Rebuilding after divorce. WFH for lower pay?
53 years old. Just got divorced. No support payments, but I‘m losing half of 20 years of CPP and 17 years of a teacher union pension.
I’ll be debt free with about 8,000 in the bank. No other assets than my pension.
I’ve applied and been shortlisted for a job that pays $75k per year, working from home coordinating digital learning. My father is transitioning to a nursing home. I’d assume the old family home and live rent and mortgage free and cover bills for Dad until he’s moved. This job has a clear ceiling. There’s no progression. There’s also no car required. I won’t need much of a vehicle. I’ll be able to invest about $1000/mth until retirement.
Option B. Remain in my current job which pays $93k per year, but pay rent, and still pay some of Dads utilities. This job has significant room to grow. I was a name hire, recruited to this role and am exceeding expectations after one year. They want to invest in education and develop me for more leadership roles.
In option B, I will try to rent and maintain the family home until I retire to it in 12-13 years. I will be able to invest about $800/mth in this role, but I’ll be making higher pension contributions at work. I believe CPP is maxed out in both.
Which one would you pick and why?
EDIT: from a personal standpoint I love my dad, but he does have support from other kids and family. He’s 400km away in a very rural area. Moving WILL cap my career, but simplify it. Staying, I have a much higher ceiling, advancing to $100k in 2028 without switching roles.