If you have been made redundant it is important to first remember it is your position that became redundant, not you. Most of the time, employers would love to keep you on.

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 a  financial adviser or tax adviser if you have any questions. At Master Your Money Now, we are an award-winning financial agency who provides financial advice and develops financial plans for couples and individuals in Geelong and online.

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.

Common questions include:

• 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 our financial advisers 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

So if you need financial advice after being made redundant, choose Master Your Money Now and book a free consultation with our team.  

If this is a topic that you would like to discuss in more detail, please go to www.MasterYourMoneyNow.com.au/getstarted to book in your complimentary 30-minute strategy session.

If you want to know more about Master Your Money Now, go to www.masteryourmoneynow.com.au and follow Master Your Money Now on:

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Disclaimer: This information is general information only.  You should consider the appropriateness of this information with regards to your objectives, financial situation and needs. Past performance does not guarantee future returns.