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Does retirement seem impossible? / Focus on farm transition / FCC Knowledge

Nov 29, 2019

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Video: Does retirement seem impossible? / Focus on farm transition / FCC Knowledge

There are many factors, both financial and emotional, that impact a senior partners’ ability to retire from the farm. In this episode, we talk about the questions to answer and the roles in transitioning to retirement.

Key takeaways:

• First step - create an estimated annual retirement budget based upon dreams and goals of the senior partners, unforeseen expenses, and inflation.

• Cost of retirement will become a debt obligation to the farm in most cases, unless there are other income streams or savings.

• Include your farm’s accountant and junior partner to determine: can the farm business meet this obligation and stay in a healthy position? If so, what is the most tax efficient way to extract those funds from the farm?

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