In a farm business, planning for the current owners’ later years is an important aspect of a farm succession plan. Even if the owners are not planning on fully retiring from careers as many workers do, it is important to discuss their vision with family and farming partners, and plan on “shifting gears,” slowing down and finding other activities to enjoy. A program is being offered by Extension on Tuesdays, March 12 and 26 at the Dunn County Community Services Building,3001 US Hwy 12 East, Menomonie to help farm families explore and plan for their later farming years.
Farmers and farm businesses have some unique characteristics that may not be addressed in general financial planning or retirement planning workshops. Shifting Gears for Your Later Farming Years is a two-day workshop series designed specifically for farm families. The program will introduce participants to the following topics:
- How much “gold” do I need in my “golden” years?
- Financial Planning and Tax Considerations i.e. IRAs, 401K, Social Security, insurance coverage, etc.
- How much will I need to rely on the farm business and what will that look like?
- What will I do if I’m not farming?
- Communicating with farm family members about your hopes, plans and expectations
- Checklists to help you assess your readiness for changes and to keep you on track as you continue to plan
Whether farmers describe their later years as fully retired, semi-retired or never retiring, they must answer the questions: where to live, what to do, how to fund it, and put the answers against the backdrop of the farm business continuing for the entering generation.
Shifting Gears for Your Later Farming Years will be held from 9:00 a.m. – 3:00 p.m. Registration is $20 for the first person from the farm; each additional person from the farm is $10 if sharing materials. This registration fee includes materials and lunch for both workshops. Organizers encourage more than one person from the farming business to attend. Registration is limited to 30 people.
You can find the workshop brochure – Shifting Gears Brochure 2019(pdf)
Registration deadline is March 6, 2019. Register online or mail payment and registration form to Extension Dunn County, Shifting Gears Workshops, 3001 US Hwy 12 East, Suite 102, Menomonie, WI 54751.
For additional information please contact Agriculture Agent Katie Wantoch at (715) 232-1636 or firstname.lastname@example.org.
This program is supported by Dunn County UW- Extension, UW Center for Dairy Profitability, and North Central Extension Risk Management Education. This material is based upon work supported by USDA/NIFA under Award Number 2012-49200-20032.