Decisions at 49

[Campinginthehills]

I'm about to turn 50, have just got divorced and have two teenagers.

I am in a house I don't much like that is in a good location but will probably be tricky to sell (overlooked and in need of work)

I have a mortgage of £70k, savings of £150k and pension (DB) of £150k.

Should I - spend £50-100k renovating this house?

Take out a bigger mortgage to renovate? Take out a bigger mortgage to move? Do bare minimum to the house I'm in and save as much as possible for my pension?

I earn £45k and expect to go up to £50k in the next couple of years.

Wwyd?

Have you checked your state pension entitlement? Worth doing in case you can top up.

As regards the £150K savings, there is less benefit in putting post-tax income into a SIPP pension when you don't get the initial tax relief.

Why would you not get tax relief for SIPP contributions? You might have to make sure you reclaim it eg if higher tax payer but you would get the same tax benefits as any other pension, no?

I'd sell and get myself out of there, find a house that will fit me forever and enjoy settling down in it, with enough time to make nice memories in it with the teenagers while they still live with me. Life's too short to be unhappy, especially in the place that's supposed to be your haven.

With that amount of equity I’d move to a house you love. You can move/downsize again later on if your pension isn’t enough.