide mental stimulation and keep the gin cupboard stocked

-my main concerns at present are not financial, but health. I won't be the only person on this board to have spent more time on accumulating savings than on maintaining an adequate level of fitness. The latter is now a priority as I head into my late fifties.

Good luck!

Shelford

Hariseldon58
Lemon Slice
Posts: 835
Joined: November 4th, 2016, 9:42 pm
Has thanked: 124 times
Been thanked: 513 times

Re: Fired!

#439421

Postby Hariseldon58 » September 3rd, 2021, 11:06 am

There is another way to ‘retire’ ill health, including stress. hard to call out an ill health retirement as a bad leaver.

Darka
Lemon Slice
Posts: 773
Joined: November 4th, 2016, 2:18 pm
Has thanked: 1819 times
Been thanked: 704 times

Re: Fired!

#439429

Postby Darka » September 3rd, 2021, 11:22 am

Shelford wrote:Congratulations Darka.

I'm about 12 months ahead of you (left full-time work in July 20). My learnings so far:

-I don't miss work at all. But I do miss the company of some of my colleagues, and working with bright young people. My sector is predominantly 25-25 year olds, and one upside is it keeps you young. I've compensated for this in part by voluntary work which provides a sense of wellbeing and social engagement, especially during Lockdown

-it is acceptable to feel a gap in your life, largely because of the lack of structure hitherto provided by the daily grind of commuting etc. This is both nice, and weird at times. I still keep the railway text service advising of train cancellations, if only to remind me of what I'm not missing!

-Having some 'projects' to do is a good idea. I created a bucket list in my last year at work and am enjoying doing some of them/avoiding the more boring ones.

-for those in high pressure roles, the process of decompression from work can take some time. Having worked at my employer for 20 years, I realised this might be a bigger task, so took 3-4 sessions with an executive coach. This was a luxury, but enabled me to talk through the transition, offload the burden (it was a highly stressful role), and to give myself permission to take a decent break. It would be easy to do the same with a sympathetic friend down the pub with you buying the drinks, but it was helpful to have someone completely impartial asking intelligent questions

-I have ended up doing a portfolio of voluntary/part-time paid work. The latter being 3 NED roles. These have proven to be a bit more onerous than I expected, but provide mental stimulation and keep the gin cupboard stocked

-my main concerns at present are not financial, but health. I won't be the only person on this board to have spent more time on accumulating savings than on maintaining an adequate level of fitness. The latter is now a priority as I head into my late fifties.

Good luck!

Shelford



Thanks Shelford,

I do think decompressing is very important and often overlooked, I think the executive coach sounds like a great idea.

I've been winding down my role for a couple of years and delegating more and more as I knew this was approaching, but my team is going to have some fairly serious problems going forwards but not much I can do about that as they are massively under resourced, especially now that I am leaving.

I'm fairly fit as I enjoy running and have used it to cope with the stress of my thankless role but I intend to do more strength work going forwards too as I want to work on that once I have more time. I also live by the sea so plan to work on my open water swimming too.

I won't miss the commute, the office and to be honest won't miss my colleagues either - in the couple of weeks since I handed my notice in, no one has mentioned it or even talked to me very much at all, I work for a very weird company and can't wait to get out.

I'm not even sure my manager has told anyone apart from HR, very odd.

regards,
Darka


Return to “Retirement Investing (inc FIRE)”

Who is online

Users browsing this forum: argonauts, SebsCat and 10 guests