One of the most difficult times in a person’s life is when they are made redundant at from their job.
There are many issues to be considered and coping with the fallout from losing income is usually the first concern.
Redundancy payouts are taxed very generously, however there are some major issues and questions to consider and they are as follows:
- How long will this money need to last?
- How long is the waiting period to obtain help from Centrelink?
- Which loans should be paid out first?
- How much tax is payable?
- Will my family be okay?
- Can super be accessed?
- Is life insurance still required if I am not working?
A good financial planning conversation with a qualified adviser can help make things much clearer. It is important to involve your family at this difficult time.
Written by AM Seagrim