subscribe to our newsletter sign up
Planning for retirement with a family pet

Planning for retirement with a family pet

Association of Superannuation Funds of Australia, ASFA, Martin Fahy, pet ownership, doggo, pupper, pupperino, heckin retirement, retirement savings, retirement planning, wealth management, dog costs, cat costs, fish costs, bird costs, birb,

More than half of Australian households have a pet, but those planning to keep their animal friends in retirement will need to have a little extra saved away, according to the Association of Superannuation Funds of Australia.

While some pets, such as fish and birds, cost less than $200 per annum to care for, other animals such as cats and dogs can cost more than $1,000 a year, and Association of Superannuation Funds of Australia (ASFA) chief executive Martin Fahy says these costs need to be considered when planning for retirement.

“With the cost of a dog or cat being tens of thousands of dollars over its lifetime and in some cases much more, depending on diet, health issues and age, it’s worth checking your super calculations to make sure you have fully factored in your furry, feline, feathered or fishy friend,” Mr Fahy said.

“Many people would find it difficult to contemplate ditching the dog at retirement due to cost factors, but it does happen and it’s a tragedy for the pet and owner. Ideally, one’s retirement shouldn’t mean your pet’s untimely retirement from the household budget.”

Based on the expenses associated with housing, feeding, grooming and vet fees, ASFA estimates the additional sum needed at retirement to care for a dog would be around $34,500.

Keeping a cat would cost less, at an estimated $25,600, while budgies and fish require additional sums of $2,400 and $1,200 respectively.

“Many Australians would not consider their retirement as comfortable without their pet so boosting your super savings to cover pet costs can add to both your creature comforts,” Mr Fahy said.

 

Planning for retirement with a family pet
nestegg logo
Promoted Content
Recommended by Spike Native Network
Anonymous - A decline in cryptocurrency would even be beneficial for as money flows from one market to another.....
The Property Treasur... - Large amounts of this debt can never be repaid. Sell now or miss out forever.....
Dr Terry Dwyer, Dwye... - You don't need to go to Harvard and do a PhD in economics as I did to know that investors will likely cut and run in a rush to the exit. Pity the RBA.......
David Williams - So basically, the Reserve Bank is saying that the investment property market is an accident waiting to happen. Bring it on! First homebuyers have.......