Egan, Berger & Weiner LLC, Certified Financial Planners™

Egan, Berger & Weiner, LLC is an independent financial services firm based in Northern Virginia whose associates offer decades of experience in many areas of financial planning.

The firm’s team of Certified Financial Planners™ specialize in financial planning and coaching, and help clients realize their dreams by skillfully navigating them through the myriad of life’s financial decisions.

About the Partners:

Founding partner Sheldon L. Weiner, LUTCF, has more than three decades of experience in the financial industry. He attended the University of Maryland and the Hartford Insurance Company School of Advanced Underwriting, and earned the LUTCF (Life Underwriters Training Council Fellowship). He also served as President of Creative Financial Programs, Inc., and has more than 10 years of experience as a teacher and lecturer for various educational institutions in the Metropolitan Washington area. Weiner is an active member of the Financial Planning Association (FPA).

Founding partner Michael P. Egan, CFP®, has more than 21 years of experience in the financial services industry—as a mutual fund analyst, accountant and financial planner. A graduate of the George Washington University with degree in finance, he
hosted a weekly radio show on financial planning in the Washington market. Egan is has long been a presenter on retirement planning with Fairfax County Public School’s Adult and Community Education, and is an active member of the Financial Planning Association (FPA).

Partner Bryan D. Beatty, CFP® has 20 years of experience in the financial industry as the principal of an independent financial services firm specializing in all aspects of investment and retirement planning. He is a graduate of the University of Maryland with a BS in finance; and was the former president of the Finance, Banking and Investment Society. Beatty is an active member of the Financial Planning Association’s Career Development and College Outreach Committees.

For additional information about Egan, Berger & Weiner, LLC, visit www.ebwllc.com.

In the News: Howard Pressman Featured on WUSA9, "The Dark Side of Retirement"

June 18, 2014, WUSA — On today’s noon broadcast, CERTIFIED FINANCIAL PLANNER PRACTITIONER Howard Pressman was featured talking about The Dark Side of Retirement.

Pressman told WUSA9 reporter Debra Alfarone that according to the Centers for Disease Control and Prevention:

  • Among Americans of all ages, 12.4 per 100,000 will take their own life each year.
  • Among people over age 65, that number jumps to 14.9—and some experts believe the instances are under-reported.
  • As startling as those numbers are, white men over age 65 take their own lives at a rate of 29 per 100,000—almost triple the overall rate.

Alfarone asked: What can you do about it?

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Press Release: Five Reasons Why Saving for Retirement Is Especially Tough for Women

FOR IMMEDIATE RELEASE

Contact: Hope Katz Gibbs
Inkandescent Public Relations, www.InkandescentPR.com
703.346.6975 / hope@inkandescentpr.com

Washington, DC, June 12, 2014 — Saving for retirement is challenging for most people—but studies show it’s even tougher for women, who all too often live in poverty during retirement, says Carmen Wu, a financial adviser at Egan, Berger & Weiner, LLC..

Wu notes that on average, women who are 65 years and older rely on a median income of around $16,000 a year, and they rely almost exclusively on Social Security benefits, according to the recent congressional analysis of 2012 Census data. That’s $11,000 less than men the same age, whose annual income is about $27,612, she points out.

Why are women challenged in this way? Wu cites five main reasons:

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Press Release: Spilling the Beans About the Dark Side of Retirement

FOR IMMEDIATE RELEASE

Contact: Hope Katz Gibbs
Inkandescent Public Relations, www.InkandescentPR.com
703.346.6975 / hope@inkandescentpr.com

Washington, DC, June 30, 2014 — What does retirement look like to you? For many, the ideal imagery of this phase of life is exemplified by a distinguished gray-haired man and an attractive silver-haired woman walking hand in hand down a magnificent beach, enjoying the sunset while gazing lovingly into each other’s eyes. They don’t have a care in the world, and why should they? They are retired.

But is there a dark side of retirement that no one talks about? Howard R. Pressman, a CERTIFIED FINANCIAL PLANNER™ Practitioner with Egan, Berger & Weiner, LLC, says there is, and he’s willing to spill the beans about it.

“Leaving the workforce can provoke a profound sense of loss,” Pressman says. Despite the availability of safe and effective treatments, late-life mood disorders remain a large problem. Older adults make up 12 percent of the US population, but account for 18 percent of all suicide deaths, according to the American Association for Marriage and Family Therapy. This is an alarming statistic, as the elderly are the fastest growing segment of the population, making the issue of later-life suicide a major public-health priority.

Pressman cites disturbing trends from the Substance Abuse and Mental Health Services Administration as well:

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In the News: "Let's Talk Live" Interviews Howard Pressman, Who Talks About "The Dark Side of Retirement"

May 23, 2014, Let’s Talk Live/News Channel 8 — What does retirement look like to you? “To hear the financial services industry tell it, retirement looks like a distinguished gray-haired man and an attractive silver-haired woman walking hand in hand down a magnificent beach, enjoying the sunset while gazing lovingly and contentedly into each other’s eyes,” says Certified Financial Planner Howard Pressman of Egan, Berger & Weiner LLC. “They don’t have a care in the world, and why should they? They are retired.”

But is there a dark side of retirement that no one talks about? Yes, believes Pressman, who shares statistics and suggestions with reporter Sonya Gavankar on today’s episode of Let’s Talk Live!

Click here to watch.

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Press Release: How Do You Know When You Are Rich Enough?

FOR IMMEDIATE RELEASE

Contact: Hope Katz Gibbs
Inkandescent Public Relations, www.InkandescentPR.com
703.346.6975 / hope@inkandescentpr.com

Washington DC, May 1, 2014 — When do you know when you are rich enough? “That’s the million-dollar question,” says Sheldon Weiner, a founding partner at the Northern VA financial services firm Egan, Berger & Weiner, LLC.

Weiner explains: The Oxford Club, a private, international network of investors and entrepreneurs, has a singular mission: To grow and protect the wealth of its members. So I love that its chief investment strategist, Alexander Green, is famous for asking the question that I often hear my clients ask: When are you rich enough?”

Stop reading this press release for a minute and ponder this question for yourself. Pull out a pad and pen, or type on your favorite electronic device the three things that would make you feel rich enough. For Weiner, the three responses are:

  • When you are in good health,
  • When you have a great family and close friends, and
  • When you enjoy many interests.

“While some are convinced that a person’s wealth can be determined only by their income, I would argue that you determine your level of wealth by looking at a balance sheet of your life—not just an income statement,” he insists. “And if having a lot of money is important to you, then pay attention to you net worth. I believe that it is a far better measure of how rich you are than annual income, though a high income certainly helps.”

How can you assess your situation?

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Egan, Berger & Weiner: Rich Man, Poor Man?

How do you know when you are “rich enough”?

That’s the topic Egan, Berger & Weiner partner Sheldon Weiner tackles in this issue of EBW Financial News.

“Stop reading this article for a minute, and ponder this question for yourself,” he suggests. “Pull out a pad and pen, or type on your favorite electronic device, the three things that would make you feel rich enough.”

You may be surprised to hear what’s on Weiner’s list. You also may be surprised to learn that you are wealthier than you think. Scroll down for all the details.

Also be sure to check out our sidebar article on “Savers vs. Spenders — Which one are you?”

An oldie but goodie, a 1996 tome by marketing professors Thomas J. Stanley and William D. Danko gives us a glimpse into the behavior of those they call UAWs (Under Accumulators of Wealth), and those who are PAWs (Prodigious Accumulators of Wealth). Which group do you fit into?

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Michael Egan Offers Tax Tips for 2013 on WUSA Channel 9

March 31, 2014, WUSA Channel 9 — Are you ready to file your 2013 taxes? Be sure you are getting all the credits you can, says CFP® Michael Egan. Don’t miss his appearance today on the noon news, WUSA Channel 9.

Click here to watch.

Seven Tips to Remember Before You File Your 2013 Taxes

Egan answers these questions:_

  1. What are the retirement plan contribution deadlines?
  2. I understand you can also deduct professional services fees. How much, and how does that work? Are there any limitations?
  3. Are Long-Term Care premiums tax deductible, provided that you purchased a “tax-qualified” plan?
  4. What about Capital Gains and 529 Plan contributions?
  5. How should we account for those on our tax filing?
  6. Also, same-sex married couples may now file a joint return. How does that work compared to previous years?
  7. If you have a foreign bank account, how should you handle that?

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Press Release: Is There a Millennial in Your Family? Here Are Three Smart Ways to Plan Ahead

FOR IMMEDIATE RELEASE

Contact: Hope Katz Gibbs
Inkandescent Public Relations, www.InkandescentPR.com
hope@inkandescentpr.com / 703.346.6975

Washington DC, March 1, 2014 — When it comes to planning ahead for the financial future of the Millennials in your family, the key is for parents—and their offspring—to know their goals and understand the options, says Certified Financial Planner Bryan Beatty, a partner at the Northern VA financial services firm Egan, Berger & Weiner, LLC.

Here are three ways to get started.

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Are You a Victim of Credit Fraud or Identity Theft? Sadly, It Could Be Your Fault!

February 1, 2014. Do you love Black Friday? You aren’t alone. Since the start of the Macy’s Thanksgiving Day Parade in 1924, the Friday after Thanksgiving has been known as the unofficial start to the holiday shopping season.

The “black” harks back to days when accounting records were kept by hand—red ink indicated a loss, black a profit.

Due to the sluggish economy in recent years, this shopping day has become increasingly important to the retail industry.

While this year’s massive hacking scandal at Target, which compromised more than 40 million customers, may not have resulted in us shopping less on Nov. 29 and in the weeks that followed—it has increased our awareness about credit protection. In fact, experts believe Target experienced one of about 600 publicly disclosed data breaches in 2013.

The good news is that there are several things you can do to protect against a breach.

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Bryan Beatty Featured on WUSA Channel 9

January 16, 2014, WUSA Channel 9 — Are you ready to get your financial house in order? Don’t miss Bryan Beatty’s tips, featured on the noon news today on WUSA Channel 9.

Click here to watch.

And click “Read More” for Beatty’s “5 Things to Do to Smartly Plan Ahead for Retirement in 2014.”

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Certified Financial Planner Bryan Beatty Featured in Article: "7 Smart Ways to Work With Next-Gen Clients"

Jan. 1, FinancialPlanning.com — “Planning for a child’s education is a common goal for advisory clients. But beyond ensuring that a family can cover increasingly expensive college costs, how else can advisors aid their clients’ offspring?” writes reporter Joseph Lisanti.

“Some parents look to a trusted planner to teach younger children about money; others want help for adult children. Advisors, meanwhile, are often eager to develop new relationships with clients’ kids to keep oversight of family assets after a parent’s death.”

In this article he interviews CFP Bryan Beatty, a partner at the Northern VA firm Egan, Berger & Weiner, LLC.

Beatty explains: “Planners must also understand family dynamics, and it’s a very delicate thing. You have to tread lightly and know when you can push and when you can’t. So planners approach the question of helping the next generation in a variety of ways.”

Here are some ideas that can work in your practice.

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What are the Four Most Dangerous Words? Certified Financial Planner Howard Pressman Explains

December 23, 2013, News Channel 8 — Certified Financial Planner Howard Pressman had a college professor who made a big impact when he explained the four most dangerous words when it comes to planning for retirement: “This time it’s different.”

“As investors, it’s important to keep our eyes on our goals,” Pressman explains. “If your goals are one year away or two years away, you would be right to be concerned about what’s going on today. You also shouldn’t have money set aside for this goal invested in volatile investments. On the other hand, if your goals are 10 or more years away, don’t be intimidated by today’s “earth shattering” headlines, and don’t make long-term decisions based on short-term events. It’s really not that different at all—it’s just more recent.”

He shared more of this thoughts with Let’s Talk Live reporter Angela Stribling. Click here to watch the segment. For more information on Pressman’s insights, click here.

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Back to School Night 2013: A Grand Celebration

Back to School Night 2013 was another huge success for the financial services firm Egan, Berger & Weiner, LLC.

The partners wanted to capture the event on film! Click to watch this year’s 4-minute video.

And click to read more to view some spectacular moments of the evening.

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Egan Berger & Weiner Knowledge University: Global Demographic Trends 2014 and Beyond

November 25, 2013 — What do you need to know about Global Demographic Trends?

In this video, produced by the financial services firm Egan, Berger & Weiner LLC, president of the ACC Family — *Jim Lindsay* — offers insights.

Click here to watch this engaging hour-long seminar.

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Carmen Wu Helps Us Plan Ahead for College on Channel 8's Let's Talk Live

November 25, 2013, News Channel 8 — Are you worried about paying for college?* Financial Advisor Carmen Wu gives you food for thought with these four questions that she answers on today’s episode of Let’s Talk Live:

1. How does an American Family successfully address the challenges of saving for all of their financial needs — raising a family, educating their children and retire successfully?

2. How much do you recommend that a family save each year to afford college for one child? (Please show slide called “The growing cost of a college education.”)

3. How early should parents start savings?

4. What are the best options to save for college?

Don’t miss a moment!

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Sheldon Weiner Explains The Do's and Don'ts For Taking Money Out of Your Retirement Accounts

October 18, 2013 — When it comes to taking money out of your retirement accounts, what are your options?

Is there a problem taking company stock, or is it better to take a lump sum distribution?

Is it a good idea to invest in a Roth IRA?

And, should a traditional IRA may be a better choice? If so, why?

Financial Advisor Sheldon Weiner answers to these questions on the Oct. 18 episode of News Channel 8’s Let’s Talk Live. Don’t miss it.

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IRAs 101: Certified Financial Planner Michael Egan Gives Us Insight Into Saving for Retirement

September 10, 2013 — In this episode of Let’s Talk Live, Certified Financial Planner MIchael Egan talks with News Channel 8 reporter Sonya Gavankar about:

  • What are the different types of IRAs?
  • What are the contribution limits for 2013?
  • Are beneficiary designations that important?
  • What are the distribution rules?

Click here for his important insights.

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Bryan Beatty Offers Insights on the Future of Volatility in the Financial Markets

August 15, 2013 — Since Federal Reserve Chairman Ben Bernanke announced the Fed’s intention to taper the bond-buying program, know as quantitative easing (QE), the bond market has seen record flows out of all bond asset classes.No sector was spared.

What is happening?

In this episode of Let’s Talk Live, Certified Financial Planner Bryan Beatty talks with reporter Sonya Gavankar about:

1. Why would rising rates cause a more volatile market?
2. What is the real world impact of rising rates?
3. How can you protect yourself against increased volatility?
4. Is there a silver lining reason to embrace this kind of volatility?

Don’t miss their interesting conversation!

For more details on this important topic, click here to read Bryan’s column in the August 2013 issue of Be Inkandescent magazine.

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Investment News interviews InkandescentPR client Bryan Beatty on "Advisers lean toward Yellen for Fed post over Summers"

Aug. 3, Investment News — “As the Federal Reserve winds down the massive bond-buying program that has kept interest rates low for years, its next chairman will have to excel in people skills, making Janet Yellen the best choice, according to investment advisers,” explains legislation and regulations reporter Mark Schoeff Jr., in today’s issue of Investment News.

For insights, he interviewed Bryan Beatty, a partner at Egan Berger & Weiner LLC.

Although he predicts that the Obama administration will want a “dovish” Fed chair, Beatty wants the next leader to raise interest rates.

“What we need more than anything is healthy savings — real money at the banks,” Beatty said. “It would be very beneficial for spending in our economy if [savers] got a little interest on their money and not have to risk it so much. [The Fed] is fixated on the asset side rather than the disposable-income side.”

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The Future of Long-Term Insurance: Dave Beck Shares Insights on Let's Talk Live!

July 19, 2013 — What is long term care insurance and what does it cover?

Does everyone need long term care insurance and will the new healthcare law have any impact on long term care?

And, what is a partnership policy and should that be important to every aging American?

Those are some of the questions that insurance expert Dave Beck answered when he was interviewed by reporter Sonya Gavankar on the July 19 episode of Let’s Talk Live!

“Dave is a partner at Egan, Berger & Weiner LLC in Northern VA, has decades of experience working in the insurance and financial advising industry,” Gavankar told the audience. “He and the other partners at EBW always make understanding retirement-related issues easier to understand.”

Click here to watch the entire interview.

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Press Release: What is the Future of Long-Term-Care Insurance? Dave Beck Explains.

If you have read anything about long–term-care insurance, you know that rates are increasing, and more insurance companies are withdrawing from the marketplace. Here are the questions you should be asking.

Washington DC, July 1, 2013 — “If you have read anything about long–term-care insurance, you know that rates are increasing, and more insurance companies are withdrawing from the marketplace,” writes insurance expert Dave Beck in the July 2013 issue of “Be Inkandescent magazine.

A partner at Egan, Berger & Weiner LLC, Beck says there are three questions worth asking:

  1. Why are rate increases occurring? Will they continue to go up?
  2. What will The Affordable Care Act mean to long-term-care plans?
  3. What is the future of the long-term-care insurance industry?

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Howard Pressman On Bonds: How to be Safe vs. Sorry

June 21, 2013 — The Bond Issue. We all know it’s an option to buy bonds vs. stocks—but what is the best investment?

“Since 2007, investors have poured almost $1.4 trillion dollars into bond funds; I presume this was done in an attempt to be safe,” says Howard Pressman, a Certified Financial Planner at Egan, Berger & Weiner, LLC. “But are these investors truly safe, or will they be sorry?”

In this interview on Let’s Talk Live, Pressman explains to reporter Sonya Gavankar:

1. What investors have done differently since the market fall in 2008.
2. If there are dangers in this type of behavior.
3. If you can lose money in bonds, what a better approach might be.
4. How investors can protect themselves.

Don’t miss a single minute of this informative interview! Click here to watch.

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Insurance Expert Dave Beck featured in Bankrate article, "How dangerous hobbies can affect life insurance rates"

June 14, 2013, Bankrate — Reporter Rachel Hartman writes, “Jumping out of planes, scuba diving, and deep sea fishing can lead to more than weekend thrills. They may also affect what you’ll pay when you take out a life insurance policy.”

In this article for Bankrate, she interviews Egan, Berger & Weiner partner and insurance expert Dave Beck about how to buy life insurance if you participate in a dangerous hobby.

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Making Medicare Work for You: Michael Egan Offers Insight

April 19, 2013 — When Financial Planner MIchael Egan appeared on today’s episode of Let’s Talk Live! today on News Channel 8, reporter Sonya Gavankar asked him to explain:

1. What is Medicare? Explain the different parts.
2. Is there a deadline for an individual to enroll in Medicare coverage?
3. Is Medicare the only coverage an individual needs?
4. If you have Medicare and supplemental coverage, then you are fully covered, right?
5. How do you enroll for Medicare?

Egan impressed the audience and producers with his expertise and ability to explain the complicated concepts. Click here to watch this interesting episode!

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Sheldon Weiner Answers the Question: Do you need Guaranteed Income in Retirement?

March 29, 2013 — Egan, Berger & Weiner partner Sheldon Weiner, Let’s Talk Live reporter Sonya Gavankar picks the brain of the financial adviser to find out if we really need guaranteed income in retirement.

Weiner offers insight into:

  1. How important is guaranteed income in retirement?
  2. What exactly are your sources of income in retirement?
  3. What do you mean by withdrawal rates?
  4. At Egan, Berger & Weiner, how do you structure your retirement income?

Click here to watch this 5-minute interview.

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In the News: Sheldon Weiner featured in the Wall Street Journal: "Utilizing a Client's Only Major Asset"

March 5, 2013, Wall Street Journal — Sheldon Weiner is featured in today’s issue of The Wall Street Journal, in an article by reporter Niki Reading entitled, “Utilizing a Client’s Only Major Asset.”

The 65-year-old woman had recently lost her husband, and a significant chunk of her monthly income. The husband’s pension didn’t include survivor benefits, and the widow’s own Social Security and pension benefits provided just $2,000 in monthly income—far less than her $4,000 in monthly expenses. With only $35,000 in a bank account and a $25,000 annuity, she was on pace to run out of money before she turned 80.

“She certainly didn’t have enough to last a normal lifetime, and she recognized that,” says Sheldon Weiner, a fee-based financial planner at Egan, Berger & Weiner in Vienna, Va., which manages $300 million for about 400 clients.

When she was referred to Mr. Weiner by a friend, the woman told the adviser that her accountant recommended selling her only remaining significant asset: A piece of vacant farmland her husband had bought in the 1950s.

There were two problems with that plan.

Click here to read the entire article.

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March 2013: Empower Your Future—Think "Guaranteed Income" Rather Than Just Saving

By Sheldon Weiner
Financial Advisor/Partner
Egan, Berger & Weiner, LLC

“Money does not guarantee success,” insists Portuguese football manager José Mourinho.

But how important is guaranteed income in retirement? For most people planning ahead for retirement, guaranteed income makes them feel safer. They want to ensure they don’t run out of money before the end of their life.

The amount you’ll need differs from person to person, but industry standards suggest that approximately 35 percent to 40 percent of your current income should be the goal.

So how do you generate guaranteed income?

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In the News: Sheldon Weiner featured in cover story of Research magazine

March 2013, Research magazine — Egan, Berger & Weiner founding partner Sheldon Weiner is featured in this month’s issue of Research magazine in an article entitled, “Stocks: A Hard Sell.”

This cover story of the publication, written by Ellen Uzelac, explains that client enthusiasm for equities has evaporated. How are advisors responding?

Sheldon Weiner said: “Stocks have been a hard sell, but they shouldn’t be. They run in cycles and they have for several hundred years. Back in 2002 or so, Warren Buffett was asked by a reporter, ‘Who in their right mind would put money in the stock market right now? His answer was ‘the millionaire of tomorrow.’ That hasn’t changed.”

Click here to read the entire article.

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Bryan Beatty on Inflation: How Does It Impact Your Retirement Plan?

February 22, 2013 — On the Feb. 22 episode of “Let’s Talk Live!,” financial planner Bryan Beatty talks about the complicated topic of inflation with reporter Sonya Gavankar.

An expert on the topic, Beatty clarified some of the more confusing details of what inflation is, and how it applies to a retirement plan.

Beatty shared the nitty-gritty with Gavankar, who asked:

  1. First, the concept of inflation is something that most people think they understand, but on deeper investigation may not necessarily. Can you explain how inflation works in a way that is easy to understand?
  2. What causes inflation?
  3. Is this a win-lose situation? Specifically, who wins when inflation is high, and who loses? Conversely, who wins and loses when inflation is low?
  4. Now, the million-dollar question: In a retirement plan, why is inflation expectation important?

Click here to watch the entire episode on Let’s Talk Live!.

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February 2013: The Do’s and Don’ts of Relocation in Retirement

By Michael Egan, CFP®
CERTIFIED FINANCIAL PLANNER™
Partner, Egan, Berger & Weiner, LLC

Many of our clients will end up relocating in retirement. Some of them will move locally and others will leave the state.

There are many important factors to consider before making a move.

Below are do’s and don’ts to help you decide what’s best for you:

What to Consider:

  • Location (location, location). Proximity to family and friends is critical as you age and need more help with day-to-day activities. If you can’t or don’t want to live near family, at least choose a home near a major airport. That way, if family members do need to visit, they will be able to get to you easily—and back home.
  • Proximity to good medical care. Also, a short drive or walk to a supermarket is one of the top things retirees say is important to them. A great website to determine the walkability of your potential neighborhood is www.walkscore.com. Getting “away from it all” may sound great, but it isn’t always the best idea, especially as we get older.
  • Resale value. You never know when something is going to happen that will make you need to move again. Sometimes the death of a spouse or significant other triggers the move. Sometimes it is health issues. Sometimes it is the needs of other family members. But it happens more frequently than you may think. Make an unexpected move easier on yourself by choosing initial retirement housing that will sell quickly.

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Sheldon Weiner Asks: Will You Run Out of Money Before You Run Out of Life?

January 4, 2013 — Egan, Berger & Weiner founding partner Sheldon Weiner knows that since 2008, it has been tough for people to feel confident about their retirement savings. To make matters more complicated, many people are behind in their retirement planning. So what can you do?

In this episode of “Let’s Talk Live!,” Weiner explains:

  • Why statistics show that it truly has gotten tougher to save for retirement.
  • Why so many people are behind in their retirement planning.
  • Tips to help us reach retirement with peace of mind.

Click here to view Weiner’s interview.

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January 2013: Deciding When to Retire: Timing Is Critical

By Bryan Beatty, CFP®
Certified Financial Planner™
Partner, Egan, Berger & Weiner, LLC

Deciding when to retire may not be one decision, but a series of decisions and calculations.

For example, you’ll need to estimate not only your anticipated expenses, but also what sources of retirement income you’ll have and how long you’ll need your retirement savings to last.

You’ll need to take into account your life expectancy and health as well as when you want to start receiving Social Security or pension benefits, and when you’ll start to tap your retirement savings.

Each of these factors may affect the others as part of an overall retirement income plan.

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December 2012: How Not to Be Your Own Worst Enemy

Review by Bryan Beatty
Partner
Egan, Berger & Weiner, LLC

How Not to Be Your Own Worst Enemy
A book by James Montier
Publisher: Wiley

In this insightful book by behavioral finance expert James Montier, we learn that bias, emotion, and overconfidence are just three of the behavioral traits that can lead investors to potentially lose money, or achieve lower returns.

Instead, he encourages readers to focus on “behavioral finance,” which recognizes that there is a psychological element to all investor decision-making—and it can help you overcome obstacles.

This academic, psychological approach to investing is what drew me to this book—a gift from a friend that I read in earnest earlier this month. Montier’s “Little Book of Behavioral Investing” takes us through some of the most important behavioral challenges faced by investors.

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Michael Egan Answers the Question: Is Social Security Going Broke?

November 30, 2012 — Certified Financial Planner™ professional Michael Egan is an expert in traversing the Social Security system in helping his clients plan ahead for retirement.

In this episode of “Let’s Talk Live!,” Egan explains:

  • Social Security is not going bankrupt. Here’s why.
  • You can actually be eligible for up to three different benefits during your lifetime. What are these?
  • You know that most people think Social Security checks really do not mean that much. But Egan insists that’s not true. In fact, they have two big benefits. What are they?
  • Since Social Security is a complicated system, it requires a significant amount of planning before you file for benefits. What are some filing tips?

Click here to view Egan’s interview.

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IN THE NEWS: Bryan Beatty Featured in the Wall Street Journal

November 8, 2012, Wall Street Journal — In today’s Wall Street Journal, financial advisor Bryan Beatty talks about the Dangers of High-Yield Investments.

“The Federal Reserve is keeping short-term interest rates at near zero levels and very few foreign central banks have interest rates much above 1%,” he explains. “Finding themselves in a challenging environment in which to derive income from their stocks and bonds, many retirees think they’ve found a solution in the form of high-yield investments such as real-estate investment trusts. But they’ve actually taken on a lot more risk than they realize.”

Click here to read the entire article in the Wall Street Journal.

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Bryan Beatty Explains: If You Are Self-Employed, How Much Should You Be Saving for Retirement?

November 21, 2012 — Certified Financial Planner™ professional Bryan Beatty, CFP®, a partner at the Northern Virginia firm Egan, Berger & Weiner, LLC, stars in this segment on News Channel 8’s “Let’s Talk Live” show.

In this episode, Bryan Beatty explains:

  • If you are self-employed, is there something special you need to do to save for retirement—especially in a way that offers tax advantages?
  • Whether you are self-employed or not, exactly how easy or difficult is it to set up or maintain a retirement plan?
  • What is the difference between a traditional IRA and a Roth IRA? And are there any other retirement plans that self-employed people should be aware of?
  • Exactly how much does the average person really need to save for retirement?

Click here to view Beatty’s interview.

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November 2012: Retirement with Love—How Investment Returns Affect Your Retirement

By Howard Pressman, CFP®
Certified Financial Planner™
Egan, Berger & Weiner

Picture this: James Bond, aided by a drop-dead-gorgeous nuclear physicist with a name that doesn’t even vaguely hide its sexual innuendo, is trying to disarm a bomb hidden under the Queen’s throne.

The bomb has a digital display, and James must enter the disarming code exactly as he read it when it was left unattended on the villain’s desk during the “I’m Gonna Blow-Up the World” masquerade ball.

If he gets the sequence wrong, he’s going to blow the Queen (and himself) to kingdom come.

If he gets it right, he hops a little dingy and spends six blissful days on the ocean with Ms. Nuclear Physicist. Drawing down your retirement savings is very similar—if the sequence doesn’t go just right, it’s possible that the whole thing could blow up in your face.

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IN THE NEWS: Bryan Beatty Featured on Video News Show, Business Battery Pack

October 5, 2012, BusinessBatteryPack.com — “When you run your own business, you are a master juggler,” financial advisor Bryan Beatty told the hosts of BusinessBatteryPack.com today.

He advised listeners how proper retirement planning can enhance your business,
how to become more confident and manage the daily risks that are essential to your growth, how a sound financial plan can attract more quality employees.

“The keys to creating a retirement plan without depending on Social Security,” Beatty insisted.

For more tips from Beatty on “How to Free Yourself from the Social (in)Security Trap and Secure Your Retirement,” click here.

For more information about this video news show for entrepreneurs, visit businessbatterypack.com.

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October 2012: Do Women Really Invest Differently Than Men?

By Carmen Martinez
Financial Adviser
Egan, Berger & Weiner, LLC

Do men and women invest differently?

Books, research, and independent studies have concluded—yes, women do invest differently than their male counterparts. And, in many cases, it leads to greater earnings, especially in the long-term.

As a financial adviser, having observed the investment behavior on Wall Street for more than 25 years, I must say that I concur.

So, what exactly is the difference in the male and female approach?

The reasons are varied, as you’ll see below. But, studies show:

  • Women tend to have conservative attitudes toward risk-taking and demonstrate a steady temperament to their investment strategy.
  • Men, on the other hand, typically are overconfident and demonstrate unsteady temperament to their investment strategy.

Let’s take a look at how these differences have developed.

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September 2012: Will You Run Out of Money Before You Run Out of Life?

By Sheldon Weiner
Financial Advisor/Partner
Egan, Berger & Weiner, LLC

If you are concerned that during your retirement years your money will run out, you are not alone.

Surveys suggest that more than 67 percent of Americans are worried about not having enough money for retirement, according to seniorsite.com, and of those, 61 percent fear outliving their money more than they fear death.1

Here’s why:

1. Pensions and Social Security checks used to be the main funding for retirement. Now, people have to rely more on their personal assets to fund retirement to ensure that their income lasts as long as they do. With an average life expectancy of 78 ½ years, we now live more than a decade longer than we did in 1950, yet retirement age has increased just two years—to age 67.2

2. The US Census Bureau reports that more than 50 percent of Americans anticipate working through retirement due to financial and healthcare needs. In 2008 roughly 33 million Americans were between the ages 55 and 64, and that number is expected to reach 43 million by 2020.

3. Asked about expected sources of income in retirement, 94 percent of Baby Boomers say they expect Social Security to be a major part of their income. They also thought pension plans (46%) and 401K-type plans (43%) would also pay a major part in their retirement income.6 However, 30 percent indicated they expect some of their retirement income to come from part-time work. Respondents expected only 9 percent to come from inheritances, and 11 percent from other sources.3

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IN THE NEWS: Financial Planner Bryan Beatty Featured in Financial Planning Magazine Article, "Girding for Inflation"

Aug. 1, 2012, financialplanning.com — “Experts disagree about whether the economy is in an inflationary cycle, but advisors can offer clients ways to brace for it,” writes reporter Joseph Lisanti in today’s issue of Financial-Planning.com.

Financial planner Bryan Beatty of Egan, Berger & Weiner, LLC in Vienna VA, says commodities are widely seen as an economic canary in a coal mine.

“The very first place inflation always shows up is in commodities,” says Beatty. “But they aren’t a panacea for inflation, he adds. When prices rise so high that they choke the economy, commodity bull markets can end abruptly. They can easily collapse if that inflation causes a recession.

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August 2012: The Future of Social Security—It's Better Than You Think

By Michael Egan, CFP®
Certified Financial Planner™
Partner, Egan, Berger & Weiner

Since Social Security is a complicated system, it requires a significant amount of planning before you file for benefits. I have spent years studying how it works so that I can best help my clients plan and prepare a proper strategy.

Click inside for some key points to remember when you are planning your own Social Security strategy. Keep in mind that you should always integrate your Social Security strategy into your overall financial plan. Do not assume that the Social Security office will have all the answers to your questions;, be sure to educate yourself.

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Bryan Beatty on David Borchard's "Joy of Retirement"

Review by Bryan Beatty
Partner, Egan, Berger & Weiner, LLC
Columnist, Be Inkandescent Magazine

They say 50 is the new 40, and odds are good that if you are now in this second half of life, 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.

That’s why I thoroughly enjoyed psychologist David Borchard’s book, “The Joy of Retirement: Finding Happiness, Freedom, and the Life You’ve Always Wanted.”

For the last three decades, Borchard has helped adults rejuvenate their careers and lives, and find fulfillment and meaning as older adults. And although the financial side of retirement and aging is different from the physiological side, it is clearly equally as important.

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Don't Let Working for Yourself and Saving for Retirement Be a Non Sequitur

By Bryan Beatty, CFP®
Certified Financial Planner™
Partner, Egan, Berger & Weiner LLC

When you run your own business, you are a master juggler—someone who as business guru Michael Gerber says succeeds most quickly when he or she works on their business, not in their business.

Too often, however, business owners get so overwhelmed with growing their organization 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?

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BE INKANDESCENT MAGAZINE: 5 Ways to Save for a Happy Retirement

By Bryan Beatty, CFP®
Certified Financial Planner™
Partner, Egan, Berger & Weiner LLC

5 Tips for Retirement Success

1. Understand the risks of longevity and aging.

Part of any retirement plan should be to live a healthy and enjoyable life. However, living a long life presents a challenge you may not be fully aware of—longevity risk.

The fear of outliving ones assets is one of the highest fears expressed by today’s Baby Boomers. Today the average 64-year-old couple retiring has about than 20 percent chance of one of them living to be older than 95, according to the Single Life Expectancies Based on Annuity 2000 Mortality Table.

If we are going to live that long, we need to plan for our own long-term care, sometimes referred to eldercare. This is in addition to maintaining a nest egg for as long as 30 years while providing adequate income that increases with inflation.

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Bryan Beatty Featured In Northern Virginia magazine: "Dodd-Frank—Congress takes a closer look at how money men work with you."

May 25, 2011, Northern Virginia magazine — In her article, Dodd-Frank—Congress takes a closer look at how money men work with you, reporter Amanda Millward writes:

After the demise of the financial sector—stock market crash, Enron and Worldcom scandals, housing market collapse, Madoff Ponzi Scheme, ETC.—it’s no wonder that the public is skeptical about entrusting their money to industry representatives. Many don’t understand the different roles financial professionals can play, or the amount of education they should have. It’s important for consumers to know as much as possible about their financial planners and how they work. And while the average person does a bit of homework, congress is working to ensure anyone who dubs him/herself as a financial pro is putting the consumers’ best interests first.

They were watched, but were they watched close enough? She asked financial planner Bryan Beatty to weigh in.

Beatty said: “They haven’t done any real work on the regulations to sort of control any behavior to [the] client adviser since the 1940 Act. [The Dodd-Frank Wall Street Reform and Consumer Protection Act] is going to change the industry.”

That’s not all! Click here to read the entire article.

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