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As per my knowledge/understanding:

Sikhism doesn't believe in afterlife.

1. If you attain Supreme God, when you die, your soul will merge back into God (like a wave goes back into the sea and there is no wave anymore only sea) [But the blessed ones are those who have rememberd Krishna whole thier life and even in their last breath they will go to KRISHNA World or Baikunth forever from where they will not have to come back to this earth again by taking birth.]
2. If you are not lucky enough to get the above and have done good(selfless) deeds/actions (karma) in your life. you will be born again, but you will have a good/happy life e.g. good parents etc. and you get a chance again to do Number 1 again.
3. you have done bad actions in life, your kids/family might suffer because of your bad actions ( vice-versa isn't true) and you are born again but in miserable conditions because of the bad actions in your previous life. ( This is aftelife hell in other religions)