Depending on the circumstances of a redundancy or restructure it can be an emotional roller coaster. The phase or time in your career when it occurs can also change the impact that it will have on all elements of your life. Financially, the amounts can be significant, and you really want to make sure you make the most of it. For those that can quickly find the next job it can fast track financial plans, for others where it will take longer it needs to provide a smoothing transition. In the workshop we will work through some of the important considerations and how you can ensure if this does happen to you that you make the most of it.  

Key Insights

• Speak to your employer about your benefit entitlements

• Understand tax implications of redundancy payouts

• Make a decision about your insurance cover & super

• You can use your payout as a substitute for part of your annual income, allowing you to salary sacrifice more into super

• Pre payment of interest only investment debt may be an option

• Not having LSL cashed out may be beneficial

• Understand what Centrelink income support payments you may be eligible for

• Plan immediate financial needs

• Think carefully about what you are going to do with any redundancy payment you receive

• Make decisions according to your personal needs and circumstances

• Carefully consider and plan for your financial security

• Seek appropriate advice