When it comes to the mental side of retiring from a farming career, things can get complicated quickly. Farming is more than just a job, it’s a lifestyle. Farming is engrained into life at a very young age, most farmers grew up having fathers and grandfathers work the same land they are farming now. It’s not just any old 9-5 job that you walk away from when you reach a certain age.
As a farmer, you know that not much comes easy. It’s the same when trying to navigate your path to retirement. There are many factors that may complicate things, like if you are physically unable to continue farming, and whether or not you are planning on passing the farm down to your children or other family members.
Ease into Retirement
We have found it easier for farmers to retire if they are able to ease into retirement, meaning that even after you “retire” you may still go out and drive tractor in the fall or spring. It is also extremely important for farmers to have something to retire to. It’s essential to have a place to use the talents you have acquired over the years in order to maintain a sense of purpose. One of our clients found his outlet by mentoring the next generation who was farming his land.
If you are considering unwinding your farm operation, but you are worried about the hurdles, give us a call. We work with farmers on a daily basis and we would love to help you figure out how to do what you want to in retirement, not what you have to do.
To schedule a no-cost meeting with one of our advisors, please call 320.222.4236.