What is the true cost of parenthood? While many people dream of expanding their family, it is important that aspiring parents fully understand the price tag on things like giving birth, childcare, education, adoption and IVF. Modearn™ advisors Beau Wirick and Stacey McKinnon discuss family planning, how personal this process is, and the importance of being aware of these costs.
Here are some key takeaways from their conversation:
- The average cost of raising a child in the U.S. is approximately $325,000, or $1,500 per month, accounting for necessities like housing, healthcare, food, and transportation. Depending on location and circumstance, this number could be much higher.
- Stacey shares that in California, public adoption costs $20,000 with no guarantee of being matched with a child.
- According to many online resources, IVF costs $15,000 to $20,000. However, if you add up injections, procedures, and appointments, it is closer to $30,000 for one IVF cycle and $10,000 for each time after that. Oftentimes, health insurance does not cover IVF.
- Stacey recommends using an HSA for medical expenses to gain a tax advantage.
- Beau and Stacey emphasize that it is okay to make your own decisions about family planning. Try your best to avoid falling into the pressure of what others expect from you, and make decisions that feel right for you. If you cannot have kids or decide not to have kids, there are other ways to give back to the world and fill your life with joy.
