Retirement planning for farmers and small business owners can look very different from retirement planning for someone who has worked as an employee of a company or organization. Commonly, retiring farmers depend on a combination of income from the farm assets, savings, and Social Security. This reliance on the business, either by continued family living draws and/or the sale of the business assets can affect the farm’s succession potential. This section provides resources to help farmers determine retirement timelines, retirement activities, living arrangements, living costs.
Planning the Late-career, Retirement-mode Years This publication includes four sections:
Chapter 1: Pre-retirement planning, An overview
Chapter 2: Developing and testing a retirement lifestyle
Chapter 3: Managing financial security; developing estate plans
Chapter 4: Farm business continuation and transfer planning
Long-term Installment Contracts – NCR-56 The installment land contract is both an instrument of transfer and a method of financing sales of land. This publication addresses the benefits and limitations of using installment land contracts from both the buyer’s and seller’s perspectives. It outlines the key items that need to be considered in preparing such an agreement.