The best time for women to fall pregnant is between late 20s and early 30s, according to medical experts, but more women are opting to have babies in their 40s and 50s.
Among local and international household names who have become parents in later years are Hilary Swank, Naomi Campbell, Janet Jackson, Leleti Khumalo, Thembi Seete and Florence Masebe.
Medical experts suggest that there are some benefits in delaying motherhood, as many women choose to focus on building their careers, travelling and self-discovery.
However, to avoid a financial bottleneck Farzana Botha, a product specialist at Sanlam Savings, has compiled information that shows four factors to consider before having a child in later years.
“There may be very good reasons to postpone starting a family, but it’s also important to consider the potential financial implications when you make this call,” says Botha.
According to Botha, a person will need to create a balance between competing financial demands.
If you have children in your 50s, your children’s requirements for tertiary education may come at a time when you are thinking about retiring.
“Retirement savings should be your priority but saving for your child’s education should also happen according to plan. Working with an adviser can help you balance these priorities,” she explains.
She cautions, however, that one can also find themselves being part of the sandwich generation.
Many South Africans provide financial support for extended family members such as elderly parents, grandchildren and nieces or nephews.
To avoid this impacting your financial and emotional health, Botha stresses a need to factor in this future possibility into one’s financial planning.
She highlights the tragedy of an untimely and sudden death, saying if one passes away unexpectedly, their family may face financial hardships.
As you get older, health issues are more likely to surface, hence one should plan for their family’s future in case something drastic happens.
Botha advises mothers in their later years to also consider income protection, life insurance, as well as critical illness and disability cover.
She further advises that drafting a will is crucial, noting that it should include the appointment of guardians to look after the children, and cautions that your parents and siblings may be at an age where they will not be able to take over this role.
Botha also emphasises the preservation of retirement savings.
“Women sometimes take a few years off work to raise a family and may be tempted to cash in their retirement savings to cover extra costs,” she says.
Instead, Botha advises that retirement savings should rather be transferred to a preservation fund for growth.
“If you postpone parenthood for whatever reason, the most important factor to bear in mind is that your planning timelines will be different to those of people who have children at a younger age.
“It is essential to consult a professional financial planner who can help you draw up a personalised financial plan that will take your specific needs and circumstances into account.”
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