Advice on moving to work in UK and planning for retirement

M

Mothergoose

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https://www.askaboutmoney.com/threads/no-work-to-do-in-job-not-happy.227870/ (I posted in another thread) that I am encountering a difficult work situation several months after a recent promotion in a company that I have worked for for 5 years. The issues in the job are not resolvable and it's now impacting my health. I am 58. My children are in college and live at home. They work for money for entertainment, leisure, clothes and transport, so it's really just college fees and household bills - they are hardly ever at home for meals.

I have been offered 3 x jobs in my field in UK where there is a shortage of people with my qualification. There are also opportunities for further training in UK which could see me moving into part time 3rd l3vel lecturing in UK. Many people with my qualification work par time in NHS after 65 as the job is 9 to 5 and pays well enough for UK -55k stering. if I stay with my current company and go back to my original position, they only have a par time position for me now, and my pay will be lower b3cause of loss of promotion. I will drop from a salary of 67k to 27k. I have only been with the company for 5 years, so my pension pot is only 41k. I worked part time in HSE for 18 years and will have a 3k a year pension from them. I have kept up the contributions to my UK State pension and mow gave 22 years there. I'm not sure if I should take out the 41k in my current company if I leave to go to UK. I have a property I rent out room in so that w8ll be a pension.

Finances currently.

Home - no mortgage 450k

Rental property - inherited 25 years ago - no mortgage - 520k Renting 3 x rooms - 1675 - paying tax on same,

Holiday home - inherited 25 years ago - no mortgage - 320k

Savings 60k

Loans - none

Salary - 67k - cannot stay in job for more than 5/6 months as it's impacting my health

Private work - roughly 5k per year

Pension - only 3k per annum from HSE at 65 - worked there for 18 years par-time.

UK State pension - paid 22 years and still contributing

Irish State Pension - 22 years currently

Current company pension - 41k after 5 years (but want to leave this job)

Life assurance 300k - to run out in 2030

Children 19 and 21

Partner: not children's dad. We don't live together.

Any advice from all the experienced people here 2oukd be very welcome.
 
You're in a really strong place financially, ie with assets of 1.35m (exc. pension) and children who are pretty much independent and not costing an arm and a leg. The move to England would be a very big one . I assume it's also a lifestyle choice and maybe you're from there originally? I say this because I'm not sure it's worth such a move financially based on the details you've provided above. There are plenty of jobs in Ireland right now, and without knowing your are of expertise and qualifications etc, I'd still say there are jobs out there that could offer similar remuneration without the upheaval of leaving the country.

In terms of moving your pension, I'm not sure that makes a whole lot of difference but there are others who are more qualified to comment on that.
 
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Mothergoose said:
I may be able to go back to my old job in my current company in Jan, but apparently only part-time - 18 hrs per week, and lower pay. The pay isn't a huge issue as my children are in college, live at home, and earn their own money for clothes, entertainment hols etc.
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You mentioned the above in your previous thread. As goingforgold says above you appear to be in a strong place financially. In light of this you need to think strongly if quality of life in Ireland would be better than the U.K. especially as it is such a big move and as your partner lives here.

As you were in your previous job for a few years and appear to get on well with your previous manager it might worth your while (taking less tax payments into account and travel costs home on a regular basis) to opt for the 18 hour contract.
 
Your health takes absolute priority. Financially, you don't need to work, so quit your job. Take legal advice first and sue them for constructive dismissal.

You do not need to move to the UK unless you want to do so.

You have most of your assets tied up in three properties which I assume are all in Ireland. That is too lacking in diversification. Sell at least one of them. It's a lifestyle choice. If you use your holiday home, sell the investment property. You don't need to do so immediately, but start the process of giving notice.

If you move to the UK permanently or even for a few years, it would be handy to have the money to buy a house there, which is another reason for selling one of your properties here.

Brendan
 
Thanks all for the replies. They're really helpful! Re the properties - I want to retire to the holiday home - it's near Ardmore, Waterford - a beautiful spot! It's used a lot - every second weekend and 2 x weeks of annual holidays. I don't want to move to the UK permanently, just for a few years - career wise, there are much better opportunities. The other side of that is that health wise, I'm lucky to be here, and at 58 it would also be nice to wind down my career a little. Re the rental property, I was hoping to leave it to my children eventually. Maybe, just jacking in the stressful promotion and returning to an 18 hrs a week contract would be better. My original qualification is in nursing and there is always agency work. My masters was a very specialist qualification which helped me get the promotion, but there are very few permanent jobs in it in Ireland though there is lots of private sessional work, and I do some of this.
 
MG

You are financially independent you just don’t realise it.

Your ppr is more than enough as inheritance for your kids then you also have the holiday home that’s a double whammy for the kids down the line… and by “kids” remember they are more likely to be in their 50’s or later when any inheritance comes and at this stage should already be well established. so any inheritance at that point is a bonus I.e. it won’t set them up or help that at crucial stages of earlier life, like getting on the housing ladder or when they have highest costs with possibly their own kids.

Sell the rental. Live on the €580k - you will have 2 state pensions plus small base income once you hit retirement age, so you could spend this over the next 10 years (not clear what yr annual expenses are, I suspect this would last much longer than 10 years)

With the private practice, whether for a hobby / small income or as a vocation to utilise you years of education, it just further additional income to extend further how long this cash pile would last. Even as is at 5k it’s plenty combined with the €580k cash - but presumable you could increase based on your specialised skills if you want3d. You have the choice on how much effort you put into it since it’s a choice based on enjoyment NOT an income need.

Perhaps by going this route it would enable you to be able to give the kids an annual €3k gift each from this now liquid asset, (when they will more appreciate it).

You clearly need to get out of the toxic place you are in, I would not even consider the 18 hours after the way you have been treated. Take the constructive dismissal (providing some extra cash to add to the stockpile) and start to reap the rewards of your fortunate overall financial situation.

50andOut
 
Thanks Brendan and 50andOut. I think I will just jack in the stressful job and take the 18hrs. The 18hrs allows me to keep up PRSI contributions. Maybe I don't realise that I am in a fortunate situation. Working hard as long as possible has been a family value passed down through my family. As mentioned - I live quite simply - no designer stuff - off peak travel - rarely drink, couple of hobbies, family history, crafts so nothing expensive - the proceeds of the rental property would last me a long time.
 
Won’t there be cgt to pay on the 570k house proceeds minus value when inherited ?
 
There won't be much CGT as we lived in the property for a while. One of my children is living there for college and we spent about 80k in 2010 doing it up.
 
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