WOOP for Nigel!

By Risk specialist Lynda Taylor. Licensed Financial Adviser FSP 9752

A couple of weeks ago I was fortunate to attend a NZ Funds hosted event where Nigel Latta was the guest speaker. Most Kiwis will know Nigel as a clinical psychologist, author, and television host but for me, he is the guy that helped me navigate the trials and tribulations of parenting teenage boys.

Happily, with the teenage years fading into the distance, I like everyone else, am faced with new challenges and, preparing for retirement seems to be occupying my thoughts more and more. So, when I heard the topic of Nigel’s address was “to retire to something not from something” I was very keen to listen to what he had to say and, I was not disappointed.

As expected, his presentation was festooned with gems but the nugget I took away was a little acronym – W.O.O.P.

So, what is WOOP?

W = Wish – If you had a wish for retirement what does that look like?  Travel, family, fine wine, or           a simpler life?

O = Outcomes – To make that wish come true, what outcomes do you need?  This needs to be enumerated so you know the dollar amount you need to accumulate, to live the retirement you are wishing for.

O = Obstacles – What will get in the way of getting the desired outcome?  First thing that comes to mind is that you don’t know what that outcome looks like. The second this is that there can be a few obstacles to navigate be it health, financial, time etc.

P = Plan – If you have a plan in place, you can navigate the obstacles – sure obstacles may mean a change to the plan but a good financial adviser working with you can ensure you navigate those obstacles successfully.

Retirement is not the finish line given many are fortunate to enjoy long and healthy retirements.

So – if you would like to have a chat about your WOOP, the team at MFAS are here to help – many of our clients are already enjoying their retirements, others are getting satisfaction of knowing they are on track to reach their goals, and many of our younger clients are ensuring a future of their choice.