Can You Retire As a Performance Coach?

If you had to name 5 coaches that meet the following criteria, could you do it?

• 40+ hour work week with more than half of those hours being on-the-floor with athletes/clients
• Not in a managerial position. Their role is primarily coaching and working with clients.
• Above the age of 50

If 5 names come to mind, I’d say you’re in a unique market that allows for this type of career or  you have a fascinating set of friends. If you struggle to come up with 1 name, I wouldn’t be surprised. Coaching, at any level, is not a career for the faint of heart. It can involve long hours, low income, and high amounts of stress. It can also be one of the most rewarding and fulfilling careers. What we are going to examine in this blog is the longevity of the coaching profession. Specifically, we will look at what kind of retirement, if any, a career in coaching can allow for.

To lay out some ground rules, let’s talk about what this retirement roughly looks like:.

• Age: 67 (this is the “full retirement age” in which you receive Social Security benefits)
• Family: married with children, and possibly grandchildren
• Monthly spending: $7,000 (based on average expenditures in 2022  for married couple with no children¹)

The $7,000 monthly expenditure figure is likely below what is realistic for a grandparent or soon-to-be grandparent would be forking out considering the artistry that the Baby Gap is rolling out lately, but let’s just stick with this number.

If we perform some quick back of napkin math, that means that we need just over $750,000 stocked away to cover our living expenses if we were to reach the average life expectancy in the US of 77 years. 

Again, we are smoothing out a lot of the variables and noise in this example just for the sake of a level playing field (example being that coaches are likely healthier individuals, so 77 is likely below their life expectancy). I think it’s important to paint as clear a picture as possible so we can have a conversation about this though. 

Before I go any further, I want to make something clear: I am not trying to bash coaching as a career. I myself was a coach right out of college. My path led me to become a facility owner, but I also did the majority of the coaching at that facility. I say all that to provide context for what will come next. I want coaching to be a viable career. Coaching can help people regain their confidence, regain their health, and almost certainly save peoples lives. What’s troubling about this conversation, is that coaching in the private sector often doesn’t feel like it’s something that can create long-term financial stability.

I would personally describe the current sentiment around the coaching career in the private sector in the same way I would describe a middle management role. It can be a rewarding career path with solid  income and job stability. You’ve clearly displayed skills that garner respect and your employer/clients may adore you…but is it enough? Is there enough respect for your craft that you can continue to increase your rates as your skills improve? Let’s remove “respect” from the equation and just talk about the good old free market. Do you think someone would pay 2-3x what your current hourly rate is based on competition and the going rates in your area?

Let’s say you can fetch more dollars for your hours. I think an important topic to include is work capacity. Looking at the lifestyle and pace of work for the average coach/trainer, they work 10-12 hour days that start before the kids get up and end shortly before dinner. The $750,000 question is do you think you can coach into your 50s? I think the work capacity required to be an exceptional coach and generate enough income to support a family is beyond that of the typical 40 or 50 year old adult in the workforce. It’s definitely possible to do it, but it’s hard to argue that the toll that coaching exacts on an average person is always worth the struggle.

My dad has worked for Exxon all his life. Exxon is well-known for being a meat grinder for the first decade of your career. Typically you’re working those 12 hour days, maybe even working nights, and likely having to travel several times a year. But on the other side of that is exceptional compensation, diverse work opportunities, and even potential stock options that could carry you well into retirement. My dad knew the trade off was there: if I can excel within this company into my mid-30s, my family will be taken care of. Once I’m there, then  I can go to the afternoon soccer practices and eat breakfast with my kids before school.

As a coach in the private sector, that trade off isn’t as clean. You’re tied to the exchange of money for time. Can you ask for more money in exchange for your time as you grow? Sure. But the chances of getting two weeks PTO, or a 50% match on 401k contributions, or even insurance coverage are slim. These are even more important once you decide to have a family. 

The logical question, in my mind, starts to look something like “Should coaching be a career that creates financial stability for retirement?” To be honest, I don’t know. I would love for every job or career to be one that provides maximal fulfillment matched with gainful compensation. I also live in reality and know that that’s not always how it works. 

I don’t have an answer for whether or not someone should or can retire as a coach. If you’re reading this as a gym owner, I hope this got your wheels turning about retaining a rock star coach. If you’re a coach reading this, I hope you understand my concern and you’re starting to look further down the road. 

A great coach can have an immense impact on their community. If we can create a sustainable career path that enables long-term stability for a coach’s family, I would be shocked if we didn’t see more successful gyms and an increased level of fitness in the average adult.