Retirement is when a person reduces their work load. Many farmers talk about slowing down instead of retiring.  Here are some things to think about as you begin to plan for retirement.

 

Life Expectancy  

As you begin to think about retirement, you should consider how long you might live. If you have a spouse, you should also consider how long your spouse might live. Here is a link to help you determine how long you might live. http://moneycentral.msn.com/investor/calcs/n_expect/main.asp

 

Feelings about Retirement Planning

These questions will help you analyze your feelings about retirement planning. The questionnaire is called the Retirement Personality Profiler. http://www.choosetosave.org/brochures/index.cfm?fa=profiler

 

 

Benefits CheckUp

This is a free service that identifies federal and state assistance programs for persons aged 55 and older. The site was developed by the National Council on Aging. You will need to enter your state, zip code, date of birth for yourself and spouse, type of residence, length of time in current residence, veteran status for you and your spouse, whether or not you or your spouse ever worked for state, local, county or federal government, and your medications. It is available at http://www.benefitscheckup.org

 

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?