Getting financial advice
If you think that you may be in immediate financial difficulty, you should seek financial counselling. Financial Counselling Australia can link you to financial counsellors in your area.
You can also use the Money Smart (ASIC) online search engine for local financial counselling services and Centrelink also provides a free Financial Information Service (call 13 23 00 and say "Financial Information Service").
Budgeting
Creating a budget will help you plan for your new financial situation.
These resources may be able to help you with budgeting and financial advice:
- Visit the Money Smart website. Money Smart is a government website with tips and tools to make the most of your finances.
- Centrelink’s Financial Information Service run free seminars about financial matters. Visit the Financial Information Service - Services Australia.
- Financial Counselling Australia can link you to free financial counsellors in your area. Visit the Financial Counselling Australia website.
- The Australian Taxation Office can provide advice on taxation of redundancy payments. Visit: Redundancy payments | Australian Taxation Office (ato.gov.au).
Transitioning to retirement
If you are thinking about retiring, it’s important to make sure you understand your own financial situation and to make sure you have enough money to live comfortably.
It is important to seek professional advice before making any decisions. The ASIC Money Smart website has information about choosing a financial advisor and financial advice costs.
Superannuation
You should speak to your current Superannuation Fund provider for information about:
- Investment options
- The finances required for retirement
- How to make extra contributions to your fund
- Consolidating multiple super funds
- Insurance options.
Services Australia (Centrelink)
Centrelink's Age pension and planning your retirement page provides information on planning for retirement.
Australian Taxation Office (ATO)
The Australian Tax Office (ATO) has information on tax implications of withdrawing your superannuation.
The ATO also offers a service that allows you to search for lost superannuation entitlements.
Department of Veterans’ Affairs (DVA)
The Department of Veterans' Affairs provides support to current and former serving members and their families through a range of benefits (including ongoing or one off payments). For more information see their Income Support page.