Estate Planning News

How Do U.S. Farmers Plan for Retirement?

Retirement and succession planning are of considerable importance to farm households and there are good reasons to believe that they are affected by savings and retirement policies in ways that are different from the rest of the Nation's households. For example, compared with the U.S. labor force, farm operators are considerably older. In addition to working longer past traditional retirement age, farm operator households tend to have several income sources and different forms of wealth, as compared with the general population. While fewer farm operators are covered by employer-sponsored pensions than are nonfarmers, a majority of farm operators save from current income on a regular basis and have accumulated diversified financial portfolios, including individual retirement savings.

New Tax Laws Benefit Farmers—The American Jobs Creation Act of 2004 represents a major overhaul of U.S. Federal income tax laws applicable to farmers and other business taxpayers. A change in the law means a majority of commercial farms will pay lower Federal income taxes.

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	Did You Know?
	Estate planning is a process to consider alternatives Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed. On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.