In an article published in 2021, it was found that nearly 70% of Americans age 50–59 have pets, 60% of 60–69 year-olds have pets, and just below 50% of those 70 and older have pets. You can ask any of us at AZTEC Financial about our pets, and we’ll gladly share stories and pictures of our own pets being adorable. But for those who haven’t considered pet ownership before, or who are on the fence whether or not a pet is right for them at this stage in life, there’s a lot of factors to consider. Owning a pet as an older adult comes with its own unique challenges and quirks, but it also has its own unique perks. Whether you decide to become a pet owner or not is a highly personal choice, but here are some pros and cons you can weigh to help you decide where you fall on the spectrum.
Perk One: Owning a pet can provide a sense of comfort, companionship, and lower levels of loneliness in pre-retirement and retirement age adults.
Quirk One: Pet owners may hesitate to go out for longer stretches of time due to concerns about who will watch their pet. In extreme cases, this can even lead to putting off getting needed health care in a timely manner, or missing out on spontaneous opportunities to be with friends or family.
Perk Two: Owning pets -and notably dogs- can provide a boost to an older adults’ social life. Walking a dog can provide an opportunity to be out in the community and to meet other dog enthusiasts. Similarly, owning a pet of any kind may give a person a built-in topic of conversation when meeting and connecting with people.
Quirk Two: Pets can be a large time commitment. Between cleaning, exercising, and vet visits, it can be more labor intensive than anticipated.
Perk Three: The number of different animals and species available means there’s plenty of different pets to fit many different circumstances and personality types. Pets like birds, rabbits, and small mammals and rodents can form strong bonds with their owners. Fish, though less affection-driven, can also grow to recognize their owners and display unique personalities.
Quirk Three: Many pets that might not seem ‘exotic’ technically fall under the umbrella, and not all vets are comfortable treating exotic animals. It can be difficult to find or travel to a vet that specializes in treating exotic animals, and even among exotic vets it’s important to confirm they’ll treat your animal type specifically.
Whether or not the benefits outweigh the drawbacks is subjective, and each persons answer will look a little different. That’s OK! There’s no right or wrong answer. Not everybody wants the same things out of their retirement. If you decide you don’t want a pet, or if you’d like a pet but are unable to care for one- you’re to be commended, because your choice is the most humane, responsible one for both parties.
If after consideration, you do want a pet, that’s wonderful too! You’re sure to have an exciting journey ahead finding the newest member of you family. Before you go to the nearest shelter, though, make sure you’re prepared for your new companion.
Some questions to ask yourself before you commit include:
• Have I done research into this specific type of pet? (Even different breeds of the same animal can have very different care needs!)
• Is the pet I’m looking at considered “exotic”?
• Do I have someone who could take this pet in if it should outlive me?
• If the animal had behavioral difficulties, would I still be able to care for it?
Planning for your pet is an important part of responsible pet care, but it can also impact your finances and even estate planning. Are you looking for advice on how to navigate these challenges? Here at AZTEC Financial Group, we can help you plan out what your finances can look like, and we’ll help you keep your ducks in a row when you’re settling in with your new companion!
Are you still looking for more advice on pets and finances? In our next post, we’ll go over some of the basic costs of common pets so you can get an idea of what to plan for. Come back in a few weeks to read it!