This is a harsher version of the proverb mentioned in the previous answer. Basically it describes older men (45-65) deciding that they missed something in life and starting to chase women (usually younger then themselves) as if there is no tomorrow (well, to be fair, there is not much of a tomorrow left for them).

I do not know of the equivalent proverb in Russian.

Marder gives a rather stronger translation for the phrase 'sedina v golovu, a bes v rebro'; an older source, Segal, gives: 'the later love comes, the more it burns'. It will depend on the overall context

The original saying "grayness in [his] beard, devil in [his] balls" is a modern frivolous rephrasing of the Russian popular but rather obsolete "grayness in [his] beard, devil in [his] ribs". Since I am not aware of any English idiom close enough to this obviously made-up proverb, I made up my own equivalent reflecting desperate sexual urges of an aging male. Comment to [email protected]
Walter B.

I think no special explanation is needed. Just choose what suits your situation best.

Other possible versions: 1. He that loves glass without G, take away L and that's he. 2. A curst cur (or dog) must be tied short. 3. What a sugar-daddy! 4. A grey beard, but a lusty heart. 5.The older and greyer the beard, the sprightlier old Adam appeared.

The dictionary from which I have taken these proverbs and sayings also gives extensive examples of parallel texts from Russian classical literature with their translations.
It should be taken into account that you have a modification of the phrase into an "indecent" one ("ball" instead of "rib"). So, I think the strongest equivalent should be chosen, and even that might be appropriately modified, too.

it is from a dict of eng proverbs in modern use
no fool, like an old fool
is also given
these two are for седина в бороду, а бес в ребро