Later Life Farming is our Rutgers NJAES website providing information about retirement planning for farm families that specifically addresses farmers' unique circumstances. The web-based curriculum consists of ten online modules designed to assist farm owners to plan for retirement and includes links to several different resources.
Many farmers don't plan to "retire" in the traditional sense. Rather, they express a desire to simply scale back their work hours and/or the size of their farm operation. In addition, many farm families lack traditional retirement savings plans such as a 401(k). Their major asset is their land and farm property, which are typically illiquid assets. The impact of government regulations on farmers' land values is another unique challenge and is discussed in this resource.
While visiting the site, consider participating in our survey which is in progress until December 31, 2011.
Later Life Farming authors, Barbara O'Neill, Stephen Komar, Robin Brumfield, and Robert Mickel, are available should you have further questions on retirement planning for your farm family.