For many people, job change is often a significant and sometimes un-expected event. And there is a good chance most people will face this challenge more than once during their working life. Today’s school leavers will most likely work until age 75 and have at least a dozen employers and five careers in that time.
For someone leaving their usual workplace, maintaining business connections and networks will be extremely important. As well, there may be questions like “how long can I afford to look for work” or “what is the long term impact on my savings if I go part time”.
For others there may be the initial shock of believing you are no longer required. Plus there is the challenge of seeking a new job and working with new people.
Getting practical support can alleviate many of these concerns. Working with a financial advisor to clarify issues such as salary structures, superannuation or redundancy payments, you can find a way forward that fits best with your plans.
The complexity of change
Despite the excitement and challenges of new opportunities that might be around the corner there is still a host of personal, lifestyle and financial issues to consider.
Legislation and tax issues around redundancy and superannuation are notoriously complex and the approach you take might impact the benefits you receive and your long term lifestyle and wealth creation plans.
If you have a family to consider then there will be a range of questions around budgeting for major expenses like education, salary packaging opportunities and life and other insurance cover.
If you are nearing the end of your working life the focus may be on estate planning, the adequacy of your retirement savings and strategies around your transition to retirement. You can work through these issues with a financial advisor to create a plan which works for you and your family.
To ensure you achieve the best outcomes, the advisors at Southern Advisory work with other professionals including accountants, lawyers, and recruitment and career specialists when their services are required.
A well-executed job change with good financial advice should ensure that your lifestyle goals and financial objectives are not compromised but strengthened and enhanced.
Southern Advisory can offer long-term guidance or targeted advice when you need help to manage specific events in your life. Our Advisors works through the details with you to create a plan, including your:
• Goals and aspirations
• Income and spending
• Superannuation and tax
• Investments and major assets.
Contact Us today to arrange an appointment to discuss our specific situation.