Your Financial Situation
Most seniors are on a fixed income, so it might take some creative budgeting, but it can be done. Make sure you have enough to cover the cost of a dog. This will include his food, regular veterinary care, and a stash of cash, just in case of emergency (smaller dogs just cost less in general).
Your Activity Level
You don't need to be hiking eight miles up a mountain every week, but you should be able to walk your dog, even just around the block a couple of times each day. Or be able to have somebody else do it for you.
You know how active you are, and what kind of challenge you are up to (I hope). A laid-back, relaxed dog in his adult years usually does best in a senior's home. In fact, do consider adopting a senior dog instead of a young adult dog. Senior dogs are hard to adopt out, since many adopters want an energetic dog to play or work-out with. As a result there are literally thousands of senior dogs with many years left awaiting adoption in shelters across the United States (just a sampling of the many senior dogs awaiting a forever home).
Your Living Quarters
If you live in a senior's community, you may not be allowed to have a pet such as a dog. Even some retirement communities might have restrictions on breeds, or size. If you rent, your landlord will have to give consent before you can adopt or buy a dog from reputable places.
Your Physical Limitations
Your physical condition, aside from your activity level is also a large determining factor in the type of dog you can have. If you do not have the strength to hold back a large dog, then you need to stick to smaller ones.
Planning Ahead
It's not a pleasant thought, but it is a reality that your dog could outlive you. If you're adding a dog to your family at a later stage of your life, you must plan ahead and have somebody available to take care of your dog if you become incapacitated in any way.
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