Landed A New Job?

Embracing change

Whether you love your job or dislike it, finding yourself unemployed or having to switch positions can happen quite unexpectedly.

A job change may mean retraining, seeking further education or part time work, or rearranging things so you can take a break. It may even mean a move interstate or overseas for you and your family. Or you may decide to start your own business and work for yourself.

It doesn’t matter whether the job decision was voluntary or forced upon you, there will be a range of emotional and practical issues you have to deal with.

In any job move there will be questions around the payment of entitlements and superannuation including how much you are owed and where it should be paid, plus the need to confirm whether your existing insurance cover is still in place.

The good news is, for anyone feeling overwhelmed by the financial and emotional implications of change, this is a well-worn path for many individuals and for professionals who specialise in this area.

A two-sided story

There are two sides to every job change; the actual departure from an existing workplace, and starting afresh in a new role. While some workplaces will help outgoing employees make a smooth transition to a new role with the provision of career counsellors, outplacement and recruitment specialists, people can also be left to their own devices to work through everything from the tax implications of a redundancy payout to how to approach their next career move.
Financial advisers work with a number of specialists including accountants, lawyers, recruitment and career agents and counsellors as well as relocation firms to ensure that your questions about things like superannuation, pensions and Centrelink entitlements can be discussed and answered.

Taking the first step

For some people, leaving their current job may involve being made redundant. Even if you have been expecting it, redundancy can often mean making significant personal adjustments, and managing a lump sum payment.

An important first step if you are made redundant is to check your rights and entitlements so you know where you stand. Once you are confident you received all your entitlements, you can focus on making the best use of those termination payments to match your financial circumstances, your lifestyle and retirement plans. You can work through all of these considerations with Country Wide Wealth.

With many employees taking out life and income protection insurance through their employer’s superannuation fund there is a chance you may need to seek alternative arrangements for cover.

Making time to see a financial adviser gives you the opportunity to look at each of the issues you face, and to complete a comprehensive assessment of your new situation to ensure your future goals and objectives become reality.