Illawarra Redundancies – I didn’t think it would happen to me!

Many of our clients, colleagues, friends and acquaintances are impacted by the recent announcement of additional job losses at Port Kembla Steelworks.

For some the news comes as no surprise but for many, it’s a case of, “I didn’t think it would happen to me!”
For those approaching retirement, this may be a time when a plan which has been building towards a secure self-funded retirement has arrived a little too early, with little prospect of future employment, and a nest-egg which is just not as large as expected. We’re here to help, and you can access our free guide to redundancy here

It is critical that those facing impending redundancy seek advice before the event, even if only to work out precisely what it might mean for their future plans, how best to deal with redundancy payments, and how their future retirement is going to be funded. Most will be making decisions about superannuation benefits, how to best utilise cash resources and how best to structure household income and expenditure – how they are going to buy the groceries. For some, needing to make these decisions may have seemed a long way off, now the timing of the decision may have been taken away from them.

Many of our clients simply want reassurance that they are going to be OK. We can help to show them the financial impact of no longer working, how to tax effectively structure their affairs and how to maximise any government support available. Others are so overwhelmed by the impending loss of employment that they want someone to make clear what appears overwhelming, and to set their feet on the path to the next phase of their lives, when what looks like quicksand is in front of them.

We can help answer the following types of questions

1. What options do I have in respect of my redundancy payment?
2. How will my redundancy payment be taxed?
3. What should I do with my accumulated entitlements for Long Service Leave, Annual Leave etc.
4. What should I do with my superannuation balance?
5. Do I take a lump sum or commence a pension?
6. Can I keep my funds in my existing fund or roll over the balance to a new fund?
7. How am I going to fund my family’s expenditure now that I’m not working?

We have put together a Free Guide to Redundancy which we hope will help you navigate these difficult times. You can access your Free Guide, delivered to your inbox by clicking here

Lots of things to think about, and some help with navigating the options will always lead to a better result, you only have to ask. If you want a chat at no cost and with no obligation, you can call our office on 02 4258 0099, or email us at advice@odhfp.com.au.