Planning for Retirement
In this section, let's take a look at retirement. What is your idea of retirement? Do you have a retirement plan?
Have you thought about how you will meet your retirement dreams? And how do your retirement dreams fit with your plans for the farm business?
No matter your idea retirement plan might look like, you need to consider:
- estimated income needed in retirement (what are your current living expenses and how will they change?)
- long-term security (factor in your life expectancy)
- living arrangements and health care (Medicare, supplemental insurance, long-term care insurance)
A Look at Funding Your Retirement
In this video segment, University of Vermont agicultural economist Bob Parsons addresses potential sources of income upon and during retirement, including:
- Social Security,
- off-farm assets (including IRAs and other investments),
- income from the farm (as a partner, for wages earned, and/or rental of farm assets to the junior generation),
- off-farm job, and
- sale of farm assets.
Additional Resources
- Social Security Administration
- AARP
- Financial Security in Later Life
- Retirement Estimator for Farm Families
Last modified March 21 2012 12:44 PM