Redundancy can be unexpected, and for many can lead to a period of uncertainty. If you’re nearing retirement age, a redundancy payment can accelerate retirement and supplement superannuation, but for others who are the sole or main income earner at a time in life where costs are high, it can be a scary time.
When receiving a redundancy, it is common to be concerned about how to make your money last while you find new employment, start a new venture, or transition to retirement. This raises stress levels, which can lead to making financial mistakes.
