Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
Later Life Farming
1. Rutgers Cooperative Extension
Later Life Farming Online Course
Barbara O’Neill, Robin Brumfield,
Stephen J. Komar, and Robert Mickel
Rutgers Cooperative Extension
2. Project Overview
• Course URL: http://laterlifefarming.rutgers.edu/
• 10 modules related to retirement planning for farm
households.
• Topics are areas of concern indicated by two focus
groups of farmers:
– Above age 50
– Currently farming in New Jersey
– Conducted in the Summer of 2008.
2
3. Farm Household Demographics
• Average age of farm operators: 57.1
• 20% increase in age 75+ farmers from 2002 to 2007
• Farmers work longer than people in many other occupations (work
and home are intertwined)
• Most common farm types:
– Residential/lifestyle farms (36%)
– Retirement farms (21%)
• Much of farm households’ wealth is illiquid
• Great diversity in farm household incomes
– See http://www.ers.usda.gov/Publications/EIB67/EIB67.pdf
3
4. Focus Group Question Topics
• Perceptions about retirement
• Retirement role models
• Future plans to farm
• Planned sources of retirement income
• Questions about retirement planning and investing
• Greatest financial hope
• Greatest financial fear
• Impact of regulation on land values/retirement plans
4
5. Major Findings
• Most will farm at least part-time in retirement
• Most had positive retirement role models
• When no heirs are interested in farming, the farm’s future
is uncertain
• Most had some type of retirement account such as an IRA
(often through a spouse)
• Fear of government regulation, high medical expenses,
family feuds, and losing the farm
• Unique set of retirement challenges (e.g., farm transition)
5
6. Concerns About Retirement
Plans for the Self-Employed
Several FG participants avoided tax-deferred savings plans
for the self-employed because of
Future income uncertainty
A desire to avoid administrative paperwork,
The legal requirement to fund employees’ accounts if they
make plan contributions for themselves.
6
7. Farmers’ Concerns Regarding
Retirement
• Few financial planners have expertise in farm financial
management.
• Previous sale of development rights to generate positive
cash flow now limits options.
• A smooth and equitable transfer of the farm concerns
families with farming and non-farming heirs.
• Legal restrictions and regulatory impacts on development
and land values.
7
8. Later Life Farming: Creating a
Retirement Paycheck
• http://laterlifefarming.rutgers.edu/
• Many farmers plan to work past traditional retirement
age AND need to convert land and other farm assets
into a liquid stream of income.
• We used original material AND links to resources such
as Who Will Get Grandpa’s Farm? Communicating
About Farm Transfer and the Retirement Estimator for
Farm Families (Purdue University)
8
20. Questions? Comments?
Dr. Barbara O’Neill
Rutgers University
oneill@aesop.rutgers.edu
Later Life Farming Web site address: http://laterlifefarming.rutgers.edu/
20
