3 essential steps to navigate redundancy in your 60s

Have you ever been through a corporate redundancy? It’s that scary moment when you’re told you no longer have a job and there’s very little you can do about it. Depending on your type of work or industry, this could be quite a common occurrence and for others, it may happen once in their lifetime. Regardless, if you have been through one, then you know that it can be a challenging time as you are faced with several decisions you need to make like:

– What do I do now?

– Shall I start looking for a new job?

– If I got paid a termination payment, how long will it last me?

– Do I use this as a chance to start up my own business?

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– Can I re-skill and do something different?

When I was made redundant about 7 years ago, I went through this process with no proper advice and a lot to figure out very quickly…cause when you’re not earning an income, money goes out the door pretty quickly!

At the same time, 450 other people that week were also made redundant! Most of the people I knew were terrified of losing their jobs, some felt betrayed and others resentful towards the company for letting them down. Truthfully I was excited in part because it was the kick I needed to go full time in a business I had set up on the side. I was also no longer motivated nor inspired by what I was doing, yet I had become complacent and comfortable in my job and was not really moving forward. So while there was enormous risk in me losing my job, I was prepared to take on and manage this risk as best I could and make the most of my new found liberty.

Based on leading research, there are 3 key critical areas to address immediately post redundancy:

1. Revisit Your Finances And Determine Your ‘NeedIncome

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You don’t need a high-paying job to survive and you can do any number of things in order to earn income. As long as you bring in enough to cover your needs, you’ll be OK. What is the bare minimum income you need to earn each month in order to pay the necessities such as rent, food, bills?

2. Determine What It Is You Want To Do

Have a strong WHY for going down this path. It has to be strong enough to beat the odds, overcome all the negative talk that is surrounding you, lift your spirits when you feel down and out and finally, give you a purpose bigger than yourself to remind you of why it was that you need to succeed. Have you got a burning ambition that you’d like to undertake? This could be the perfect opportunity to explore this.

3. Invest In Your Ongoing Education

This type of activity ensures that you constantly skill up, ensuring you do not become obsolete and also ensures that you have the ability to create a life you deserve even in the toughest environment. How much of your time do you invest in your ongoing personal development? It’s never too late to begin this journey.

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If you have started this process then that’s fantastic, because whether or not you actually become made redundant, it’s prudent to prepare yourself for when you’re no longer in your current role. What it will do is get you to think about your future, evaluate your wants and needs carefully and look beyond the horizon of your current job. Life is full of abundance and worth contemplating on and making sure you are equipping yourself for the journey ahead, through the good times and the bad.

If and when you do face a redundancy and perhaps you are going through this right now, you will have done your homework to work out exactly what your next steps should be and you’ll be confident moving forward.

Share your thoughts and experiences below.

Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.