In 2013 I took voluntary #redundancy and I asked myself a number of questions to help clarify the situation.
💡How long the lump sum would cover outgoings
💡Would that period be long enough to find another job
Factors that I considered that would assist the process were…
✅ Cash Flow Modeling
This will allow you to project forward monthly outgoings to see how long the cash lump sum will cover you.
Getting advice on where I keep my pension, whether I can transfer it out and if you’re over the age of fifty you be able to access your pension depending on your scheme.
✅ Financial Policy Review
If you’re paying into policies you should know your options within the terms and conditions i.e can you take a break from paying into the policies without having any impact on them should it get that far?
If you found this article helpful and would like to learn more about how to protect yourself in the midst of redundancy, feel free to connect and start a conversation or contact me directly at +353 (87) 778 5325