At the moment, I work a couple of days a week doing odd bits of freelance stuff. This suits me, as I'm a single mum and it means I can bring in some money and still enjoy ample time with DS (5).
I'm going to be selling my share in the company I co-own with my ex. I will lose the dividends (which contribute to my income), but have a lump sum to do something useful with.
I have been advised that I could put a big, tax-free chunk (most of the payout) in a pension pot and go a long way to securing my retirement income right now. Could be a good plan, assuming I reach 65. The down side is that, by investing the money like this, I'd need to up my hours to nearer full-time for the foreseeable future (no more dividend payments), and thereby see a lot less of DS (who is also off with his dad a fair bit as it is).
So instead of the pension option, investing in a property and letting it would top up my income enough to be able to continue working part-time. The extra time with DS - being able to do school drop-offs and pick-ups and after-school playdates and fun stuff in the holidays - would be so precious to me. I would also still have the property in my retirement, to contribute towards my income, and to pass on to DC. But I wouldn't have quite enough to live on in retirement.
My head is saying sort my pension and work more hours. My heart is saying to grab all the time I can with DS, which is priceless and which I can't get back - and to work out another way, down the line, to top up my retirement income.
What would you do? Any other ideas?