When we start our careers, most of us are motivated by one main goal—financial security. We picture that day in the distant future when we can finally “retire.” But what does retirement really mean? And is it even the same thing it was a generation ago?
For many, the path to retirement begins with building a good succession plan—not just for a business, but for yourself. Too often, succession planning is seen as something reserved for owners nearing the end of their careers. In truth, it’s something everyone should be thinking about early on. Someone once told me that rarely do good things happen through osmosis. You have to plan for them. The same goes for retirement and financial security—you only find them when you create a plan.
Redefining Retirement
The first question I always ask is, what are you really looking for? Have you set a goal—a vision—for what you want your future to look like?
Too often, I see people set goals that don’t stretch or challenge them. Dan Sullivan’s book 10X Is Easier Than 2X makes a great point here. If your goal is to simply double where you are today, that’s a modest ambition—but if you set your sights on achieving ten times that, you’ll find new and creative ways to make it happen. To me, very few things are impossible (unless you’re trying to go to outer space without oxygen).
At Johnson Consulting, we often look at data in the funeral profession, and when we plan for the future, we use 85 years old as an average mortality predictor—above the CDC’s national average of 78. That means we’re living longer, working longer, and redefining what it means to retire.
Personally, I don’t believe retirement means walking away from your life’s work. Instead, it means retiring from the tasks that cause you stress, not necessarily the job itself.
When we think about retirement, we have to ask:
- Will I have enough to still enjoy life’s experiences?
- Will I have money set aside for emergencies or healthcare?
- Can I afford to live comfortably while still finding purpose?
In my view, retirement isn’t about stopping—it’s about shifting. It’s about designing your life so you can continue doing what fulfills you, while leaving behind what doesn’t.
The Importance of Starting Early
When should we start thinking about retirement? Many wait until their 50s or 60s—but that’s far too late. I’d argue that planning should begin the moment you start earning a paycheck.
Think about it: what if you started at 25? Or even 35? How much could you build by 65? The Federal Reserve’s Survey of Consumer Finances shows that Americans between ages 65 and 74 have an average of $609,000 in income-producing assets. When you consider that this amount generates only 4–6% in annual returns, it’s a sobering figure.
That’s why it’s crucial to understand the difference between earning and owning. As an employee, your worth is measured by your hourly rate. As a business owner, your worth extends far beyond that—it’s tied to your assets, your cash flow, and your long-term value creation.
Building a Strong Succession Plan
So what does it take to build a good succession plan and retire with financial security? It starts with looking inward—identifying your weaknesses, developing your strengths, and growing along your career or ownership path.
Not every great arranger makes a great manager, and not every great manager makes a great owner. But developing those skills over time is how you prepare for true independence.
When defining your retirement goals, think beyond just owning a home or having a little savings in the bank. While home equity can provide comfort, it doesn’t generate income—it doesn’t pay you to live there. True financial security comes from income-producing assets—investments, businesses, and real estate that continue to work for you, even when you’re no longer working for them.
The Role of Debt in Building Security
One area I often speak about is utilizing debt strategically. We think nothing of taking on debt to buy a home, yet many hesitate to use it for business investment or personal growth. The truth is, debt can be one of the most powerful tools for building financial security.
Think of it this way: the bank buys the asset for you, and you get to keep it once it’s paid off. Used wisely, debt can help create wealth and future stability.
Why Funeral Business Ownership Stands Out
If I were to summarize what I believe to be one of the best paths toward both financial security and retirement, owning a funeral business is near the top of that list.
Funeral homes are deeply personal, community-based businesses—and historically, they have one of the lowest failure rates among small businesses in the U.S. As demographics shift and mortality trends evolve, the need for funeral service will continue to rise.
Owning a funeral business means owning real estate, generating rental income, and building cash flow. With the right succession plan and the right team in place to handle the day-to-day stresses, it becomes a business that supports your financial goals and your quality of life.
The Choice Is Yours
No matter where you are in your career, the best time to start planning for your financial future is now.
Whether it’s building your own succession plan, investing in income-producing assets, or positioning your business for long-term success, the journey toward retirement and financial security starts with a single step—intentional planning.
Because in the end, retirement isn’t the end. It’s the reward for building a life and a business that work for you.
Contact us today!