If a horse injured you tomorrow and you were no longer able to work as a farrier, what is Plan B? Maybe that injury is so severe that you not only can’t work as a farrier, but you are also physically unable to work in another occupation. What would the day after tomorrow look like?
In this issue, we update readers with our exclusive survey of farriers on how COVID-19 has affected their businesses. While the good news continues that most who responded haven’t been negatively affected or only slightly impacted, this survey has reminded of an issue affecting some farriers that makes that hypothetical of career-ending injury even more concerning.
Some Exposed Financially
In this survey, we asked farriers a number of questions related to the current circumstances of the pandemic and how they have influenced their business practices. One question asked what measures have been taken to protect your business from unexpected loss of work. About 25% of those who answered indicated they haven’t made any changes.
Considering the vast majority also report that their businesses are unaffected or are optimistic about the future, perhaps the reason they are in that group is that they have solid protection plans in place. However, almost all of those who are pessimistic about the future of their practices have not made changes to protect their practices long-term and will begin to strategize on their long-term future.
Protect Your Future
The results remind that failing to prepare for life after farriery is a problem for many shoers. In our 2018 Farrier Business Practices Survey, we found that 18% of United States farriers have no retirement plans. And within those who do not have any retirement strategy, 20% are age 60 or older. That means those farriers in that age group have no supplemental plan, savings or spousal program to fall back on. Their options for income are to collect Social Security or keep working after the cumulative years of shoeing have taken their toll.
About 35% of farriers younger than 30 have no retirement plan. That number has improved over the years of doing this bi-annual survey, so the lesson of “start early” in retirement planning is resonating with the younger generations. For those still in the dawn of their career, heed the simple advice that Hall of Fame farrier Bill Miller shared in our 2017 Farrier Retirement Guidebook.
“I wish I had taken $1 from every horse I shod starting in 1950 and put it aside,” he says. “Think about how many thousands of horses I’ve shod in 65 years.”
Retirement is one thing, protecting yourself from injury or accidents is another. According to our 2018 survey, 32% of farriers carry disability insurance and 61% carry life insurance. Among those who don’t have a retirement plan in place, 18% carry disability insurance and 42% have life insurance. So many in this group are further exposed in case of a catastrophe.
By the way, in the coming weeks you will be receiving an invite to take our next Farrier Business Practices Survey. Please take the time to fill it out to help us better provide business guidance for farriers.
Maybe the scenario of a horse injuring you into long-term disability, or worse, never happens. It may prove worth the gamble. Still, none of us can escape Father Time, and at some point, every farrier’s most important tool will wear out, and there is no replacement for it. Who will be ready when their time comes?
