Being always financially curious, as well as cat lovers, we got to wondering how much it would cost to keep a cat throughout retirement.
We did a calculation based on the cost of keeping the lovely Basil (our fluffy Magenta motivator) for one year and then multiplying this by the average life expectancy of a 60 year old female.
Last year the cost of keeping Basil was around £1,100 taking into account his food, insurance, vet bills, litter, worming and flea treatments and a friendly and reliable pet sitter, as well as toys and treats.
A newly retired 60 year old lady can expect to live for another 25 years, so multiplying £1,100 by 25 years gives us £27,500.
But wait! What about inflation? Assuming a rate of 3% pa over 25 years means a total cost of £40,105! That’s similar to the cost of a new BMW X3 or a round the world trip and a few fancy cruises!
If you are a cat lover* and would like to keep a cat throughout your retirement, we hope you have factored these inflation adjusted costs into your financial plan!
If you have yet to start your retirement planning, do drop in or give us a call for a friendly chat – we know from experience how important it is to have a furry friend to keep you company throughout your life.
*this applies to any pet!