Optimising your redundancy benefits
Securing your retirement benefits
Maintaining lifestyle in retirement
Maximising TAX FREE retirement income
Where there were once jobs for life, it is now a fact that the average person will face redundancy 3 times during their career.
Along with looking for a new job, perhaps starting your own business or deciding to retire early, what do you do with the lump sum payout you receive?
Common questions to consider:
- What are the elements of my redundancy payment?
- What is considered an Eligible Termination Payment (ETP)?
- What tax concession do you receive on your ETP?
- How is the ETP paid?
- How do I make sure I get the most out of my payment?
- What do I do with my super?
- I’ve decided I want to roll over my ETP. What do I do?
- Am I entitled to Centrelink benefits?
- What if I want to use redundancy as an opportunity to retire early?
- Do I need to review my insurance arrangements?
How we can help?
- Review your payout calculation.
- Identify the tax concession components and the tax-free or tax reduced amounts – the Eligible Termination Payment components.
- Review your goals and identify options for how to use the money.
- Calculate how much you can roll over into superannuation to minimise the total tax you pay.
- Review any insurance you have through superannuation and advise if you can continue insurance cover even though you’ve left the fund.
- Review any new insurance requirements that are necessary.
- Estimate how long you can live on your payout based on current expenditure and plans.
- Establish a budget to live on your payout and any other income.
- Develop options to achieve a life change in the timeframe you want.
Any advice contained in this website is of a general nature only and does not take into account your circumstances or needs. You must decide if this information is suitable to your personal situation or seek advice.