Redundancy can be a traumatic event. It’s a challenge emotionally and financially and there are some big decisions required to help you make the most of your redundancy payout and get in control of your life and future direction.
Making the wrong decision can be costly
The truth is that many people can become overwhelmed by the upheaval and can end up making decisions that could cost thousands in lost tax saving opportunities and poor investment choices.
By acting quickly to seek advice, with adequate planning and help, you can better position yourself to recover from the challenges of redundancy and turn uncertainty into opportunity.
Issues you need to consider in your planning;
- Think about actions prior to redundancy to defer payments and consider the tax consequences
- Create an immediate action ‘hit list’ as soon as redundancy occurs, so you can manage initial transition
- A ‘birds eye’ review of your total financial situation, so you can make informed decisions on income and investment planning
- See your accountant for tax opportunity analysis to avoid paying unnecessary tax and get advice on tax effective positioning of your redundancy payout
- A superannuation review to identify any opportunities created by your redundancy payout
- An insurance review to continue to protect you and your family
- Seek investment advice specifically targeted at making the most of your redundancy payout, in line with your financial goals.
We are experienced in redundancy recovery
We use a planning approach that can identify areas of financial concern in your personal situation and give you effective and positive strategies that will support you.
To explore all your options, contact our team to arrange an obligation free appointment on 02 4732 3844.