It’s often reported that having a pet in retirement can benefit your health in big ways. A four-legged friend can provide companionship for lonely retirees and encourage regular exercise. However, the promised perks don’t have to translate into massive spending. Working households spend an average of $553 each year on pets and pet supplies, while retired households spend approximately $477 on average.
The Bureau of Labor Statistics says that having children, particularly older children at home, increases household spending on pets — and can make a family more likely to have a pet.