As kids head back to school, adults spanning several generations set their sites on getting their financial house back in order.  What are the most important financial planning considerations in three major demographics—Millennials, Generation X and Empty Nesters?

Millennials:  First things first – Before making any big financial commitments, like buying a house, figure out what you want life to look like.

• Are you in a relationship and looking to “settle down,” or do you highly value freedom and flexibility?  If the latter, you shouldn’t be buying a house or committing to a job that is geographically tethered.
• If you’re in your twenties, the primary factor that will influence your financial success is how well you establish yourself in a career.  Invest in yourself, and that will likely help you invest more money in the future.
• Save as much as you can in tax-qualified retirement accounts at this phase of life, because once you get settled down and have kids, your expenses will rise dramatically.
• Don’t default to 100% equity portfolios just because you’re young.  After getting burned by the market crash of 2008, many Millennials got scared away and didn’t benefit from the subsequent market rise.  Your portfolio should likely be predominantly stocks at this age, but consider some fixed income exposure to keep from losing your shirt (and abandoning your strategy) in a downturn.