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In an article published today titled Retiring from Farming is Complex and Not Always Planned the Center for Retirement Research at Boston College discusses the additional challenges that farmers face in their retirement planning.
https://crr.bc.edu/retiring-from-farming-is-complex-and-not-always-planned/
My wife and I are just back from a road trip Christmas visit with two of our adult children and their families that included driving across Indiana twice. After again seeing the vast farm lands and work I wanted to express my gratitude and appreciation to our farmers who keep us fed and whose efforts helps make my comfortable retirement possible.
My brother-in-law still farms at age 68. I have gotten to help with the harvest the last few years. It’s hard to imagine the stress of once a year gathering your income in about 6 weeks and if you don’t have a good 6-8 weeks, there goes your year. He loves being outside, working on equipment, running the equipment and thinking about every aspect of the job, every year. At this stage, he does it strictly because he loves it! And he will miss it dearly when he retires. (And so will I). William, thank you for writing about farming!
An older farmer in Colorado was interviewed in the 1990s after he’d won $1.5 million in the lottery. He was asked, “When will you quit farming?” Answer: “When the money runs out.”
A farmer friend of mind retired last year. They then moved to Texas so his wife could have her dream home.
He farmed 2000 acres in Illinois on leased land. He lived in the house where he grew up owned by the person who owned the land. His father farmed the land before him. He had no sons and his son in law decided not to farm.
They paid the owner in different ways, a fixed fee or percentage of the profit. He grew corn and soy beans. There were only a few weeks a year where they were free from working. In the winter it was repairs on the equipment.
He didn’t owned the property, but they had another investment house. When he retired he held an auction of all the farm equipment which he did own.
He once let me drive the combine harvesting corn. It’s an incredible machine totally computerized and satellite connected. It even measures the moisture in the corn kernels as it strips them from the cob.
It’s not an easy life for sure and they don’t get the credit they deserve. I can’t imagine what it is like if you have to care for animals too.
Great question. Hopefully there are some farmers here on HD who can help. I think historically the idea was the farm was passed down to the next generation. I think that’s less common now, but just basing that off of anecdotes. It’s a tough business and not for everyone.