Redundancy often strikes when we least expect it. One minute you're plugging along, earning your cut and kicking goals, the next you're tapped on the shoulder for a private chat.
When the dust begins to settle, the financial impact often becomes a harsh reality. But it's important to remember, you're not alone.
Lean on MyState
A MyState Financial Planner can help you manage the financial impact your redundancy may have, and get you back on track to make everyday payments, and meet your savings goals.
Think short term and long term
It's easy to feel overwhelmed by redundancy. But by breaking your future into short term, and long term, you can start to regain control.
Short term, your focus should be around building a plan to cover your day-to-day expenses, and make a decision about what you’re going to do with your redundancy payment.
Long term, you might like to include how the redundancy impacts your retirement plans and timeline.
We're here to help
Chat to a MyState Wealth Management Financial Planner, and we'll give advice on:
- How to free-up cash flow to cover your expenses.
- Whether to use your redundancy payment to reduce debt or invest it (and if so, where and how).
- Whether you can continue using an employer sponsored super fund, and if whether you need to replace insurance paid for by your employer in your superannuation.
- Whether you’re eligible for social security.
- The tax consequences of your redundancy payment.
What's more, many employers will cover the cost of receiving Financial Planning advice as part of a redundancy package (yes, really!).
Take control of your redundancy today. We're in this together.