Later Life Farming: Creating a Retirement Paycheck includes information and tools to help farm families make important retirement planning decisions. The rest is up to you! Below is a list of specific actions to consider to improve your financial security in later life.
Module 1 Action Steps
- Estimate your life expectancy using one or more online calculators
- Make a list of viable strategies for you to create a regular income stream in retirement
Module 2 Action Steps
- Ready for Retirement Quiz (AARP)
- Make a list of viable post-retirement employment options other than farming
Module 3 Action Steps
- Calculate your net worth using the Net Worth Spreadsheet for Farm Families
- Calculate your household income and expenses using the Spending Plan Worksheet
- Complete the Financial Goal-Setting Worksheet (7k PDF)
- Take the Financial Fitness Quiz
Module 4 Action Steps
- Use the FINRA Retirement Calculator to calculate various retirement savings scenarios
- Try some of the online retirement planning calculators listed in Module 4c
Module 5 Action Steps
- Thoroughly explore the downloadable publications and calculators on the Social Security Retirement Planner website
- Start or increase savings in one or more tax-deferred retirement savings plans
Module 6 Action Steps
- Take the Investment Risk Tolerance Quiz
- Complete the Asset Allocation Worksheet (22k Excel file) to determine the percentage of your investment portfolio in different types of assets (e.g., stock, bonds, and cash)
Module 7 Action Steps
- Make a list of viable strategies to reduce your spending in retirement
- Compare the cost and features of three competing long-term care policies. Consider working with a financial advisor or local SHIP office to get the information to do this
- Try several online Monte Carlo calculators to estimate how long your assets will last at various rates of withdrawal and investment return
Module 8 Action Steps
- Have a frank and honest discussion with family members and/or professional advisors about the future of your farm.
- Complete the Farm Transfer Brainstorming Worksheet
Module 9 Action Steps
- Consult an estate planning attorney for information and/or assistance with estate taxes
- Take one or more actions to reduce your federal and/or state income taxes
Module 10 Action Steps
- Consult a financial planner for information and/or assistance with your personal finances
- Review one or more of the Recommended Online Resources in Module 10b.
- Explore the Rutgers Cooperative Extension Personal Finance website