Tips for coping with redundancy when you’re 60-plus
Redundancy is a real concern for people of any age bracket, but when you’re over 60 it can feel especially scary.
For many people, the sudden trauma of having no money coming in can see them make some quick decisions that aren’t in their best interest.
The best thing to do is in fact to wait it out before you make any big moves such as selling your car or moving house. If you have received a payout it can be tempting to spend up, or pay off debts, but in fact it’s best to wait and see that you can line up another revenue source first.
At the same time you don’t want to ignore what is going on. If you have mortgage payments coming up for instance, now is the time to talk to your bank about what is going on. They can be very helpful if you give them all the facts.
Check your super fund as some of them have life and sickness insurance or income protection insurance.
There’s no need to feel too embarrassed to claim benefits from Centrelink. The funds are there to help get you through this tough time so it is worth finding out what you are entitled to.
Be sure to ask your accountant about any tax implications as there are special exemptions for those who have been made redundant.
Create a budget and stick with it while you plan your next move. Cut out any spending that is not essential, and be sure to remember to include regular bill payments such as health insurance or electricity.
Now is your chance to decide what you really want to do. Use this time as an opportunity to determine if you want to find a new career path or continue down the same route.
Related links:
8 steps to mentally prepare yourself for retirement
5 reasons to volunteer in retirement
The one thing you must do before retirement