Written by Glenda-Lee Vossler
The idea of farm transition and retirement can be a daunting thought that raises a lot of questions but it doesn’t have to be that way.
Producers taking part in this week’s Ag Outlook heard that there are a variety of professionals that can help you through the process.
Michelle White, a Certified Financial Planner with Innovation Wealth, says when it comes to planning for retirement there’s a lot to think about and it’s never too early to start.
“Where do they see themselves? Are they staying on the farm? Are they transitioning the farm to family members? Are they going to be selling the farm and what is that going to look like for their income? Where are they going to be taking income from now that they no longer have that farm income?”
She says stats show that only about 8.4% of Canadian farms and ranches have a retirement plan in place.
“You've got to start somewhere and you might as well start today. It doesn't matter if you're retiring in five years or you're retiring in 20 years. You really need to start today and plan for your future. So that your future looks the way you want it to look.”
When putting that retirement plan together there's lots to consider from setting up a will, power of attorney and health care directive; to your future retirement and what you want that to look like for you, your family and the farming operation.
Farm transition and retirement was a key focus during this week’s Ag Outlook with Innovation Credit Union and Stark & Marsh.