As you prepare for retirement, it’s a good idea to identify some trusted resources you can contact to learn more. Here are some good places to start.
Your local bank will likely have information on retirement and estate planning. You can also seek advice online from other major financial institutions. Most major banks provide online calculators to help you get started, and contact information for local staff.
The Internal Revenue Service and Social Security Administration are good places to start. The IRS provides a good overview. And the SSA has everything you need to know about Social Security retirement benefits.
3Universities and colleges
Ohio and Pennsylvania both have strong land-grant universities that work with farmers on estate planning and retirement. Check out Ohio State’s guide to Planning for the Successful Transition of your Ag Business, published by Extension Educator David Marrison.
Purdue University also offers a retirement workbook.
And you can learn some basics from this article provided by Iowa State University: extension.iastate.edu/agdm/
Depending on your situation, it may be time to schedule an appointment with someone who handles financial matters on a daily basis. A financial adviser can give you advice on which direction to take. You may have to pay for the adviser’s time and expertise, but it can be worth it in the long run.
Get to know the auction companies in your area. Some of them provide daily results on their website, so if you want to know how much land is bringing in your area, or what your farm may be worth, this can be one place to look.
(Farm and Dairy is featuring a series of “101” columns throughout the year to help young and beginning farmers master farm living. From finances to management to machinery repair and animal care, farmers do it all.)
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