Local expert: How to be financially successful at any age

By KOB

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ALBUQUERQUE, N.M. — We all want to be financially successful in life and local expert David Hicks, of Oakmont Advisory Group, shares how you can do that at any age.

20s and 30s

Start early, even if amounts are small
Risk tolerance: Younger people have a higher risk tolerance
Retirement planning: Important to start at a younger age
Debt management: Pay off student loans, other debts

40s and 50s

Rebalance portfolio: Important as risk tolerance decreases
Retirement savings: Maximize contributions
Education costs: Balance with retirement savings
Caring for aging parents: More people needing to plan

Pre-retirees and retirees

Transition to income generation
Retirement withdrawal strategies: Create a cashflow plan
Healthcare costs: Plan on spending up to $300,000
Estate planning: Wills, trusts power of attorney

We all want to be financially successful in life and our local expert from Oakmont Advisory Group shares how you can do that at any age.