Baby boomer farmers may have drastically different expectations for their retirement years as compared to their G.I. or Silent generation farming parents’ retirements. This may be due, in part, to longer life expectancy but also due to the influence of their peers in other careers, who may have pensions or traditional retirement investments. But boomers may not be so different from their parents in their connection to the land, their love of farming and the fact their identities are so connected to farming they find it difficult to think of leaving it. Lack of retirement planning and dependency on the farm for income into the retirement years can be two reasons for delaying retirement. However, lack of planning or little retirement income can be used as a shield to avoid facing the emotional issues, such as losing a sense of identity and the emotional ties connected to the farming business.
Retirement planning is essential to developing a sustainable family farm. Retiring farmers must answer the questions: where to live, what to do, how to fund it, and put the answers against the backdrop of the farm business continuing for the entering generation.
This presentation will provide an overview of research on farmers’ retirement patterns in the US and other countries; the perceived and real barriers to farmers’ retirement; teaching tools help farmers consider their retirement plans and how to fund them; and a facilitated discussion of policies that may help farmers achieve their retirement and farm succession goals.
|Conference||2011 Extension Risk Management Education National Conference|
|Presentation Type||60-Minute Concurrent|