MBC Financial Offers Financial Advice for Those Made Redundant in the Tech Industry

Posted 23 Jan 2023 by Alan McCarthy

Losing your job can be a difficult and stressful experience, especially in the tech industry where job security can be uncertain. However, there are steps you can take to protect your financial future and make the most of your pension in the event of a redundancy.

First and foremost, it’s important to understand the options available to you regarding your pension. This may include taking a lump sum pay out, transferring the funds to a new employer’s pension plan, or leaving the funds in the current plan. Each option has its own set of pros and cons, so it’s essential to do your research and consult with a financial advisor before making a decision.

We would also suggest reviewing your budget and financial situation. This includes taking stock of your assets, liabilities, and income sources. Look at cutting back on unnecessary expenses and increasing your savings rate to build up an emergency fund. This will provide a financial cushion in case of a prolonged job search or unexpected expenses.

For those considering going out on their own, starting a business can be a great way to take control of your career and financial future. However, it’s important to be realistic about the risks and challenges involved. Before making the leap, it’s a good idea to do your research, create a solid business plan, and seek advice from experienced entrepreneurs.

Separately, it is important to have a diversified income stream. This may include renting out a property or investing in stocks or real estate. This will help to reduce your reliance on a single source of income and provide a safety net in case of a redundancy.

Being made redundant can be a difficult and stressful experience, but it’s important to take the time to understand your options, review your budget and financial situation, and plan for the future. With the right approach, you can turn a difficult situation into an opportunity for growth and success

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