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Introduction to Retirement Planning of Farm Families & The Farm Transfer Process

Learn about retirement planning and the farm transfer process through interviews and focus groups with farm families aged 40 to 70, exploring their retirement preparedness, income sources, and strategies for farm transfer.

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Introduction to Retirement Planning of Farm Families & The Farm Transfer Process

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  1. Introduction to Retirement Planning of Farm Families & The Farm Transfer Process Sharon A. DeVaney, Ph.D. Purdue University West Lafayette, IN sdevaney@purdue.edu 765-494-8300

  2. Introduction • Interviews and focus groups • Included participants from several states • Age 40 through 70 • 2/3 were men, 1/3 were women

  3. Research Questions 1. What does retirement mean to you? 2. How have you prepared for retirement? 3. What prompted you to plan for retirement or what barriers exist that have prevented you from planning for retirement? 4. What sources of income will you have in retirement?

  4. Research Questions 1. What have you (or others) done to prepare for eventual transfer of the farm and farm property? 2. What family members have you discussed your plans with? 3. How have you planned for health care in regards to retirement?

  5. For Further Information see A Retirement Estimator for Farm Families at http://www.ces.purdue.edu/farmretirement/

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