That's not chump change--a whopping +128.4% increase over 24 years--and someone's taking that change all of the way to the bank!
According to Villareal, retirees need to plan out their pet and hobby expenditures, as they now are among the top 5 categories of spending by retirees. To that end, Villareal suggests retirees use website tools enabling them to estimate pet costs which include, among others: food, upkeep, treatments, surgeries, health insurance, vaccinations, and medications. With this information "in hand," retirees can then cut costs by searching the web for lower-cost items that are readily available from online suppliers and mail-order suppliers as well as special sales sponsored by local pets stores and shelters.
Numerous studies cite the benefits of having a pet, arguably the most important being the companionship a pet provides as well as the void a pet can fill up. A pet also needs attention, which can force retirees--who have a dog, for instance--to get some regular, daily exercise when they'd rather not and to be concerned about something other than themselves.
Those benefits come at a cost, however. And, as Villareal has noted, that cost is skyrocketing. Retirees who plan on having a pet had better have a sound financial plan to ensure that their pet doesn't end up putting stress on their budget or getting them in financial jeopardy!
Let the discussion begin...
To read Pamela Villareal's study, click on the following link:
"How Are Seniors Spending Their Money?"