Farms.com Home › Videos › Rural Lifestyle Videos

Does retirement seem impossible? / Focus on farm transition / FCC Knowledge

Nov 29, 2019

Video: Does retirement seem impossible? / Focus on farm transition / FCC Knowledge

There are many factors, both financial and emotional, that impact a senior partners’ ability to retire from the farm. In this episode, we talk about the questions to answer and the roles in transitioning to retirement.

Key takeaways:

• First step - create an estimated annual retirement budget based upon dreams and goals of the senior partners, unforeseen expenses, and inflation.

• Cost of retirement will become a debt obligation to the farm in most cases, unless there are other income streams or savings.

• Include your farm’s accountant and junior partner to determine: can the farm business meet this obligation and stay in a healthy position? If so, what is the most tax efficient way to extract those funds from the farm?

Business News by Better Farming

Case IH Now Has Guidance for Implements ›

Clean energy projects win $1B in federal funds ›

Houston landowner saves ranch with federal aid ›

The Role of AI in Sustainable Agriculture ›

Mucci farms adds 150 acres of greenhouse produ... ›

New USDA rule aids biotech crop development ›

Forecast decline in US soybean production ›

Thune's leadership to propel biofuels forward ›

Master thanksgiving food safety with expert tips ›

Overview of Massey Ferguson’s 500R Series Spra... ›

General News by Better Farming

Protein Industries Canada partnering for improvem... ›

Illinois Farm Bureau taking American Farm Bureau ... ›

Case IH Patriot sprayer sells for top dollar at a... ›

Agri-Trade at 40 celebrating the past, present an... ›

KAP 2024 District Meetings underway across Manitoba ›

Fre-Energy continues journey as “biogas innovators” ›

Cleanfarms: Exploring the world of farming and ag... ›

Food waste epidemic needs a wake-up call ›

Canada’s agri-food sector jittery over Trump’s re... ›

Case IH Now Has Guidance for Implements ›

Letter to Alberta Canola Growers ›

Forums by Agriville.com

The Climate and Meat. ›

Grain Prices ›

I thought you guys said.. ›

Canola, Time for a Sale ›

Friday cocktail and end of week chat. ›

The Food Professor: think tank of one. ›

Call to Action Bill C 293 ›

Machinery News by Better Farming

Case IH Patriot sprayer sells for top dollar at auction

Case IH Patriot sprayer sells for top dollar at a... ›

Agri-Trade at 40 celebrating the past, present and... ›

Conservation Practices Not a One-Size-Fits-All ›

Ag Express Becomes North American Repair Center fo... ›

Fed Cuts Interest Rates by Quarter Point ›

Crop News by Better Farming

NDSU Extension Getting It Right Crop Production Webinars Scheduled for Winter 2024-2025

NDSU Extension Getting It Right Crop Prod... ›

Protein Industries Canada partnering fo... ›

Bolthouse Fresh Foods wins award for ho... ›

Signify and UBC announce new goals in l... ›

Mucci Farms acquires 150-acre Greenhill... ›

Livestock News by Better Farming

Avian influenza challenges egg and turkey production

Avian influenza challenges egg and turkey... ›

New Grant Gets Proactive with Pigs ›

Assembly Committee Hears Testimony on t... ›

Finding a Preventative Solution to a Bi... ›

USDA Extends Application Deadline for O... ›

Sponsored Links:

Highest Yielding Soybeans, PigCHAMP Grow-Finish, Precision Agriculture, Swine Reproduction Software

This website uses tracking tools, including cookies. We use these technologies for a variety of reasons, including to recognize new and past website users, to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests.
You agree to our Privacy Policy and Terms of Access by clicking I agree.