Securing Your Family's Future: Prioritizing Financial Security for New Parents

On this week's episode, Warren Ingram answers your questions around financial priorities for new parents. A new mom seeks advice on choosing between buying a retirement annuity (RA), life cover, or medical aid, tune in and learn about risk management protection, insurance and more.

Takeaways

Prioritize risk management and protection before focusing on long-term savings.Get medical aid first to cover potential medical costs for yourself and your baby.Shop around and compare quotes from different providers for medical aid and insurance.Consider life and disability insurance to protect your child in the event of your death or inability to work.Once insurance is in place, consider long-term retirement savings options like a retirement annuity and tax-free savings account.Ask friends and family to contribute to a tax-free savings account for your child as a gift.

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