Farmers and ranchers share their retirement plans via a recent Farm Journal Pulse.
The word "retirement" is not commonly thrown around amongst farmers. You’ll more likely hear: Farmers never retire.
Has that mindset changed as commodity prices decline? The May 21 Farm Journal Pulse asked: When do you plan on retiring from farming?
Here are the results from the 750 respondents.
- Retired: 2%
- 1 to 5 years: 7%
- 6 to 10 years: 15%
- 11 to 20 years: 19%
- 21 or more years: 24%
- Not retiring: 32%
See the results on an interactive map:
Thinking About Retiring?
Do you know how much retirement will cost you? Do you know if your income will meet your expenses? Financial security depends on an honest assessment of what you're likely to have and what you expect to need. Use the worksheet below to capture your estimated retirement income and expenses.
To answer these questions, download the Farm Journal Legacy Project tool: Retirement Income and Expenses
Here are some great articles to read to ensure you’re on the right path:
The Farm CPA: Customize Your Retirement Plan
Retirement plans can be as unique and complex as the farms and families they serve. As farmers near retirement, some will realize that an out-of-the-box solution is not going to meet their needs.
Are Your Preparing for Your Retirement?
While it’s never too late to start planning, the key is to start in your early years.
Add Your Vote
You're invited to be part of the heartbeat of our new national producer panel that speaks up and speaks out. Participating is as easy as answering two quick poll questions per month via text message from your mobile phone.
By partnering with Commodity Update
, the leading provider of agricultural information to mobile phones, Farm Journal sends you the question via a text message on the first and third Wednesday of each month.