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Redundancy may affect many of us in our working lives. During this stressful time, there are important decisions that need to be made, which can affect our lives for years to come. When asked how you want your redundancy package, don’t rush your decision! Make sure you get the right advice so that the redundancy payout is used wisely for your immediate and longer-term benefit. A sound knowledge of superannuation, taxation, social security and investment issues is required. It makes sense to seek advice from a professional financial planner to help you through each stage. Hume Building Society Bridges Financial planner can offer advice to assist in: - Reducing Tax
- part of a payout will be tax-free
- also possible to reduce tax on the remainder by putting all or part of it into superannuation which may also help qualification for Centrelink benefits
- invest through a super fund and pay less tax on the investment earnings
- a super fund is also the gateway to a low tax retirement income through an allocated pensionAssessing how much money is required for living expenses
- assess how much is required, taking into account any expected Centrelink entitlements
- Putting your payout to work
- investing for income or growth in accordance with personal objectives or needs
- reducing a mortgage.
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Things you must read
This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this brochure, you should consult a financial planner. Bridges Financial Services Pty Limited (Bridges). ASX Participant. AFSL No.240837. Executive Wealth Management Financial Services Pty Limited (EWM) AFSL 245451 In referring members to EWM and Bridges, Hume Building Society does not accept responsibility for any acts, omissions or advice of EWM, Bridges or its authorised representatives.
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