Anyone aged 50+ quit their job and took a 50%+ pay cut for another job

MSW

Distinguished Member
Hi, I’m 50 and hate my job (no need to go into to much detail as to why but the biggest part of the problem is that I no longer earn my salary and feel like a fraud because my role does not warrant what they pay me).

The job is what I would call very very well paid with lots of benefits.

Also, I have no qualifications other than Maths and Computer studies grade C from 1986.

Despite working in different sectors in the Insurance world (U/W, Claims, Compliance & Audit, Supply chains, Data and Mi and more latterly people management upto 18 direct reports) I do not have any pieces of paper that says I can do what I can do.

Basically I joined an insurer and through luck / expansion ended up where I am due to internal promotions 31 years later.

So, based on what skills I think I can evidence I’m thinking a job at B&Q or Sainsburys.

Also I’m quite frightened by the thought of an interview and not being believed / laughed out of the room as unemployable.

Any job I think I can get will be a reduction in salary of at least 50% which is fine.

Anyone else done the above, was it easy, hard, impossible etc.

My problem is that I am what I would call “analogue” in nature as well.
 
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Ruffuz

Well-known Member
These days diploma's are not that important, so you should browse around based on your experience unless you really want to leave that field.

My only advice is to land new job before giving notice.
 

DJT75

Distinguished Member
I'm 46 with 22 years at the same firm. We're in the process of being bought out and there's a distinct possibility my well paid, flexible, remote working job may go. If it does I have two options. Look for another corporate style job, that'll continue to bored me whilst probably having to commute, losing all the benefits I have working from home. Or do something meaningful, rewarding, that serves a purpose rather than making rich people richer, but it will be at probably 1/3 of my salary.

I'd love to be able to afford to do that, so if you can afford to, do it. However don't under estimate your skills because they are not academic. I'm similar to you, the only meaningful qualifications I have are limited and what skills I have are mostly experience whilst being very good at what I currently do. I looked into moving companies years ago, thinking I'd be out of my depth elsewhere and I was surprised how impressed a huge firm were with my experience/knowledge. I didn't go but it helped me get a pay rise.
 

rousetafarian

Moderator
Stop feeling like a fraud as clearly your employers can justify what they pay you.
 

MSW

Distinguished Member
Doing what?

Id really like to be a Team Leader in the kitchen dept.

Whilst I can’t evidence ability I feel I can coach and mentor a team of people in corporate culture, stakeholder management and customer service whilst maintaining high metric performance.

However, I’m sure people don’t just walk into those type of jobs.
 

RBZ5416

Distinguished Member
However, I’m sure people don’t just walk into those type of jobs.
No idea but don't be surprised if their corporate culture doesn't fit with what you want to do. Think very much "Computer says no" to you wanting to change anything that is likely dictated at head office..

I would suggest that you're much better off staying put. Rather than take a huge pay hit & finding yourself even more unhappy (but for different reasons), chuck as much of that extra income you can into your pension scheme, with a view to early retirement.

As @rousetafarian said, they clearly pay you what they think you're worth.
 

DroidSkin

Distinguished Member
I have a bit of relatable and recent experience.

I’m 49 and had been working in the insurance industry for 31 years. I got made redundant 18 months ago as the role moved away from the City and I didn’t want to relocate.

I also have very little in the way of qualifications (I do have an industry qualification, but don’t think that helps outside of insurance).

What I found while job hunting is that our age they have very little interest in your qualifications (unless of course the role requires it (Medicine, law etc)) but your experience is key.

I also wouldn’t stress about the interview either. You will only get to interview if they are sure you can do the job.

Have you thought about the civil service? You sound like you would make a good work coach. I actually interviewed for that role myself (which I was unsuccessful at, but by my own admission I was absolutely not suited for).

Anyway, don’t underestimate yourself, your experience is worth it’s weight in gold in the job market. Just have a think about what it is that you want to do and then go for it.

Good luck.
 

rousetafarian

Moderator
In our age brackets gents qualifications rarely count for diddly squat, it’s experience and aptitude that counts and face it we have years of it.

I could walk into a nice salary quite easily but am very happy with my work/life/culture/stress balance at the moment despite being pestered by Recruitment companies. The older you get the risk is higher if you don’t fit in or it fails to meet expectations.
 

MSW

Distinguished Member
Could you just reduce your hours? Go part-time?

Part-time for me was the best thing I ever did!

I suppose this makes my whining worse but, I did that last May, I now work 32 hours a week and have Friday off. Problem is, it really has not made the job itself more tolerable etc.

But, thanks for the suggestion.

The only thing I really know is that I need to get out of this job.
 

The Dreamer

Distinguished Member
Well, as someone else has suggested, stick at it for awhile yet, and squirrel away as much as you can - then retire 'properly'.

If you're already at the LTA for pensions, stick any spare cash into ISA's. You can start to draw your pension at 55 (at the moment, going up to 58 in a few years, but think you'll beat that deadline).

Bung 1/2 your money into ISA's now, then in a couple of years, live off that money until getting to 55, when you could draw your pension.

Are there any dependents that might have a view on you quitting your job? A lot of what I do now is to secure my kids' futures rather than my own.

As long as you're financially secure, you can do what you like!
 

oneman

Well-known Member
Problem isn't your 50% pay cut, I would image your pension is still final salary and you are probably throwning away hundreds of thousands if you leave now. It depends where you are in your pension scheme.

Edit: I see Dreamer said pretty much the same thing.
 

mr starface

Well-known Member
My maxim is finding a happy medium with minimal effort for maximum reward. And if the company want to pay more for not doing too much then that sounds great.
 

chief barker

Distinguished Member
Hi, I’m 50 and hate my job (no need to go into to much detail as to why but the biggest part of the problem is that I no longer earn my salary and feel like a fraud because my role does not warrant what they pay me).

The job is what I would call very very well paid with lots of benefits.

Also, I have no qualifications other than Maths and Computer studies grade C from 1986.

Despite working in different sectors in the Insurance world (U/W, Claims, Compliance & Audit, Supply chains, Data and Mi and more latterly people management upto 18 direct reports) I do not have any pieces of paper that says I can do what I can do.

Basically I joined an insurer and through luck / expansion ended up where I am due to internal promotions 31 years later.

So, based on what skills I think I can evidence I’m thinking a job at B&Q or Sainsburys.

Also I’m quite frightened by the thought of an interview and not being believed / laughed out of the room as unemployable.

Any job I think I can get will be a reduction in salary of at least 50% which is fine.

Anyone else done the above, was it easy, hard, impossible etc.

My problem is that I am what I would call “analogue” in nature as well.


Sounds like a means to an end to me, I absolutely hate my job which is very well paid but I'm taking advantage of it with the intention of retiring in the next few years (I'm already starting to slow down in work and putting the idea out that I'm not happy and want redundancy). There are younger 'stars' that want to make an impression for which I'm happy for them to do so, I've already been there and done that and have no interest in the role I or they play.

I'm putting away as much as I can to aid the 'early retirement' in the form of my company pension company shares (both salary sacrifice) and cash savings.

Stick with what you are doing and take advantage of the money with the intention of leaving in the future financially comfortable.

Edit;

I'm nearly 50.
 
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tiacat

Member
I would exercise caution.

Is there a way to get fulfillment outside of your job to an extent that you can tolerate your job more easily, such as expanding a hobby you already have or learning something new.

My partner is similar although doesnt have a great wage, he has worked his way to a particular point in local government, isnt going to get any further but doesnt have any qualifications. When we looked for jobs for him he simply cant apply because he doesnt have a degree or other qualifications that are often asked for. He is also way behind the times on IT and things like that (not saying you are)

I think at your age you have only 8 years left before you can effectively retire properly (same as me) and therefore to lose those benefits would have a big impact, you will probably be a long time retired, could be 30 years or so, so you need as much income as you can get in those years

Alternatively you could think about retraining in an area which would provide an income which isnt too bad but would provide the stimulation you're looking for, such as teaching or social work.

Or you could do that sort of life coach/support/advocacy within your spare time, what about volunteering as a school governor, or children's reader at school, or scouts or football coaching, could you train as a counsellor or samaritan worker?

Obviously Im just picking things I can think of but you may have other interests.
 

MSW

Distinguished Member
Problem isn't your 50% pay cut, I would image your pension is still final salary and you are probably throwning away hundreds of thousands if you leave now. It depends where you are in your pension scheme.

Edit: I see Dreamer said pretty much the same thing.

Final Salary pension do people still have those?

It was final salary until about 2 years ago so, not much of a hit now since those benefits became deferred and all staff were put on a DC pension
 

rousetafarian

Moderator
Just curious, what do contributors to the thread mean by ’well paid or very well paid job’?
 

imightbewrong

Distinguished Member
Just curious, what do contributors to the thread mean by ’well paid or very well paid job’?
Popcorn Gifs - I need more for my collection - Album on Imgur
 

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