I was interviewed recently by Caitlin Nish of Dow Jones Newswires for a column on wedding planning entitled “Crunching Numbers As Wedding Bells Toll.”
Her executive summary captures the wisdom of the article:
- For a wedding, “whatever it costs” can turn out to be more than clients expect
- Some clients will need to delay retirement to pay for celebrations
- Set expectations before children enter into serious relationships, one adviser suggests
Here are two quotes from the article for those not inclined to read it in its entirety:
Couples are getting married at an older age these days, and this often means that weddings are occurring close to their parents’ retirement. With the average wedding now costing $26,501, according to Brides magazine, the event can take a significant chunk out of a client’s retirement savings. …
Marotta said he also encourages clients to think about what would provide their children with the most benefit.
“Unless you know that everyone is getting off to a good financial footing, it’s better to cut back on the wedding and increase the amount of money they’ll have by passing it on to them or giving it to them outright,” he said.
I’ve found with the right planning and perspective very nice weddings can come in under budget.