• June 2015

Financial Planner Bryan Beatty Explains Why Having Kids Late Can Tangle Up Your Finances

Bryan Beatty, CFP® is a partner at the financial services firm Egan, Berger & Weiner, LLC, and this year — at age 47 — had his first child.

In a recent article published by Bloomberg Business / Yahoo Finance, reporter Ben Steverman interviewed Beatty about his experience.

Steverman wrote: “There’s more and more gray hair at parent-teacher night. In the past 20 years, fewer Americans have been having kids in their teens and 20s, and far more are becoming parents in their late 30s and 40s.”

Steverman goes on to explain that since 1995, the birth rate for mothers in their late 30s is up 45 percent, and moms are 58 percent more likely to give birth in their early 40s.

“Giving birth in your late 40s is still rare, but a lot less so: In the past two decades, the birth rate per 1,000 women age 45 to 49 has almost tripled, from 0.3 percent to 0.8 percent.”

And, he points out, there are great reasons to wait to have kids. “Older parents are often wealthier, more mature, and further along in their careers. But becoming a parent late in life can also really complicate your finances.”

Steverman asked Beatty what issues parents should prepare for when they’re caring for children well into their 40s, 50s, and 60s.

Beatty said: Don’t expect to live forever.

“All parents need to think about what happens after they’re gone. But for older parents, wills, estate planning, and life insurance become crucial. The 55- to 64-year-old parent of a college student is almost five times as likely to die in a given year as one in his or her late 30s or early 40s.”

“When a baby is born, his or her parents are focused on feeding schedules and fighting sleep deprivation, not on wills and trusts. Still, they should do it right away. Particularly important is choosing a guardian in case anything happens to you. Many young couples choose the baby’s grandparents, but that might not be an option for older parents whose own parents are in their 70s or 80s.”

About Bryan Beatty

With more than 20 years of experience in the financial industry, Beatty is a principal of Egan, Berger & Weiner, LLC — a financial services firm based in Northern Virginia.

Experienced in all aspects of investment and retirement planning, Beatty says his mission is to help educate clients about the importance of financial planning. An active member of the Financial Planning Association’s Career Development and College Outreach Committees, Beatty is a graduate of the University of Maryland with a BS in Finance.

He was the former president of the Finance, Banking and Investment Society, and he is an avid musician who plays guitar and writes music in his spare time, and occasionally plays area venues. Originally from Baltimore, Beatty has lived in Northern Virginia since 1992.

Bryan Beatty is also a popular public speaker on the Inkandescent Speakers Bureau.

His speaking topics include:

Entrepreneurs Be Aware: Don’t Let Working for Yourself and Saving for Retirement Be a Non Sequitur

When you run your own business, you are a master juggler — someone who as “E-Myth” author Michael Gerber says, not only works in their business, but on their business. Too often, however, business owners get so overwhelmed with growing their company that they neglect personal financial-planning issues. Why would you want to move the goal of saving for retirement up higher on your priority list?

In this speech: Beatty will discuss the importance of saving for retirement as soon as possible, and he’ll explain the options that are available — including Traditional IRAs, Roth IRAs, and SEP IRAs, among others. For more details about this speech, click here.

5 Ways to Save for a Happy Retirement

Fifty is the new 40, and if you are now in this second half of life, odds are good that you feel as vital, energetic, and passionate as ever. As a result, Baby Boomers reaching their 50s and 60s are redefining what it means to retire.

In this speech: Beatty will help the audience:

  1. Understand the risks of longevity and aging.
  2. Develop clearly defined retirement goals.
  3. Create a retirement plan (with some flexibility).
  4. Develop an asset-allocation strategy.
  5. Differentiate between future needs and wants.

For more details about this speech, click here.

Securities and Investment Advisory Services offered through Voya Financial Advisors, member SIPC. Egan, Berger & Weiner, LLC is not a subsidiary of nor controlled by Voya Financial Advisors.