In a farm business, planning for the current owners' later years is an important aspect of a farm succession plan.
Even if the owners are not planning on fully retiring from careers as many workers do, it is important to discuss their vision with family and farming partners, and plan on shifting gears, slowing down and finding other activities to enjoy.
A new program will be piloted in Clark, Richland and Winnebago counties in January and February to help farm families explore and plan for their later farming years.
Farmers and farm businesses have some unique characteristics that may not be addressed in general financial planning or retirement planning workshops.
Shifting Gears for Your Later Farming Years is a two-day workshop series designed specifically for farm families. The program will introduce participants to the following topics:
• How much "gold" do I need in my "golden" years?
• Off farm investments and off-farm income
• How much will I need to rely on the farm business and what will that look like?
• What will I do if I'm not farming?
• Communicating with farm family members about your hopes, plans and expectations
• Estate planning
• Choosing professionals to help reach goals
• Checklists to help assess readiness for changes and to keep on track when continuing to plan
In addition, all workshop participants will have access to the following services after completing this program:
• Newsletters covering planning, saving, risk and other retirement strategies
• Financial coaching - individualized support to help set and reach personal financial goals
• Farm succession planning - facilitation and planning assistance if farm succession is a part of the plan.
Shifting Gears for Your Later Farming Years will be held at the following locations:
• Jan. 11 and 25, 2012 at the Abbotsford City Hall; to register, call the Clark County University of Extension office at 715-743-5121
• Jan. 26 and Feb. 2, 2012 at the Richland County UW Extension Office in Richland Center; to register, call the Richland County UW Extension office at 608-647-6148
• Feb. 15 and 22, 2012 at the Winnebago County UW Extension office in Oshkosh; to register, call the Winnebago County UW Extension office at 920-232-1973
All workshops will be held from 9:30 a.m. - 3 p.m. Registration is $60 for the first person from the farm, $90 for two people, $120 for three people and $150 for four. This registration fee covers both days in this series.
Those interested can find workshop brochures, including registration forms at www.cdp.wisc.edu/Calendar.htm .
This program is supported by UW Cooperative Extension, the UW Center for Dairy Profitability and by a grant funded through the North Central Region Risk Management Center (www.NCRME.org).