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Dealing with Redundancy
The reality of today’s business environment means that all of us will be impacted in some way by redundancy. In some cases you may feel cheated. Yet in other cases, redundancy creates many opportunities for you and those opportunities can both excite and frighten you.
You have to consider any number of issues:
- where will you find a new job?;
- can you start your own business instead?;
- what about an early retirement?;
- what should you do with your pay out?;
- where should you invest your superannuation benefits?;
- how will you cope with ongoing financial commitments like your mortgage and credit card repayments?; and
- how long will your redundancy pay out last?
How Can a Financial Planner Help?
You want your finances to transition across to your new lifestyle in redundancy as smoothly and painlessly as possible.
Your financial planner can help you to:
- understand the complex paperwork you receive with your pay out and what it means for your financial future;
- work out the most effective way of investing your accumulated superannuation benefits;
- analyse whether you are financially prepared to start a new business or retire;
- work out strategies for managing your debts effectively through the transition; and
- establish new budgets to help you adapt your finances to suit your new asset and income situation.
For more information on how a financial planner can assist you, simply select one of the areas below:
- budgeting and savings services;
- investment services;
- superannuation solutions;
- lending services;
- estate planning;
- financial protection;
- salary packaging; and
- debt management.
Of course, the only effective financial advice is based on a personal assessment of your unique circumstances and objectives. For an analysis of the best solutions to meet your needs, contact your financial planner.
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