Rent property until retirement or sell?

I work in a very stressful job that is causing me to feel exhausted and is now impacting on m health. I have an autoimmune disorder and my bloods are continually off in a way they have never been. My GP has suggested if at all possible, I go part-time, which is not possible in this job or find a less stressful job, but at 59, it will be difficult to get another job. I will have 3k per annum in a private pension when I reach 65. At 66, I will get 24 years of an Irish State pension and at 67, I will have 34 years of a UK pension. I have three properties, a holiday home, which I am retiring to, an apartment and the family home, where my two children live, one in college, one finished. My oldest thought about bridging the last six years before I retire by renting out the house - we rented it before when we lived down the country, but had a two really bad experiences with tenants. I am terrified of not getting the house back afterwards as it will be some of my pension. My eldest said she and her brother could live in the apartment, but then they would have to pay rent if I wasn't living there - but the 3k per annum gift would offset this.

The house would fetch 3k per annum in rent. We could rent out the apartment and they could stay in the family home, but the apartment would only fetch about 2k per month. Renting out again terrifies me though because of not being able to get the house back, tenants damaging it. I would let have the house managed if I let it and would not be doing this myself.

The other option, I thought about was to gift the children the apartment now, and sell the house and use some of that to finance the next six years - I hope to get a part-time job, but I am sure it will be difficult at 59 - and then to put the remainder of the money from the house into something that could provide a pension at 65 in addition to my Irish and UK State pension. Any comments/advice would be really appreciated.

Can't offer too much here but with your health issues and need for reduced stress I would not recommend becoming a landlord in this market. Sell the house would be my advice anyway - you could max out AVC contributions for the next couple of years (using the expected funds from selling the house) if you would benefit from higher rate tax relief.

Mother goose can you give us some proper figures. Value of each property, rent is it annual or monthly.

How much income do you need in retirement. How are you going to fund senior care etc.

Would your eldest manage the house rental for you, do all the work?

Bronte said:

Would your eldest manage the house rental for you, do all the work

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My recollection from previous posts is that the off-spring were wretchedly unhelpful.

So for what its worth @Mothergoose, forget trying to fix things for anyone else.

Do what suits you best.

DannyBoyD said:

My recollection from previous posts is that the off-spring were wretchedly unhelpful.

So for what its worth @Mothergoose, forget trying to fix things for anyone else.

Do what suits you best.

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Thanks, I had a look back and you are correct. This poster reminds me of one from a long time ago by the name of E..... There's no point giving advice if there is no feedback, no reply and no movement.