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2021 - Tax Checklist
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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 Maclean Partners 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. Maclean Partners 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 Maclean Partners 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.

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What our clients say...
  • “It would be fair to say that we have thrown a large variety of challenges at Maclean Partners since we partnered with them in 2017. Our direct contacts in Paul, Cherie and Tina have accepted each of our challenges with a high level of dedication and commitment. They have listened intently to understand our briefs and from there we have worked closely as a team to achieve the best outcome for our business, our staff and our clients. Maclean Partners are a welcoming and client focused organisation with a high calibre and dedicated group of accountants and support staff – and best of all, we really enjoy working with them.” - Read more
    - Luke St. George, St. George Project Services
  • "Maclean Partners are very knowledgeable accountants who are always attentive and keen to learn more about how to improve our business. John and his team offer sound advice about tax and general accounting, as well as helping structure and manage the financial aspects of the business to our advantage". - Read more
    - Tony Pascoe, NQ Foot and Ankle
  • "We've worked so hard over the past 10 years to get the business to where it is and sometimes you can't see the forest from the trees. Thanks to the Maclean Partners and the 90 Day Business Challenge, I found each module so helpful and the self-paced online aspect combined with the face to face coaching and workshops worked really well for us. - Read more
    - Nelly Evans,Powdercoat Select
  • "Nelly (my wife) told me she had signed up for some business training and I told her it was a waste of time and money. I wasn't interested in doing it at all because both our businesses are firing on all cylinders, but to show her support, I went along to the first workshop and I was impressed. Nelly and I have been doing a lot of talking, but we realised that we never had the right mindset to take action. - Read more
    - Glenn Evans, The Fencing Factory
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