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Archive > Retirement Planning Basics For Farmers

FFA Admin Retirement Planning Basics For Farmers
by FFA Admin
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Retirement and succession planning are different for farm households than the rest of the nation’s households. For example, compared with the U.S. labor force, farm operators are considerably older. Over one-third of all farmers, and about half of all agricultural landlords, are age 65 or older; compared with only about 3 percent of the overall labor force. Older age group farm operators and landowners control over one-third of all farm assets and are staying in farming longer than previous generations.

Few farmers have a specific date in mind for retirement and very few intend to stop working completely. However, farmers should not plan to work until the day they die. Therefore, farmers who want to work as long as they can also need to have contingency plans just in case they change their minds, or encounter poor health, or some other unexpected situation arises. The following guide can help farmers with their future retirement decision.

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