Being made redundant can be unsettling for most of us and for others it can be a lump sum payout that could be used to go on a luxurious cruise or a big holiday that you have always dreamed of.
While it is tempting to spend the money you receive all at once, what happens to your financial situation in the long period? Will financial needs & commitments be met?
Allow us to assist you in maximising your redundancy payout so that you get the most out of it to ensure you can maintain a comfortable lifestyle.
- Review your payout calculation
- Identify the tax concession components and the tax-free or tax reduced amounts – the Eligible Termination Payment components. Review your goals and identify options for how to use the money
- Calculate how much you can rollover into superannuation to minimise the total tax you pay
- Review any insurance you have through superannuation and advise if you can continue insurance cover even though you’ve left the fund
- Review any new insurance requirements that are necessary
- Estimate how long you can live on your payout based on current expenditure and plans
- Establish a budget to live on your payout and any other income
- Develop options to achieve a life change in the timeframe you want
If want us to help you review your options contact us today.
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