Can You Afford to Keep Pets in Retirement
Many seniors want to keep pets when they retire, which means additional costs which can place a significant drain on their nest egg. However, the prospect isn’t as simple as it seems. Oftentimes, keeping a dog or cat you obtained from the animal shelter, for example, is much more expensive than buying or adopting a pet of a better and hardier breed. A pedigreed dog can cost almost $40,000 over the average life span of 14 years, while a well-bred cat can set you back half that figure over the same time frame – a mixed-breed dog or cat will cost more than that.
Your choice of pet directly influences how much maintaining it costs. Although people may not want to fork out as much for a pet with a pedigree, they will pay upwards of a couple of thousand dollars for a trip to the vet. Consider that these costs can be compounded by other factors: kids who’ve moved out can move back in, or investments may not net the desired returns. This requires that the retiree’s attitude regarding what we now call luxuries – anything other than the bare essentials – should change. If you’re keeping a pet despite financial constraints, you need to specify each pet expense in your budget as you would other financial considerations.
It’s easy to say that you will make space in your budget to make way for the expenses of keeping a dog or cat in retirement. However, it’s much harder to determine how you’ll do it. If you’re working with a financial advisor or retirement planner, they’ll need to know exactly what you have in mind to project the impact your pets will have on your retirement funds. Your age, the health and estimated life span of your pet, and your overall finances are just some of the things that need to be studied to see where pet costs are in terms of your budget. It’s not as simple as putting dog food costs along with your own food costs – your pet will need a healthcare budget of sorts, as you do.
Keeping a pet during retirement may be much more than the average senior can afford. Discuss your pet plans with your friends, family, and financial planner to ensure that your dog or cat will fit into your financial future.
Puritan Financial Group has years of experience in dealing important financial decisions. Puritan Financial Group will listen to you and your loved ones and craft a custom financial solution that supports your life goals.
