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The Financial Realities Of Raising Twins

If you’ve spent any time in the checkout line of your local grocery stores, you’ve seen the tabloid hype over George and Amal Clooney. How the whirlwind romance unfolded between the two was not lost on the press. After just seven months of courtship, George, the perpetual Hollywood bachelor, proposed to the British human rights attorney. The two were married in September 2014.

Just after the celebrity heartthrob’s 55th birthday, more news started circulating about the couple – they are expecting their first baby. New reports indicate that “babies” is actually more accurate; Amal is carrying twins, and the two bundles of joy are expected in late June.

Being an older new dad isn’t as taboo as it used to be. George joins the roster with other big names like Mick Jagger, Luciano Pavarotti and Rupert Murdoch, all of whom became fathers at age 55 or older. Jagger, who just recently became a poppa, is, wait for it, 73.

Besides the physical demands of being a parent later in life, significant financial considerations come into play. Not only are you striving to keep up with a high-energy toddler, you find yourself striving to keep up with the costs of raising a new child. Multiply that times two and the expenses can be astronomical.

Look, we all know that having kids isn’t for the fiscal faint of heart. But how considerable are we talking? The federal government tallies that parents will spend about $406,300 raising twins. This number reflects normal costs associated with raising two wee ones until they turn 18. An important note about this figure – it doesn’t include college expenses. Add in those college bills and you could be looking at more than $500,000.

When older men become new dads, the costs have more of an impact on life structure than for their younger counterparts. New dads over the age of 50 often have to work longer, and retire later, in order to pay for college tuition and other expenses of child rearing later in life. When you add in the costs of having twins, the issue of cash flow is more pronounced. Instead of paying for large-ticket items years apart for multiple kids, you have to make one-time purchases times two and double down on saving for college.

So are the financial realities of having twin babies keeping George and Amal up at night? I highly doubt it. While a source of concern for many expecting parents, the Clooneys are positioned to raise their twins quite comfortably. Forget Costco bulk buying and Walmart rollbacks. The biggest consideration on this couple’s mind will be how to divvy time between their multiple homes in multiple countries. Recent reports pin megastar George’s net worth at $250 million. For his wife Amal, her net worth comes in at about $10 million. If anyone can absorb the financial strain of having twins, it’s the Clooneys.

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