Emotionally, being made redundant can be anything from a little bruise to the ego to a completely soul-shattering experience, no matter whether you're 35, 45 or 55. Financially, it can also have a wide range of implications, but if it's managed well, it can be beneficial.

As an employee, what you do with your redundancy payout, particularly if it's a significant amount of money, should be well thought out, preferably in conjunction with your accountant or financial advisor.

While it might be tempting to just take the money and spend it on something like that overseas holiday you've been dying to take, a new car, or your mortgage, it's probably not the smartest financial decision to make.

What you need to remember is that you'll have a maximum of thirty days to tell your former employer what you want done with the money.  If you don't move fast they may decide to simply hand you a cheque, which can have serious tax implications.

If you don't need your termination payment to live on until you find your next job, there are various options for rolling it over into a product like a super fund or retirement income stream which could really help out down the track, or .

If you're not sure of your options, take a look online at the Workplace Ombudsman (www.wo.gov.au). There's plenty of information found within the 'Termination of employment' section, or you can give them a call on their help line, 1300 724 200. If you're not sure how much you're owed, you can contact the Workplace Infoline on 1300 363 264 for help, or visit them online at www.workplace.gov.au.

And if you're ever in a situation where you're made redundant because the business has gone bust and you don't receive the redundancy entitlements you're owed, you can contact the GEERS Hotline on 1300 135 040, as you might be eligible to receive payment from the Government.

If you're still confused or not satisfied with the answers you receive, I would recommend that you speak with a trusted and reputable financial advisor. They'll be able to run you through your options.