I would leave the site up and running until you decide exactly what you are doing. Adsense is the least of your worries... When you closed down the site you will lose all rankings. I would step back, but keep the site live.. then when you decide what changes you are going to make try and implement them with as less change to structure as possible and use redirects for new content areas. If you close it down then come back you are pretty much starting from scratch.
That's all good Tangor but besides my content cost there is also hosting cost that I have to worry about. My previous developer really made some awful mistakes and I'm spending my time doing whack a mole everyday (bugs). The traffic is going down instead of going up upon adding new content. So obviously I'm doing this wrong and I need a break :-)
Hosting costs, I get it ... but I would personally put up a 3-5 page static site (solves the developer problems and deals with the question of cms temporarily) and move to a low cost shared host to keep the domain---and adsense---alive. Something like that can be as low as $25/year.
As for traffic, I think a lot of us are experiencing the same thing the last few years. This seems to be something general and widespread, not targeted at specifics ...
Tangor great idea about keeping a static site... but Adsense won't approve that low page website? Doesn't adsense code need to be installed on the website to keep adsense alive? I can host on a static AWS S3 setup for free.
One can take a break ... and still have a functional website.
It is keeping it alive that is important. And you have all intentions to return to it at a later date.
Sometimes taking a break is restorative. Sometimes a break is just reluctance to admit it's over and time to move on. Sometimes a break is simply necessary to regroup, replan, and RELAUNCH ... and that's what appears to be the case.
Tangor my question now is does Adsense allow to place code on 1-5 page website? And if I don't place adsense code in the static page website (keep the site alive), would it still be de-activated after say 5 months? Thanks!