How Pets Can Improve Your Retirement

Owning a pet might be one of the best investments you can make as a retiree. Your furry friend can provide structure, companionship and health benefits that could potentially reduce your medical costs later in life.

Pets can be expensive, so it’s important to crunch the numbers when determining whether you can afford to add to your family. But the benefits of getting a cat, dog or another animal go far beyond money.

The benefits of owning a pet in retirement

Getting a pet is a big decision, but doing so comes with benefits.

Pets can improve your health

Maintaining a healthy lifestyle can help keep your health care costs down — and daily walks with a dog are a great first step.

Studies have shown that pet ownership can reduce the risk of death from cardiovascular diseases and improve blood pressure control, as well as lower your stress.

They create structure and purpose

Leaving the workforce can be a major cultural shock for retirees, since they no longer have to stick to a schedule. You don’t necessarily have to wake up early for a commute or clock in and clock out at a specific time.

But that flexibility can also be a challenge, as it can lead to boredom and even depression. Owning a pet requires you to stick to a routine. You’ll have to feed and walk a dog, for instance, regularly each day. It may not be as strict as the schedule of a full-time job, but it does create some structure.

Pets can enhance your social life

Many retirees struggle with loneliness as they become more sedentary and don’t have a community of coworkers. But dogs have been proven to decrease loneliness.

The furry friends force you to get out of the house and walk, potentially meeting neighbors and other pet owners. Taking your pet to a local park can allow you to meet more people.

What to consider when getting a pet as a retiree

Owning a pet is not all fun and games; it’s also a big responsibility. You may want to consider skipping the puppy years and adopting an older pet as they often don’t require as much maintenance and can match your energy. A senior pet may also require less training, depending on its background.

Pets can also come with hefty vet bills, so it’s important to make sure the cost of welcoming an animal into your home fits into your budget. The best pet insurance plans can trim vet bills as it can reimburse you for diagnostic tests, hospitalization, surgery and more if your pet gets injured or sick.

But the love and activity a pet provides may be priceless, and the long-term health benefits can add up.