Mick Jagger faces money matters for older parents at 72

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Mick Jagger Expecting Eighth Child
Mick Jagger Expecting Eighth Child



Mick Jagger is set to become a father for the eighth time at the age of 72. It's perhaps one of the more striking examples of a trend that has seen parents having their children later and later - so that nowadays there are more babies born to mothers over the age of 35 than there are to those under 25.

The advantages

There are some real financial benefits in having your children further down the line. In many cases parents can get to a stage in their career where they can afford to take time off to spend with their family, without the fear that it will stop them progressing in their career.

In Jagger's case, most men his age would be securely drawing a pension, so can have as much time with their new baby as they want.

They are also likely to have bought their first property, so aren't trying to juggle the pressures of saving for a deposit and buying a house, with the additional and conflicting pressure of affording a baby.

Considerations

However, there are five issues that it's important to get your head around before you start a family later in life.

1. You may struggle to move up the property ladder

When your family grows, for the first few years people tend to get by without having to move, but when the kids reach school age, that two-bedroom flat may not cut the mustard. Parents in their 30s are likely to have fewer problems remortgaging. However, anyone much over 40 may struggle to borrow. They may be limited to a 20-year mortgage, because banks don't like lending to retirees, and this may stretch affordability.

2. You may create debts you'll need to deal with

The first years of any baby's life are inordinately expensive. There's an awful lot to buy, and when you factor time off work or childcare into the bargain, it's easy to see why so many new parents run up debts. If you do this in your 20s and 30s, you at least have the time to pay this off before retirement age, but if you're racking up these debts in your 40s and 50s, you need to have a sensible plan for paying them off.

3. You may need to retire later

If you have children in your mid-forties, you'll be hitting traditional retirement age around the time they go through the most expensive years of their lives. If they want to go to university, you may end up working longer, in order to help pay for their studies.

Even once they leave home, you may need a few years in work in order to build up your savings. It's important to factor this into your plans, so it doesn't come as a shock that you'll be working until your late 60s or even your 70s.

4. Your life insurance will be more expensive

Life insurance gets more expensive as you get older. It still remains one of the best value insurances, and is vitally important for you to have peace of mind that your children will have a financial safety net if you were to pass away. It's essential that older parents don't let themselves be put off by the higher price of cover.

5. The grandparents may not be able to help

Those who have children in their 20s and 30s are far more likely to be able to call on their young parents to help, and those who persuade the grandparents to care for their offspring for one or two days a week can see an enormous difference in their childcare bills - and therefore their overall budgets. Those who wait until their late 40s or 50s are less likely to be able to call on more elderly grandparents for such hands-on help.

Of course, if you leave things as late as Mick Jagger, you are likely to be retired, so you don't need to worry about childcare. All you need then is an enormous pension income to pay for the huge costs associated with bringing up children. This final stumbling block is presumably why having children in your 70s tends to be the preserve of rock stars and film icons.

But what do you think? Do the financial benefits of being an older parent outweigh the costs? Let us know in the comments.

Mick Jagger To Have 8th Child
Mick Jagger To Have 8th Child


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