Checklist for beginning to think about retirement planning
ü What do you want to do with your time?
ü Would you like to work part-time, on or off the farm?
ü Do you want to do volunteer work, help family members, enjoy your hobbies?
ü Will you quit farming, sell the farm, move?
ü Will you stay where you are?
ü Have you talked about retirement with family members? Checklist for estimating the amount of income needed in retirement.
ü Keep a record of current spending.
ü Think about potential changes in spending after retirement.
ü Think about changes in income.
ü If needed, think about what adjustments to make. Checklist about how you should plan for retirement. ü You should learn about Social Security benefits.
ü If you work off the farm, are you eligible for an employer plan? ü Do you save for retirement with an Individual Retirement Account (IRA)?
ü If you have other investments, are they diversified?
ü If you own property, have you determined the value of your property?
ü Do you keep good records for yourself and your farm or business? Checklist for women on retirement planning.
ü Are you informed about Social Security and retirement benefits?
ü Do you work for an employer that offers a pension plan? ü Do you contribute to the employer-sponsored pension if you are eligible to do so?
ü Do you know what happens to your pension if you change jobs?
ü If you divorce, are you entitled to a portion of your spouse’s pension benefits?
ü If you are not eligible for an employer pension plan, do you have other savings?
Grant Schultz of VersaLand is an Iowa State University College of Agriculture Alum, and an expert in Agricultural 1031 Exchanges for estate planning. He can be reached at (319)277-1199 or at www.VersaLand.com
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