I'm retired and my dog is my life, but he's sick and my last vet bill was $1,000. How can I help him without going broke?

“For many older adults, pets are much more than companions; they’re family,” Jennifer Szakaly, founder and CEO of Caregiving Corner, told MoneyWise. “Pets provide routine, purpose, comfort, and often help reduce all too common feelings of loneliness and isolation. Planning for a pet’s care is an important part of aging well.”

But how can seniors do that?

Let’s take Karen’s situation. Karen lives on Social Security and a small 401(k), and her dog’s latest vet visit totaled $1,000. Karen loves her dog and depends on him as her most reliable daily companion, but she doesn’t know how she can help him without putting her financial security in jeopardy. So, what can Karen do?

Vet care costs are growing, putting families in a tough spot

Owning a pet has never been cheap, but unfortunately for Karen and other pet owners, the costs of care are becoming much more expensive.

According to research published by the LA Times, cumulative veterinary care inflation far outpaces general inflation, with prices up 44% since 2019 compared to the overall 26% inflation during that time. Now, the cost of annual treatment for one animal totals around $3,000, while multi-pet households could spend $30,000 to $60,000 over the typical lifetime of two pets.

HealthyPaws research also estimated that around a quarter of families whose pets have chronic conditions spend between $5,000 and $10,000 annually, often reporting higher levels of financial stress because of it.

The American Veterinary Medical Association attributes the large cost increases to the rising cost of materials, supplies, pharmaceuticals, and utilities, investments in new technology, and longer lifespans for pets. Tariffs have played a big role in increasing material prices, while the recent war in Iran has pushed utility costs up for vet practices.

Of course, while it’s good that pets can live longer and get advanced treatments they need to stay healthy, these developments put more pressure on people to do the best for their pets, even if that means compromising their financial stability.

How can retirees provide critical care for their fur-kids?

So, what can retirees like Karen do when facing high veterinary care bills?

Planning ahead is one option.

“I encourage seniors to include pet expenses as a line item in their retirement budget, just as they would for housing, healthcare, and transportation,” said Szakaly. “Routine veterinary care, medications, grooming, and unexpected emergencies can add up quickly.”

Retirees like Karen can set aside $100 (or some amount) each month in a pet care account for routine care and emergency bills. Ideally, this planning will start early.

“I’d recommend that people actively track the cost of their pet going into retirement,” said Clifford C. Cornell, a financial advisor at Bone Fide Wealth, LLC. “This could allow them to forecast how much cash they’d need to set aside on an annual basis to cover the costs.”