Logan is a 75-pound tri-color English setter who is friendly to humans but aggressive with other dogs. Not long ago, my wife and I came around the corner with Grace (our 65-pound goldendoodle) while Logan’s owner Mary, is in her late sixties, had her back turned. Logan saw Grace and immediately lunged forward. He spun around an unprepared Mary and then slammed her into the ground as he escaped and headed towards us.
My wife was able to corral Logan while I dealt with my terrified doodle. As we sorted things out, the dogs were fine, but Mary was not. She needed to head to the emergency room and wound up she having to wear a knee brace for the next few months.
A recent article in Rethinking65 discussed the financial cost and even burden a pet can have on a financial strategy. I am very aware of this. Last year our pets accounted for over 5% of our spending. Due to some heath issues, that has risen to 8% year to date for 2026.
While it is important to look at the numbers, there is also a significant emotional investment that is a part of the equation advisors should consider when discussing retirement budgets. Telling a client they can’t afford a pet might be solid financial guidance but poor customer-relationship advice. Here are some ideas on how financial professionals can navigate the pros and cons of discussing animal companionship:
Financial Budget Impact
I’ll start with the obvious. How is pet ownership going to influence income distribution? While you may not have a client like Elisa Galante who cares for 14 rescue cats, many of your clients are multiple pet owners (I am in that group).
A planned pet budget can encourage retirees to create more intentional spending habits and prioritize lifestyle choices that bring emotional value and fulfillment. Fourteen cats will impact a lot of spending opportunities. Predictable routine costs can usually be budgeted when planned intentionally.
Without structure, pet ownership can place significant pressure on a fixed retirement income. Food, grooming, insurance, medications, emergency care, boarding and end-of-life treatments can escalate far beyond original expectations, especially as both the retiree and pet age together.
A Faithful Friend
Another one of my neighbors, Lori, lost her beloved Russell terrier, Duke. When we saw each other walking and exchanged pleasantries, you could see the lingering pain on her face. A short time later she came up to us excited and introduced us to Freddie, her Yorkshire terrier. That dog is in her arms more than on the ground, and Lori is back to being more energetic and engaged.
Pets reduce loneliness and social isolation and provide emotional connection after loss of career identity, a spouse or another pet. Yet, emotional dependency can become unhealthy if the pet becomes the retiree’s only meaningful connection. Pet-related conversations can help advisors gain deeper insight into a client’s mindset..
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Playing the Long Game
Pets can be as much as 20-year time and financial commitment. Advisors should gently challenge clients to think carefully about the pros and cons of bringing a new pet into their lives after the loss of a treasured animal, particularly later in retirement.
On the plus side, walking and caring responsibilities can increase movement, improve mobility, and support cardiovascular health. Yet as we saw with Mary, large or energetic animals can also create fall risks, pulling injuries or balance issues as owners age. The choice of pet is important.
Lifestyle flexibility also becomes more complicated with a pet. Yes, pets can encourage retirees to stay engaged and active in their local communities. Nonetheless, travel becomes more complicated and expensive due to boarding, pet sitters or transportation limitations.
Additionally, legacy and family come into play. Pets can create shared family experiences and emotional connections across generations. However, adult children may inherit unwanted caregiving or financial responsibilities if no plan exists.
Facing Reality
Our cat and dog have found their way into conversations with our financial advisors. What began as curiosity and relationship-building has often led to deeper discussions, as financial professionals can learn a great deal about a client’s well-being by understanding the role pets play in their lives.
My wife and I have created a pet reality plan. Grace is five years old and is a bundle of energy. She’ll likely be around when I am in my seventies. We feel she will be our last dog, or at least our last big dog. Out cat, Payton, — named after the hall of fame Chicago Bear running back because she is so sweet (Walter Payton’s nickname was Sweetness) — is almost 13 years old and could conceivably be around for another five years. We also feel she will be our last cat.
The reality we face and the life we have designed for retirement will mean time away from home and time with family. This lifestyle would not be fair to any future pets and would place additional burden on our financial strategy.
We reserve the right to change our minds and alter our pet reality plan. Should life circumstances change, a pet might be just the emotional support needed. In the meantime, we’re focusing on enjoying and loving the pets we have, for the time we have them. And we’re preparing for our future which will still be full, even if it lacks furry companions.
Sometimes the conversations that reveal the most about our future begin with something as simple as telling the story of a beloved pet.
This article first appeared in Rethinking65
David Buck is the author of the book The Time-Optimized Life, coauthor of The Retirement Collective, and founder of The Infinity Lifestyle Design. Learn how to apply the concepts of proactive planning and using your time.
Content development for this article involved human expertise supported by AI-generated analysis and formatting.
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