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Redundancy can affect anyone from the chairman to the trainee

In today’s economic environment, being made redundant can become an unexpected reality. 

We all have a lifestyle to maintain, some with dependants, and many with financial commitments such as mortgages, personal loans, and other obligations that require us to generate an income. If your source of income suddenly ceases, it could have a dramatic impact on your financial wellbeing and even serious consequences depending on your personal circumstances.

Regardless of your current situation and future intentions, you will need to make some important decisions about your finances. This includes any redundancy or employee termination payments that you may be entitled to, your expenses, and how you can structure your affairs tax-effectively.

How a financial planner can help
Redundancy and early retirement involve important financial decisions that can only be made with consideration given to your personal circumstances. A financial planner can help you by:

  • assessing your financial position and your ability to meet your financial commitments
  • identifying any employer payments that you may be entitled to
  • understanding how redundancy affects your superannuation
  • identifying any Government assistance you may be entitled to
  • understanding/assessing your personal insurance
  • planning the way forward.

A Bridges financial planner can help you plan for redundancy to make sure your money is used wisely.

To make an appointment with a Bridges financial planner call us on 13 61 91 or email enquiries@scu.net.au.

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Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX participant. AFSL 240837. Part of the IOOF group.

This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your own circumstances or consult a financial planner. In referring customers to Bridges, Sydney Mutual Bank does not accept liability or responsibility for any act or omission or advice provided by Bridges or its authorised representatives. Sydney Mutual Bank and Endeavour Mutual Bank are divisions of Australian Mutual Bank Ltd.

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