SHOULD YOU HAVE A BABY AFTER RETIREMENT ?

SHOULD YOU HAVE A BABY AFTER RETIREMENT ?

By Emmanuel Kilwana 25 January 2020

During my career as financial advisor, I have had this question from my clients whether it’s okay to have a baby after retirement. The answer has been no in most cases. The lump sum from social security fund tends to excite a lot of retirees. It creates demand for luxuries and investment anxieties. In most cases retirees require the services of experienced advisors to help them on the retirement investment. Unfortunately some retirees depend on the advice of friends and family member’s .this has made them prone to get rich schemes where they have lost a lot of money, this has led to poor quality life after their retirement.

According to Crets Financial services, a retirement investment advisory firm, Retirement planning has to be careful done which involves investment in mainly in three areas of Life insurance policies, stocks, and real estates and must be done by experienced advisors.

A recent study from the Center for Retirement Research at Boston College found that having children can put parents’ retirement at risk. Having a child is associated with 3% to 4% less wealth, the study said.A woman’s income drops more than a man’s when she becomes a parent,Parents who want to help pay for school may have to cut back on vacations and other discretionary spending,

How can parents make sure they can afford to retire?

Parents need to see what their own expenses will be and assess their finances if they’re concerned about the cost of having children.

The author is licensed financial advisor for prudential assurance Uganda and CEO crets group limited, he holds a bachelor’s degree in economics from Makerere University

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