If you have been made redundant it is important to firstly remember it is your position that became redundant, not you. For some, redundancy can be a complete shock and leave you feeling uncertain about your future. Here are some things you can do:
Make sure you understand the package
A redundancy package can be complex with a range of tax implications. You can reach out to your financial adviser or tax adviser if you have any questions.
Understand your options
You will likely have many questions and it will help to be aware of all the options that may be available to you.
- If I receive a lump sum should I pay down the mortgage? Or maximise pre-tax super contributions?
- Is this now the right time to retire?
- Do I need to secure new employment straight away?
- Do I need to seek employment at the same income level? Or is this an opportunity to scale back?
- Can and should I access super?
- How long can I afford to not be employed?
Contact your financial adviser
Each person’s redundancy scenario will be different so it makes sense to reach out to your financial adviser who understands your individual financial circumstances and your lifestyle goals.
Here are just some of the ways your adviser can assist you through this time:
- Listen to you and support you as you navigate your next steps
- Help you understand the redundancy package
- Review your budget and identify any changes to spending if required
- Determine your eligibility for Centrelink benefits
- Consider your retirement position
- Review potential opportunities
Please contact Infocus Financial Advisory for any questions regarding redundancy or other concerns you have during this time.
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