Reply to: What's your next career move? What's your exit strategy?

[Cookielove]

I'm in a role but it is inside and I was on the bench for a very long time last year.

Mid 50s and now reached conclusion my contract days are nearing an end, the best days seem to be over with very few outside roles any longer it's not worth it for me plus the anxiety of being out of work last year for an extended period really took its toll.

I may change and just do something different that brings in enough to tick over...or look for a perm role close to home with no commute am mot going back in to an office 5 days a week am too knackered for that game any longer or working away!

Don't have an exit strategy as such other than winning the lotto!

[Manic]

Bit late to the party, but hey ho....

I'm also early 50s, well getting close to mid 50s very quickly. I'm a little way down the road with my plans. Jumped out of contracting end of 2019 with spectacular timing. I wasn't to forsee Covid but the blanket IR35 approaches and lack of expenses made no sense for me.

Went perm on a good salary, enjoyed the Covid ride, even got furloughed for two weeks on full pay! Left and joined one of the Big4 years or so ago, and moved into internal IT Operations. Salary is as good as anything IR35 inside and not far off what I would expect Outside. Am avoiding high marginal rates of income tax by squirreling money into my pension. Am planning on another 10 years, maybe 8 if bonuses and payrises top up the pension nicely. I don't enjoy the Performance Management side of things, both as an appraiser and an appraisee but am doing my best to embrace it.

I wouldn't consider contracting again these days. There are roles available in my niche (or not so niche really) but although I never spent 1 day out ofa role in all of the 13 years contracting, I never really enjoyed teh anxiousness of a contract finishing. As I stated, the (financial) rewards are simply not there anymore, so unless you are wedded to the contracting lifestyle, then it doesn't make so much sense.

[hobnob]

My plan B is something that I've hinted at in other posts. Basically, I'm trying to set up my limited company as a certification body for Cyber Essentials [Plus] and Cyber Assurance. I've done the assessor training, but I need to get MyCo certified: I've done Cyber Essentials, and now I'm working towards Cyber Assurance (which involves stuff like having a DR plan).

At that point, MyCo can get listed on the IASME portal, which works a bit like a taxi rank, i.e. companies who want to get certified can go to IASME and be assigned to the next certification body in the queue. I can also deal with clients directly, either via repeat business or if they do a search and come across my website.

Realistically, I'm not going to get rich off the self-assessments. There are fixed rates for these, and IASME get a big cut. (E.g. Cyber Essentials for a small company costs £350+VAT, and IASME take £225+VAT.) However, I could fit these in at evenings/weekends alongside another contract. In particular, that means that if I'm working inside IR35, my company will still have some turnover, and hopefully it can at least break even on accountancy costs etc.

This is also something that I could do when I'm on the bench between contracts, which would justify not having a gap on my CV. Ideally I would then be able to do the CE+ assessments, which don't have a fixed price; similarly, if a client fails the assessment (or knows that they're not ready), they might be interested in hiring MyCo to do a gap analysis and help them get compliant.

Eventually, this might be something that I could do after retirement, as a bit of part-time work to supplement my pension.

[jmo21]

I'm 46, mortgage paid off, rental property paying for itself, 450k in pension, 300k in savings/investments (easy access/fixed term/cash ISA's/S&S ISA/GIA) between me and wife. 2 kids in high school.

I feel pretty financially secure (duh, tbh!), and also entirely fed up with IT. Been a contractor for ~16 years, permie 8 years before that.

I'm on my best contract rate ever, outside IR35, wfh, and am in contract until December. All indications are already that an extension will come after that (I'm aware it's not guaranteed etc I'm not a newb

Missus is same age, and planning to drop down to 3 or 4 days a week soon.

I don't want to say I'm in a mid life crisis, but am generally fed up with work, while acknowledging that we are in a pretty good position compared to {large number}% of the country.

I plan to ride this contract to the end, and then take a long hard look at what I'm doing and where I want to go. I feel I am "a bit behind" technology-wise, which hasn't hurt me yet, but has been something I have been aware of as a pitfall for a few years now.

Being in tech, I've hoped to stumble across a great plan-b for years, but I'm not just not smart enough and have no original ideas! I'm ok with that I guess

[ChimpMaster]

I don't have a plan or a side hustle and I am 50+

I am 40+ and also don't have a plan or side hustle.

You don't necessarily need a side hustle, but investments and other streams of income are vitally important. Especially seeing as contracting is less reliable than it used to be. And the (hopefully) relatively high contract income can help set up a few investments.

A pension is one such plan, especially with the tax advantages and the ease with which you can save and take income later.

Property was good, but much less so now with the Tory Tax regime in overdrive, mortgage rates being high and red tape making the investment almost a full-time job.

I feel more for the younger generation. It's very difficult to make a good living now, and everything is so expensive compared to 15 or 20 years ago. Unless you can get a great job in something niche like quants, oil trading or whatever.

[BigLadFromBeeston666]

My plan is to do as much OIR35 contracting as I can until 57. Then I retire and spend time with my family. Sometimes I get a bit more ambitious than that, but the way this country is going if I can do even that, I'll be a lucky old(er) man.

[ladymuck]

I don't have a plan or a side hustle and I am 50+

I am 40+ and also don't have a plan or side hustle.

[TheDude]

Seeing vast majority of people here have a plan and/or a side hustle, I feel I am either under prepared or not prepared at all. Had a 3 months gig last year (yes ... only 3 months in the whole year) which was helpful. Though I don't have much commitments in terms of outgoings other than day to day expenses which is in my favour, being 50+ is against me. Had a potential very low paid contract couple of weeks ago but got canned just after a day of starting. I'm slowly tilting towards perm role and have one interview lined up. I would have gone mad if it weren't for my wife who takes care of finances completely and suggested that I relax and not be anxious about job for at least 1 or 2 years and don't have to be in a hurry to go for a perm role just for the sake of it.

I don't have a plan or a side hustle and I am 50+

[BigDataPro]

Seeing vast majority of people here have a plan and/or a side hustle, I feel I am either under prepared or not prepared at all. Had a 3 months gig last year (yes ... only 3 months in the whole year) which was helpful. Though I don't have much commitments in terms of outgoings other than day to day expenses which is in my favour, being 50+ is against me. Had a potential very low paid contract couple of weeks ago but got canned just after a day of starting. I'm slowly tilting towards perm role and have one interview lined up. I would have gone mad if it weren't for my wife who takes care of finances completely and suggested that I relax and not be anxious about job for at least 1 or 2 years and don't have to be in a hurry to go for a perm role just for the sake of it.

[rocktronAMP]

Cor, lots of nice comments from people thank you. I say anxious, as in a bit nervous because it's quiet and some horror stories around on here at the moment. Warchest is healthy, I've 6 weeks notice and the odd thing is popping up so confident at worst it's going to be a little blip with a bit of much needed time off so am in a good position. I think a bit of nerves is healthy, keeps me focussed and not to be over confident like the old days. Always bothers me when a contract it is terminated though. I do a couple of days of beating myself up and then realise its not me. Do the hardwork, put the framework in and then a permie takes over. All part of the game as a few people have mentioned. Past that and now excited for the next gig.

But thanks for the comments. Much appreciated.

Sorry hear about the Axe coming down. It always sucks. I have had a lot of arguments with my other half when contract have not been renewed or stopped short. Yes I hold my hand up for 40%, because I should have left and found another gig even in the hindsight good times. I guess my character is not be ruthless or greedy, and other personalities have jumped ship at the slightest hind of toxicity. My other half has thought it was my fault, because I apparently I did not follow "always be unexpendable", which is impossible. I remember those experienced contractors. I bet some of them did jump from the frying pan into a fire at some later staff. Ruthless can only get you so far, I believe there is mad luck as well as mad skills in contracting careers. The other 60% is that the client genuinely had no budget, or I had stepped into temporary role (that was not revealed at interview) when the true strategy was to hire that best friend, best colleague from years ago, or the client operated a contractor FIFO policy and when Xmas came up (yes ah well then you were out the door. Start date 1st November 201X ) or when the budget financial year came under review, or the client was bought out by a new outfit, or like you the tenure of the project for the digital supermarket finished completey and the digital agency was absolute ruthless in their contractor business decisions.

Preaching to the choir, NLK you are going to be just F.I.N.E and F.A.B.

[gables]

Cor, lots of nice comments from people thank you. I say anxious, as in a bit nervous because it's quiet and some horror stories around on here at the moment. Warchest is healthy, I've 6 weeks notice and the odd thing is popping up so confident at worst it's going to be a little blip with a bit of much needed time off so am in a good position. I think a bit of nerves is healthy, keeps me focussed and not to be over confident like the old days. Always bothers me when a contract it is terminated though. I do a couple of days of beating myself up and then realise its not me. Do the hardwork, put the framework in and then a permie takes over. All part of the game as a few people have mentioned. Past that and now excited for the next gig.

But thanks for the comments. Much appreciated.

Arguably this is why to some extent (there are other reasons too, obvs) you\we should get the big bucks.

I reckon you'll be fine tbh :-)

[northernladuk]

If it is any consolation that takes you into March and not far from the start of the Financial New Year.

Cor, lots of nice comments from people thank you. I say anxious, as in a bit nervous because it's quiet and some horror stories around on here at the moment. Warchest is healthy, I've 6 weeks notice and the odd thing is popping up so confident at worst it's going to be a little blip with a bit of much needed time off so am in a good position. I think a bit of nerves is healthy, keeps me focussed and not to be over confident like the old days. Always bothers me when a contract it is terminated though. I do a couple of days of beating myself up and then realise its not me. Do the hardwork, put the framework in and then a permie takes over. All part of the game as a few people have mentioned. Past that and now excited for the next gig.

But thanks for the comments. Much appreciated.

[SussexSeagull]

Jeez. I don't know I would have survived that to be honest. Couldn't even go out and take bar work or anything close to feeling useful. Sorry to hear that.

And as it happens got given a months notice on Friday. Delivered first phase, easier second phase getting taken in house which was half expected. I'm already feeling very anxious.

If it is any consolation that takes you into March and not far from the start of the Financial New Year.

[ChimpMaster]

Jeez. I don't know I would have survived that to be honest. Couldn't even go out and take bar work or anything close to feeling useful. Sorry to hear that.

And as it happens got given a months notice on Friday. Delivered first phase, easier second phase getting taken in house which was half expected. I'm already feeling very anxious.

NUK you've been around the contract world long enough to know how things work, so I hope something falls into place soon for you.

I quit contracting after a reasonable 16 year stint, fortunately one that just about got to the other side of Covid. Not really by choice, but I rode the now-dead skillset to the shore, coining it very well while I could. I'd never intended for contracting to consume my entire career but it pretty much did, and it both consumed and ended it. I now potter about in a well paid permie job, unrelated to the contracting skillset, waiting to be found out , but I'm still very good at anything I put my mind to. I just don't have to be held to ransom by clients/employers any more, and that's a very freeing feeling.

I rarely became anxious but largely that's because we always saw contracting as a 'bonus' and we saved/invested something like 80% of post-tax earnings for all those years. I always knew my contracting life was going to end badly and I'm surprised it lasted a few years longer than planned.

And for any youngsters here, remember to save and invest early and continuously while you're flush with the contracting life! Doom-spend a little of course, but be aware of how quickly things can change, and prepare well for that time.

I didn't mean to go on, and I really hope things work out for you and that you also have some side projects or investments that can keep you going. Best of Luck.

[oliverson]

Jeez. I don't know I would have survived that to be honest. Couldn't even go out and take bar work or anything close to feeling useful. Sorry to hear that.

And as it happens got given a months notice on Friday. Delivered first phase, easier second phase getting taken in house which was half expected. I'm already feeling very anxious.

Bummer. Sorry to hear that.

Hope you find something soon.