The Association of Super Funds of Australia (ASFA) produces quarterly benchmark figures for estimated income needs in retirement. ASFA also recently benchmarked the average cost of maintaining popular types of pets in retirement.
According to ASFA’s research the general rate of pet ownership across Australia is 60%, but drop to 30% for retirees.
ASFA estimates the average cost of owning a dog at $1,725 per year and $1,280 per year for a cat. This equate to retirement lump sums of $34,500 and $26,500 respectively, and also assume that costs do not blow out due to dietary or other health needs. These amounts are not included in ASFA’s retirement income benchmarks.