Checklist for beginning to think about retirement planning

ü      What do you want to do with your time?

ü      Would you like to work part-time, on or off the farm?

ü      Do you want to do volunteer work, help family members, enjoy your hobbies?

ü      Will you quit farming, sell the farm, move?

ü      Will you stay where you are?

ü      Have you talked about retirement with family members?

 

Checklist for estimating the amount of income needed in retirement.

ü      Keep a record of current spending.

ü      Think about potential changes in spending after retirement.

ü      Think about changes in income.

ü      If needed, think about what adjustments to make.

 

Checklist about how you should plan for retirement.

ü      You should learn about Social Security benefits.

ü      If you work off the farm, are you eligible for an employer plan?

ü      Do you save for retirement with an Individual Retirement Account (IRA)?

ü      If you have other investments, are they diversified?

ü      If you own property, have you determined the value of your property?

ü      Do you keep good records for yourself and your farm or business?

 

Checklist for women on retirement planning.

ü      Are you informed about Social Security and retirement benefits?

ü      Do you work for an employer that offers a pension plan?

ü      Do you contribute to the employer-sponsored pension if you are eligible to do so?

ü      Do you know what happens to your pension if you change jobs?

ü      If you divorce, are you entitled to a portion of your spouse’s pension benefits?

ü      If you are not eligible for an employer pension plan, do you have other savings?

 

Click here for an Acrobat version of this checklist .