Going through the legal process after suffering a serious injury can be exhausting. It can take years to recover your energy and be well-placed to reconsider your future.
But at that crucial time just before or just after settlement, it’s important to make sure you get some good quality financial information.
This can help you make smart decisions about where to hold the money, while you work out what you can and want to do in the longer term.
The available options will change depending on your age, other assets and debts, and the extent to which you might be able to return to some work.
You need to know about how the super rules might help you, as special super rules help those receiving compensation for injury.
Super can be a convenient, inexpensive, and flexible place to hold your money – in cash for the short term or invested for the long term.
This might enable you to gain or retain Centrelink benefits. Or a super pension could deliver an income stream which can replace or supplement Centrelink payments or a part-time salary.
If the super rules don’t work for you, other investment options are available to help you retain flexibility, grow your money, minimise tax, and maximise Centrelink.
Good decisions made just after settlement can make a big difference.