Importance of Retirement Plan

Importance of Retirement Plan

I’m KayDee Gilkey with the Northwest Farm and Ranch Report.

In yesterday’s report, Jolene Brown, farmer, professional speaker, author, and family business consultant, shared three common pitfalls that might occur to a farm family’s older generation who has decided that they will farm until they die.

Today Brown shares reasoning behind some matriarch and patriarchs’ hesitation in determining a retirement plan.

Brown: “I know why people don’t want to retire it’s because they get dead. It’s true. Someone retires and you read their obituary the next month. And so I don’t want people in agriculture to retire, but do want them to refire. I want them to be moving on, still available as the wise mentor because we need you as you go along the way. And if you have that attitude, where there is excitement for that next opportunity you have it planned and in place, with that attitude you will still be needed as the wise consultant for those who continue in the farm family business.”

Brown stresses the importance of the older generation having a retirement plan in place.

“So as you retire make sure you have yourself financially secure so you are not dependent on what the next generation does with the farm. That you have enough assets on the side, so even if they blow it all you are still going to be safe. But what you find instead is that they don’t blow it. The business continues and grows and is better than you ever started with because of the foundation that you gave and the time that you gave them to make it their business.”

I’m KayDee Gilkey with the Northwest Farm and Ranch Report on the Northwest Ag Information Network.

To read more of Jolene’s wisdom and humor go to www.jolenebrown.com.