Ways to Cope Up with Redundancy
(Updated 23rd March March 2021)
Did you ever wonder what will happen when your employment ends unexpectedly due to redundancy?
Do you have any plans at hand when that time comes?
Mixed emotions, unwanted thoughts and negativity. These are the things that you might encounter when you face this surprise end. And surely, we don’t want to see this coming.
Let us help you out then by giving you some pointers to cope up with this kind of situation:
- Get your final pay right
Your final pay may include some other incentives like annual leave, long service leave or any other award under your contract with your employer. These amounts are subject to different tax rates which is a little complicated. Thus, you better check the ATO website to know more about this or speak with us for more information.
- Know your super and insurance policies
Missed superannuation payments may affect the returns you’ll earn on your super balance, so it is always better to have a check and keep it up to date.
It is also best to talk to your super fund on how to continue your payments for your insurance policies.
- Create a budget
When you receive your redundancy pay, remember not to overspend.
Create a budget, consider your immediate needs and other payable stuffs so you can figure out how long you can afford to be off from work.
- Plan for a better future
Plan ahead to avoid trouble in the future.
Once you are ready to jump to a new role in your new employer and you still have a sum amount of money left, you may want to consider talking to us for some financial advices.
We can give you some suggestions on where you can place your money that will benefit you in the future.
What are you waiting for? Talk to us now and let’s plan together about the future!
How to Keep your Super Safe
(Updated 9th March March 2021)
First let me explain how super works for you. Every company in Australia is required by law to pay the superannuation of each employee, and the employee will choose the investment option, and each option has risk and cost involve, if you’re not careful it will reduce the amount of your retirement fund.
You might be surprise that the super is not protected by the government. Even though there is law that gives some protection, it requires meeting a certain criteria. Please refer to ATO website for more details.
Have you ever feel that if your super balance is safe during and after the COVID-19 pandemic. Whether you’re a near retirement or not, here are the tips to safeguard your super balance.
- Review superannuation investment options. The best practice is to always asked if you do not know the best option. You can ask your superannuation fund manager (They might ask for a fee) or your financial planner. So that you will know the best investment option that will suit your goal.
- Check for the fees and charges for each provider and choose the lower cost. Weighing cost versus performance before you choose. Like industry super fund versus retails funds.
- Before making a withdrawal on your super fund. Make sure you already asked for financial adviser for the impact of retirement income. As COVID-19 forces you to make a withdrawal make sure you exhaust all available options.
- Most importantly no absences in making monthly contribution. If possible any extra contribution from tax rebate or bonus will help increase your retirement fund.
- Seek a professional advice, financial planning requirement special knowledge, so that you can reach your investment goal and preserve your retirement fund. This is needed if you managing your own superannuation fund.
With the list above, we hope we can help you in coping with the pandemic and take time to check the best option for your super fund.