Bryan Beatty Featured in Bankrate Article, "Financial Planning for May-December Relationships"
November 16, 2015, Bankrate.com — In this article, reporter Janna Herron interviewed Egan, Berger & Weiner partner Bryan Beatty on the topic, “Financial planning for May-December relationships.”
Herron writes: “If your marriage looks like the one between Hugh Hefner and Crystal Harris — but without the millions — start saving. Besides snide comments about midlife crises, May-December couples face another real challenge: putting together a financial plan that takes both their ages into account.”
“In May-December relationships, there is a big age difference between the 2 people. Typically, one partner is young, or in the spring of life, and the other much older, or in the winter of life,” Herron explains. “Spouses with at least a decade between them make up about 9% of all marriages in the U.S., according to the latest U.S. Census Bureau data. That means they must add at least 10 years to the typical 25-year time horizon for retirement.”
Bryan Beatty, CFP professional and partner at Egan, Berger and Weiner in Vienna, Virginia, notes: “When spouses are closer in age, that spend-down is not nearly as risky as when there is a greater age gap.”
Click here to read the entire article.