retirement and estate planning for farm families sharon a. devaney, ph.d. purdue university &...
TRANSCRIPT
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?
• Go to www.ces.purdue.edu/ces/farmriskmgt
# 1 What is retirement?
• Determine your life expectancy.
• Determine your spouse’s life expectancy.
• How do you feel about retirement?
• Do a Benefits CheckUp.
# 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?
# 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)
# 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
# 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
# 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
# 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
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
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