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Retirement and Estate Planning for Farm Families

Retirement and Estate Planning for Farm Families. Sharon A. DeVaney, Ph.D. Purdue University & Marion Simon, Ph.D. Kentucky State University. Retirement planning…. Some start too late Some save too little Some invest too conservatively So what should you do?

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Retirement and Estate Planning for Farm Families

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  1. Retirement and Estate Planning for Farm Families Sharon A. DeVaney, Ph.D. Purdue University & Marion Simon, Ph.D. Kentucky State University

  2. Retirement planning… • Some start too late • Some save too little • Some invest too conservatively • So what should you do? • Go to www.ces.purdue.edu/ces/farmriskmgt

  3. Welcome

  4. # 1 What is retirement? • Determine your life expectancy. • Determine your spouse’s life expectancy. • How do you feel about retirement? • Do a Benefits CheckUp.

  5. # 1 What is retirement?

  6. # 2 How should you plan for retirement? • Are you eligible for Social Security benefits? • Use calculators at Social Security website. • Pension from off-farm employment? • Individual Retirement Account • Investments? • Will you work part-time?

  7. # 2 How should you plan for retirement?

  8. # 3 How much income will be needed in retirement? • Record expenses for a month or year • List expected income for month or year • Retirement Estimator for Farm Families • Ballpark Estimate (American Savings Education Council)

  9. # 3 How much income will be needed in retirement?

  10. # 5 Small business retirement plans • SEP IRA (Simplified Employee Pension Plan) • Employer makes a tax-deductible contribution • SIMPLE IRA (Savings Incentive Match Plan for Employers) • Employee makes the contribution but there is an employer match

  11. # 5 Small business retirement plans

  12. # 6 Case studies • Jane: small farmer, has credit card debt • Mattie: retired teacher, farming, goals? • Janet: CSA, age 70, no estate plan • Mary: got a loan, bought ½ of farm, goals? • Marie: goats and hunting, needs IRA

  13. # 6 Case studies

  14. # 15 Estate planning • Discuss objectives with spouse/family • List assets and liabilities • Review how property is titled • Find lawyer • Resources: • Getting Ready for Estate Planning • Getting Motivated for Estate Planning • Who Will Get Grandpa’s Farm: Communicating about Farm Transfer

  15. # 15 Estate planning

  16. # 16 Native Americans and estate planning • Trust land • The Dawes Act • Writing of wills • Land fractionation • A legal Indian will • New American Indian Probate Reform Act

  17. # 16 Native Americans and estate planning

  18. Other pages • # 7 Identity theft • # 8 Financial management • # 9 What is a debit card? • # 10 What is a home equity loan? • # 11 A financial checkup

  19. # 7 Identity theft

  20. # 10 What is a home equity loan?

  21. More help • # 12 Life insurance • # 13 Health insurance • # 14 Long-term care insurance • # 17 Checklists for retirement planning • # 18 Checklists for financial management • # 19 Contacts and credits • # 20 Resource links

  22. Collaborators • Kentucky State University • Purdue University • University of Arkansas • Federation of Southern Cooperatives • With funding from USDA Risk Management Agency Community Outreach Partnership Program

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