Or so it is looking. In addition to an increase risk of schizophrenia and autism, children of older fathers typically have lower IQs, according to a report described in the NY Times.
According to Dr. Dolores Malaspina, a professor of psychiatry at New York University Medical Center, who has written studies on the risk of schizophrenia among children of older fathers as well as the lower nonverbal I.Q. scores found among teenagers with older fathers:
It turns out the optimal age for being a mother is the same as the optimal age for being a father. The fact that men can stay fertile longer is a different issue.
For the plethora of conditions that increase with paternal age including breast and prostate cancer and Alzheimer’s see the wikipedia page on the paternal age effect.