Retirement planning and pet parenting seem like two entirely unrelated matters. However, pets are valuable additions to the family, especially once the children have grown and moved out of the house. Failing to account for them during retirement planning might lead to challenging decisions.
Healthcare costs and annual pet care expenses have been increasing for many Canadians in the past decade. Furthermore, upon looking at the financial plans of pre-retirees and retirees over the past 20 years, pet care seems to consume a large chunk of the budget.
One point to consider is to include pet care expenses in planning and creating budgets. Different categories – such as food, toys, grooming, and medical needs – should be used to track monthly expenses and cut costs on unnecessary items.
Another suggestion is to do some research before actually obtaining the pet. Comparing the average annual costs for small dogs, large dogs, cats and other pets could aid in choosing and deciding on what animal you want to bring home.
Animal shelters should also be considered when adopting. Aside from this being a humane way to adopt, a lot of money could be saved on microchips, vaccinations, spaying and even initial veterinarian exams.
Many pet owners tend to overfeed their pets. Keeping your pet healthy and maintaining its weight within the ideal range could go a long way in preventing medical issues and costly bills.
Pet insurance should also be considered. If you are willing to pay a large amount of money for illnesses and accidents then you have no worry, but if you cannot afford to do so, having insurance could help. Depending on the animal, breed, size, age and coverage, this can range from $10 to $40 monthly. Additionally, services like dental care, vaccinations and spaying can range from $20 to $40 monthly.
Research has proven that there are health benefits for owners when caring for these animals. More than that, pets are family. However, in reality, they also cost money – so it is important to include pet parenting when discussing retirement plans.