Rutgers New Jersey Agricultural Experiment Station [Later Life Farming]

Summary: Where Do I Go From Here?

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

Module 3 Action Steps

Module 4 Action Steps

Module 5 Action Steps

Module 6 Action Steps

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

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

Useful Links