People who own pets all of their lives often seek to own a pet during retirement. But even if you have no experience caring for pets whatsoever, you may decide to bring one into your world once your career comes to an end.
Owning a pet can have a lot of benefits in general. But it can be an especially good thing for retirees.
American Humane says that pet ownership can help retirees by reducing stress, alleviating loneliness, and generally improving quality of life. So if you can afford to care for a pet, you may want to adopt one as a retiree.
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But the question is, can you afford a pet as a retiree? Here's how to find out.
1. Map out a budget
Once you retire, you may move over to a fixed income that consists of withdrawals from savings and Social Security. And so in general, it's important to have a budget to follow so you can manage your income well. And it's especially important to make sure pet care can fit into that budget.
Your retirement budget should account for all of your recurring expenses, from housing to Medicare premiums to groceries, as well as allow for some non-recurring expenses, like the occasional car or home repair. Once you see how much income your basic bills take up, you should have a better sense of whether you can afford to own a pet.
2. Research pet ownership costs ahead of time
The cost of owning a pet can vary depending on factors that include the type of pet you bring home, its age, and its health. And even within these categories, there can be huge discrepancies. You might spend a lot more money to care for a dog of one breed over another, for example.
Research your costs thoroughly before making the commitment to a pet. You may, for example, decide to move forward with a smaller dog than a larger one because the cost of feeding it may be lower. Or, you may decide not to adopt a dog whose breed requires frequent expensive trips to the groomer.
3. Plan to get pet insurance
It's important to have homeowners insurance when you own property in case damage occurs. And it's important to have auto insurance in case you end up in an accident.
Similarly, if you're going to adopt a pet, it's a really good idea to put pet insurance in place. Unlike human health insurance, pet insurance generally will not pick up the tab for routine care for your animal. Rather, its purpose is to protect you from potentially catastrophic costs related to your pet, such as if they end up needing some type of surgery or expensive medical treatment.
When you're on a tight budget in retirement, a single pet emergency has the potential to lead to costly debt. So having insurance is extremely important.
Adopting a pet could make your retirement a more enjoyable experience. Just make sure you've run the numbers carefully so you don't end up with an expense on your hands that you truly can't afford.
