Opportunity Nox

FORCED TO RETIRE BECAUSE OF REDUNDANCY? Research by Colonial First State to be released later in April will show that only 33 per cent of Australians retire by choice. Instead, 28 per cent retired due to health concerns, 7 per cent because of their partner’s concerns and 11 per cent due to redundancy. Given the number of people working in Australia accrding to the Australian Bureau of Statistics was 14.2 million people in January 2024, the 11 per cent forced into retirement during redundancy would be around 1.5 million people ! If this has happened to you, here are a five things to consider: 1. Maintain your well-being: Redundancy can take a toll on your mental and emotional well-being. It's essential to take care of yourself during this time. Stay connected with friends and family, engage in activities you enjoy, and consider seeking support from a counselor or support group if needed. 2. Plan for your future: Use this period of transition to reassess your goals and priorities for the future because having a clear vision can help you navigate this challenging time with confidence. 3. Seek financial advice: Given the financial implications of forced retirement, it's wise to seek advice from a financial advisor. They can help you understand your financial situation, make plans for managing your finances post-retirement and advise you on investments, superannuation, and budgeting. 4. Consider early access to your superannuation: Depending on your age and circumstances, you may be eligible to access your superannuation early. However, this should be considered carefully, as it can impact your retirement savings in the long term. Again. get advice from a financial advisor before making any decisions. 5. Explore new opportunities: While being made redundant may seem like the end of your career, contact me at kayjaycomms@yahoo.com.au for a free consultation aimed at helping you turn your redundancy into an opportunity.