Are you experiencing a personal situation change?
Announcement posted by Laboratories Credit Union 29 Jul 2015
Life is always changing and our situations rarely stay the same. Major life changes can affect you personally as well as financially. It could be that you are facing retirement, redundancy or maybe you have received a large amount of money through inheritance or windfall. These situations can leave anyone feeling dumbfounded without a clear plan for the future.
Sorting out your finances may seem daunting but it is extremely important you make plans sooner rather than later. If you don't have a financial plan for the future you can potentially lose a lot of money. Getting the right financial advice can make all the difference maximising your finances and keeping you and your family comfortable in the future.
If you are facing Retirement, Redundancy or have received a large amount of assets through Inheritance or Windfall it may be beneficial to consider the following and talk to a financial advisor to assist you further in your decisions.
Redundancy
Redundancy is happening more often now and just about anyone can be affected. If you are facing redundancy or might be affected, financial advice can help you make the right decisions when it comes to your redundancy payment. Some people spend their redundancy payment without considering long term plans which is a huge mistake as it could potentially leave them at loss.
Some things to consider when facing redundancy:
- Do you have money to live off in case you cannot find another job right away?
- Did you know that you may be able to maximise your payment by reducing tax on your payout?
- Some people may be eligible for Centrelink support following redundancy
- Some are not eligible for Centrelink support and should consider carefully how to spend their redundancy payout
If you get the right advice fast you will be able to maximise your payout without losing out in the future.
Inheritance
Losing a loved one is hard enough and dealing with your finances would be the last thing on your mind. That’s why getting professional advice can make this process much easier for you and your loved ones.
To make sure that the assets left to you by a loved one are used efficiently it is important to consider the following:
- Did you know that you may get taxed depending on the type and amount of assets received?
- How do you plan to use your inheritance? - You may want to invest, pay off debts or maybe give it away to charity etc.
- There are also different laws and regulations that needs to be followed when it comes to inheritance payouts.
These issues need to be considered carefully to make the most of the assets your loved one has left for you.
Retirement
Retirement should be a relaxing time in your life. Ideally by this stage you should have enough money to live comfortably and still enjoy life.
Some questions to ask yourself before retiring:
- What do you want to do in retirement?
- How much money will you need to do it?
- Do you need regular income?
- Where will this income come from?
- When can you retire?
- How and when will you be able to access your super?
- What Government support will you be eligible to receive?
Windfall
If luck has blessed you with a large sum of money your first reaction may be to go on a spending spree. Remember that it is easy to overspend and be left with nothing if you don’t have a solid plan.
Similar to Inheritance you may want to think about the following:
- How much money will you actually receive after tax and regulatory costs?
- What do you plan to do with your money/assets?
- How can you make the most of this good fortune?
Speak to John from 
If you are going through personal situational life changes we recommend you talk to John Addario, our new Financial Planner. He has been helping clients achieve their financial goals since 1996. John has a wide range of experience when helping clients sort out finances in life changing situations.
As a member of LCU the initial consultation is complimentary and obligation-free.
Make an appointment with John by calling 02 9906 8005