Redundancy is one of the big five employment experiences

The other employment experiences are getting a job, getting a sign-on bonus, getting a promotion and resigning from a job! Finding yourself between jobs however can be stressful, especially when you have ongoing financial obligations to meet. The good news is, if there is any with redundancy, is that most employers have minimum obligations they need to meet. Many corporate employers will also go above their minimum requirements and provide outplacement and employee assistant program services too.

Why is redundancy planning important?

While there are minimum requirements, redundancy can still come as a shock for most people. Having a financial planner on your team at a point in time like this can help you understand your redundancy entitlements and options. This can help reduce the stress at what for most people is a very stressful time.

Planning during times of change is important, it helps you stay in control and make the most of the situation you find yourself in.

How much of redundancy payment should I get?

Not everyone is entitled to a redundancy payment. But for those who are entitled, you should be entitled the minimum requirements set out by Fair Work. For more information and to see if you’re eligible, click here.

How can we help you with redundancy planning advice?

Alphington Private Wealth Financial Advisers can help you work out how much money you have now and how to manage through a time of change like redundancy

We will help you:

• Identify your goals
• Review your income and cashflow requirements
• Identify what assets (house, savings, investments) you have and how much they are worth
• Assess how much super you have and if it’s worth contributing with redundancy entitlements.
• Find ways to grow your retirement income
• Put plans in place to make your money last in retirement
• Determine when you can apply for the age pension and whether you are likely to be eligible, and
• Review your estate planning.

To make an appointment, call us on 03 9038 9449 (Melbourne) or 08 8461 9191 (Adelaide) during business hours. Alternatively, complete the contact form and a member of our team will reach out to you to make an appointment for you. We can meet face to face in our offices, and in capital cities. Video meetings are also available.