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If you have little readily available cash but you have money tied up in investments , it may be a good time to think about cashing some of these in to top up your savings
turned into £ 5,000 in a short period of time ,” he explains . “ That ’ s an extreme example , but you need liquidity , you need money that you can rely on .” If you notice the situation at your place of work has begun to deteriorate and there are murmurings about redundancies , Lowcock says it is a good idea to prepare for the worst . For example , if you have little readily available cash but you have money tied up in investments , it may be a good time to cash some of these in to top up your savings . But bear in mind markets often bottom out during times of economic stress , meaning you should balance out your need for cash against the fact you may be selling out at the worst possible moment .
“ These vary significantly depending on your employer , and basic redundancy packages , particularly guaranteed ones , aren ’ t that generous ,” he continues . You may also want to consider some form of income protection . Lee Fisher , managing director at financial adviser Burton and Fisher , points out plans such as
Know your rights Next , Lowcock recommends looking up your rights when it comes to redundancy and finding out what sort of package you may be offered . trustnet . com