You love your farm, so it can be difficult to think about your eventual retirement. There is a good chance you’re many years away from it as well, making it easier to put it off as a problem to deal with in the future.
In reality, retirement is something we should begin thinking about and planning for early on in our careers. Here are 4 tips to get you started down the road to retirement:
- Invest in your retirement. You can’t retire without a funds to do so. Begin investing in a retirement plan, savings, and other assets as early as you can. If you don’t have enough funds to retire on, plan for additional ways to supplement your income. You could potentially consult part time, or even pick up a career you’ve always wanted to try. There is no cookie-cutter method of funding your retirement. Fortunately, there are financial advisors and experts to help you create a financial plan for retirement!
- Take care of your health. It’s just as important to invest in your health as it is to invest in your business. Spend time taking care of your health while working, so you spend less money on medical bills later on. Also, once you retire you are better able to enjoy your retirement if you’re not spending all of your time in the doctor’s office.
- Create a succession plan. You have invested in your retirement and kept yourself healthy. Now, you need a succession plan. Who will take over the business? Will you divide the land? Creating a succession plan for your family farm early allows you time to get your affairs in order and train your future leaders effectively. By the time you retire, you can trust that the farm will be left in good hands.
- Establish a solid exit-strategy. Without an exit strategy, you may find yourself continuing to put off your retirement for a variety of reasons. Rather than continuing to put it off, establish a plan and hold yourself accountable. You deserve to enjoy the last few decades of your life relaxing.
As a farmer, you have spent countless hours working your land. You love it; it’s your life. That’s a beautiful thing. Retirement is simply another phase of your life where you can enjoy the fruits of your labor, family, and community.
Contact AgriLegacy for guidance on creating a retirement plan that works for you!
