Pensions for Pets?
With an estimated $40 billion at stake, pets are a big business. According to the American Pet Products Manufacturers Association, 63 percent of U.S. households own a pet with more than 90 million cats, 73 million dogs and 139 million freshwater fish claiming a place in more than 69 million homes.
While many of us work hard to prepare for life after work, serious pet owners are just as concerned that Fido and Puss have enough biscuits and balls in their golden years.
The Humane Society of the United States offers a free kit, Providing for Your Pet's Future Without You, including a "six-page fact sheet, wallet alert cards, emergency decals for windows and doors, and caregiver information forms." Click here for more information.
USA Today reports that many states have relaxed rules to set up trusts for pets, with an average bequest of $25,000. (See "Animal owners set up trust funds for their pets" by Richard Willing, August 15, 2002.)
So to those friends and family members who dote on their cats, dogs, rabbits, hamsters, birds and fish, retirement planning takes on a whole new meaning.
Arf!
