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IS TRANSITION TO RETIREMENT STILL VIABLE? As many readers will be aware, legally getting access to superannuation before retirement can be rather difficult. But, back in 2005 things were made just a little easier. Find out more


Retirement can be an exciting time in your life but it can also be quite daunting when it comes to your money. There are many things you need to think about before you retire. At what age should I retire? Do I have enough money to retire? How do I boost my retirement savings? Is my will in order?

Here at M Financial Services and M Financial Services we understand your needs and concerns and would like to make the transition to retirement a smooth one.

How much money do you need to retire?

There are many factors that contribute to how much money you need for a happy retirement including age of retirement and life expectancy. Recent research figures indicate the following as an example:

  Per couple per year Per single per year
Comfortable Retirement
(Good standard of living, range of leisure and recreational activities,
purchasing ability, reasonable car, good clothes, private
health insurance, electronics and travel).



Modest Retirement
(Live more comfortably than those solely on the age pension)



Source: Westpac /Association of Superannuation Funds of Australia Retirement Standard for the December 2009 quarter. These figures do not include the cost of renting a home or paying a mortgage. Therefore the figures assume the retirees own their home or have free accommodation. Please note that these are general estimates and may not apply to your particular circumstances. Accordingly you should seek personal advice in this regard.

At what age should I retire?

It all depends on your circumstances, but the generally accepted retirement age is 65 years for men and 60 years for women. According to a survey conducted by the ABS who surveyed three million men and women over 45 years of age in 2008/2009, the results for retirement age are as follows:



55 years or younger



55 years - 64 years



65 + years



How long will I live?

This is a good question we get asked frequently and the answer varies from person to person. Research shows that people are now living longer and based on a recent life expectancy, a person can expect to live to the following ages and beyond:

Age Now












How do I boost my retirement savings?

The best strategy is to start investing or contributing to superannuation earlier in life. The earlier a person invests or contributes to super, the more money they will potentially have in retirement, due to the compounding effect of the money being invested. At M Financial Services we have a large range of superannuation and investment strategies to ensure your retirement is as comfortable as possible.

Have you reviewed your will?

Did you know that if you do not have a will or your will is invalid, your entire estate can be passed to the government? It is estimated that around 40% of Australians do not have a valid will. Every state in Australia has its own laws that come into play when someone does without a will. M Financial Services and M Financial Services can work with a suitably qualified and experienced lawyer to make sure your family is legally protected with a valid will.

Have you planned your estate?

When it comes to large amounts of money, you never know what family members might be capable of. This sometimes means asking the hard questions. At M Financial Services and M Financial Services, we will sit down with you and discuss in depth what your estate wishes are and your family needs, to ensure they will be well cared for and protected.

What our clients say...
  • "One word - Trust. I know how to make money, but accounting and financial planning is foreign to me so I've had to rely on people who I trust to look after my money. I've been working with Ross now for over 20 years as an accounting client, and when my financial planner retired it was an easy transition to Andrew, particularly because of his age. Andrew is young, serious, experienced and he is a long-term thinker. There is unbridled trust both ways working with Andrew. - Read more
    - Wayne Nicholson, First National Real Estate
  • "Andrew Westcott stands out from the crowd. When there were a few challenges with an insurance matter, he went to enormous lengths to find a solution. Not only that, he is a genuinely good bloke, and he is supported by a great team at M Financial Services. I trust, respect and highly recommend Andrew to anyone needing financial expertise at any point in their life." - Read more
    - Ryan Boccalatte
  • For approximately forty years, while Ross Maclean acted as both accountant and friend, I've witnessed the addition of intelligent, hardworking people. Andrew Westcott became my financial adviser almost six years ago. Although honour is an old-fashioned notion, I have found Andrew to be honourable, as well as knowledgeable, helpful, and patient, when I really needed his help when my husband died and I didn't function for a few years. That's when you need someone who you can trust. I have recommended Andrew to several friends, and I recommend you consult Andrew if you need financial advice. - Read more
    - Roslyn Evans
  • Andrew looks after us as if we were his only clients, even though we know we are not. He is generous with his time, easy to talk to, he clarifies issues in simple terms and talks to us in a friendly and professional way. Andrew helped us make the big decisions involved in our retirement, and has never given me the impression that as a female my views are not important in any conversation or decisions making process and this is important to me. Both Don and I feel important and valued by Andrew and the staff at M Financial Services, and that has helped us feel safe and secure in our financial future. - Read more
    - Don and Gayle Zahner
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