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:

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.

Receiving Centrelink benefits after retrenchment

Services Australia provides financial assistance (social security payments, or ‘Centrelink’) to job seekers, under certain circumstances. To find out if you are eligible for any Centrelink benefits, or to find a Centrelink Customer Service Centre in your area, use the Centrelink Payment Finder.
 
Please note: If you receive a payout as a result of your position being made redundant, you may be subject to an Income Maintenance Period that will affect how quickly you can start receiving certain payments and allowances.

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.