This is a difficult experience for anyone to go through but many find themselves in this situation. If you are able to walk in to a new role easily you may have surplus funds from your redundancy that you can earmark for longer term savings.
Otherwise it may be a whole change of lifestyle and income and expenditure review that sets up how life will be until you find new employment or adjust to life without working depending on your age and circumstances.
Being made redundant when you are above minimum pension age currently 55 can lead to an evaluation of your pensions, savings and investments to see whether a return to the job market is necessary of can be perhaps done as a part time role to supplement pension income.
The key is to understand your current financial circumstances and be able to evaluate the level of income you need to secure to maintain your current lifestyle or make suitable adjustments.
Reviewing of pensions and investments to see what if any income maybe generated in the short term could be helpful and assist in evaluating which level of salary you need to be seeking in any new potential role.
Some redundancy payments if not needed to fund immediate income needs maybe invested tax efficiently into a pension to boost longer term savings.
If you find yourself in this situation then get in touch for a full review to assist in taking the next steps back in to work or reducing work overall to allow savings and pensions to support your lifestyle.
Please email or call Alison (07496 689 309) or Adrian (07725 343 815) for a no obligation review of your circumstances.
Alison Davis and Adrian James are authorised and regulated through Mulberry Wealth Management Ltd. Mulberry Wealth Management Ltd is Authorised and Regulated by the Financial Conduct Authority (FCA). Our Financial Services Register number is 499351.