Local expert: How to be financially successful at any age

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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