Jeanne Bernick has published "A Retirement Plan You Can Bank On" on AgWeb, describing retirement planning for a family with substantial agricultural assets. She lists 5 important goals for retirement planning. They are;
- Analyze retirement income and expenses, including noncash benefits attained as farm-owners.
- Reduce debt in remaining working years.
- Establish a "rainy day" fund for the unexpected.
- Save money for other obligations that are predictable.
- Integrate an estate plan to mitigate the tax burden and protect the business in case of "premature death or debilitating illness".
Posted by Michael Nissenbaum, Associate Editor, Wealth Strategies Journal.
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