For some, retrenchment can be an exciting new beginning. It can however, be the source of great emotional turmoil with the potential to cloud good judgement. Regardless, it is important to get sound financial advice on your entitlements and how you can make the most of the payment you receive.
Your advisor can provide you with an explanation about the termination payment, particularly if your employment termination payment has a number of different components. In addition the advisor may estimate its tax liability, and explain the implications of the various options available to you.
You will want to discuss your future plans; whether you expect to continue working full time or part time, or retire early. We will assist in providing options and information to help you understand your current situation in order to determine how best to use this lump sum payment. As an example, is it better to reduce your mortgage or contribute to your super?
To find out how we can help you make the most of your redundancy payment – Please contact Investment Options (Aust) on Ph. 4775 5199.
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