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Making a Redundancy Positive!

We offer financial and life planning advice to those dealing with redundancy.

A redundancy is a big thing.

There are many emotional responses we move through- including fear, anger, insecurity, and dented pride – but at the end of the day the biggest question is “What Now?”

Martin and Mike are the advisors at Bennett Wealth. We spend our day talking with families to ensure their financial strategies are appropriate.

This means we are well placed to help people develop a real action plan to make any necessary adjustments, decide how to use any payouts, minimise tax on those payouts and most importantly make decisive steps in re-establishing an income stream.

It can be a liberating period. Many people don’t get the opportunity to completely stop and reassess how they want to utilise their valuable time to generate the income they need.

It is wonderful when the planning process gives people confidence to retrain or move into a different field or even start a business.

Our experience demonstrates that if people enjoy what they do and are in a supportive environment then they have a healthy and wealthy life even if their income is lower than it could be. A redundancy gives people this opportunity for reflection.

For others there isn’t room for dreaming so our work is about minimising tax, making sure the money is used in the best possible way and managing the financial impact as well as possible.

Our normal services of getting better rates for people on loansmaking super work harder, minimising the cashflow impact of life insurances and optimising investment strategies also come into play.

If we can help you or a friend or colleague, then call us now.

Case Study

We were approached by a person who was made redundant as a result of an organisational restructure.

She was handed a significant payout which comprised of a number of different components with varying tax treatments and options to manage that tax. All in all – it was very confusing.

After assessing her situation and ongoing income requirements, we put together a plan.

  • The strategy saved $25,279 in tax on the payout.
  • We clarified, what should go to the home loan, what was invested and what was used to fund the 6 month sabbatical she had always wanted but never dared take. Unfortunately within 3 months she regained full time employment!
  • We restructured her insurances and super given she no longer had employer sponsored super and insurances.
  • We workshopped a consultancy start up option but the full time offer came first. The consultancy is now a more real option for the future than it was before.

Here’s a quote from our client:

“Going through a redundancy was an emotional roller coaster ride for me with a host of uncertainties around super and tax implications, as well as ensuring I was using the redundancy pay-out to benefit me in the best way long-term.  Bennett Wealth did all the research and presented me with options and the pros and cons of the options. What I appreciated most was the quick and clear responses to my questions, the personal attention and getting a clear recommendation of what options were best suited to my personal circumstances, but also understanding that I wanted to have spending money left over to reward myself.  I would highly recommend Bennett Wealth to anyone going through a similar experience.”

If we can help you or a friend or colleague, then contact us today.

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