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Redundancy Planning

One of the most difficult times in a person life is when their position at work is made redundant. 

There are many issues to be considered and firstly it is usually coping with the fallout from losing income. 

Redundancy payouts are taxed very generously in fact mostly minimal if any tax on the payout however there are some major issues to consider and they are as follows: 

1. How long does this money need to last.

2. How long does the person need to wait to obtain help from centrelink. 

3. Which loans should be paid out first 

4. How much tax is payable 

5. Will my family be ok. 

6. What do I do about my super 

7. Do I still need life insurance etc. 

A good all round financial planning conversation with a qualified adviser can help make things much clearer. It is important to involve your family at this difficult time.

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