Sister is at the Crossroads - redundancy

[EternalOptimist]

My sister is 52 and she has been offered redundancy by the big bank she works for. £70k pay off and and 11k pension she can take in three years time

but she is terrified. She's been working so long that the thought of not having a steady job frightens her a lot.

I knocked up a little spreadsheet for her, projecting out to 2030 where she will be under 5 different scenarios and she is mulling it over

anyone else here have any experience in this type of area ?

[northernladuk]

anyone else here have any experience in this type of area ?

Of being made redundant or having a 52 year old sister?

[OwlHoot]

Of being made redundant or having a 52 year old sister?

Or doing spreadsheets?

Can't stand working on them myself.

[BlasterBates]

11K doesn't sound a lot, has she paid off the house?

Sounds to me like she would need another job, or has she got a hubby who works in which case...sounds gr8.¨

Husband of my cousin faced a similar thing around that age, got made redundant, but got involved in something later not as a permie doing his old job but from contacts and so on.

Probability is something turns up, just needs time to work out.

[EternalOptimist]

11K doesn't sound a lot, has she paid off the house?

Sounds to me like she would need another job, or has she got a hubby who works in which case...sounds gr8.¨

Husband of my cousin faced a similar thing around that age, got made redundant, but got involved in something later not as a permie doing his old job but from contacts and so on.

Probability is something turns up, just needs time to work out.

the house is paid for and she is single. I think you are right about another job though.

maybe a pt job working in a shop

[speling bee]

Of being made redundant or having a 52 year old sister?

Have you had Mrs NLUK's 52 year old sister?

@EO agreed a part time job sounds essential, but with no kids or mortgage, that could be pretty comfortable on top of 11k p.a.

[Paddy]

My sister is 52 and she has been offered redundancy by the big bank she works for. £70k pay off and and 11k pension she can take in three years time

but she is terrified. She's been working so long that the thought of not having a steady job frightens her a lot.

I knocked up a little spreadsheet for her, projecting out to 2030 where she will be under 5 different scenarios and she is mulling it over

anyone else here have any experience in this type of area ?

The money needs to be invested in something sound. There is only one way the UK economy is going and that is down and even further down for the next ten years. By the time she is 65, the Uk maybe on the way out of ressesion

[Robinho]

Take the money and buy gold.

[vetran]

time to restrain spending and get a lesser job.

good luck to her

[OwlHoot]

The money needs to be invested in something sound. There is only one way the UK economy is going and that is down and even further down for the next ten years. By the time she is 65, the Uk maybe on the way out of ressesion

According to Wikipedia, the population of China is 1,341,403,687, of which a BBC article today claims 600,000,000 are middle class.

So the current recession will be over when the remaining 741,403,687 Chinese become middle class, and the entire population of India and Africa etc who aren't already middle class become so too.