Farmers and ranchers are the world's worst at retiring. Why? They love what they do and
they dont take time to prepare for retirement adequately. Sometimes it is one or the
other and sometimes it is both.
Why retire? Farmers, even if you love what you are doing there are still good
reasons to retire.
- There are no guarantees that your health will hold up under the rigors of farming.
There might be a disabling injury. Then what?
- Both husband and wife need to agree about continuing to farm. A wife might be looking
forward to a change - traveling, visiting the grandchildren, moving to town or just having
a less demanding lifestyle. The goals, needs and feelings of your partner toward
retirement should be considered on an equal plane as your own. To be unified, you need
common goals.
- Failing to retire might make a successful management transition in the family
business difficult. The goals and needs of the rising generation on the farm are
different. Failing to retire may hold back some aggressive business decisions or deprive
the next generation of valuable management experiences. If you are a hard driving
perfectionist, you will have a hard time stepping aside.
Once you have weaned yourself away from the farm, retirement can be fun. You will
have things to do. Retirement is not a move into the rocking chair. It is like a
career change - a change from work to another form of work of your own choosing. Work is
defined as a purposeful and persistent effort toward meaningful goals.
Goals are important. Goals energize you, give you direction and purpose in life.
You need to be needed, to be useful and to have meaningful problems to solve. As human
beings, we are future oriented, problem-solvers who respond to challenges. Take goals away
and life loses its meaning.
One definition of depression is the breaking of the connection between a person and
their long term goals. Older people become depressed without enough to do and without
something meaningful to occupy their time and attention.
With new goals, your mind will stay sharp and creative. Evidence shows that a career
change causes a new burst of creativity that sustains people through a new creative life
cycle. Learning and trying new things is vital to keeping people mentally young. People
who are curious about the world and continue to expand their horizons do well in
retirement - and in old age for that matter. When learning is a part of life, then
retirement offers wonderful opportunities to grow.
When and how should you prepare for retirement? Start now by cultivating a
balanced lifestyle with goals, interests and hobbies besides farming. People prepare
themselves by belonging to organizations, engaging in community and church leadership and
by having a rewarding family and social life.
Take vacations. Get away. Go to meetings. Volunteer. Visit your grandchildren. Have
fun. Explore a hobby. Dust off your other interests. Taking time to have a life beyond
farming helps you understand and value the time that becomes available through a decision
to retire. These involvements should be a part of your lifestyle long before retirement.
By getting away from the farm, you will also learn to trust that the farm is in good
hands in your absence. Your well-trained farming children will rise to the occasion and
reward your trust.
Financial security. Often, retirement depends on financial arrangements that
involve the transfer of assets to the next generation and their ability to make a profit
in farming. You want the next generation of farm leadership to be competent so you can
enjoy the fruits of your many years of labor. The land rentals and phased buyouts will be
a major part of your retirement income.
Delegate, delegate, delegate. Take a hands-off approach and allow them to make
decisions, take risks and make mistakes. Be good teachers. Share the financial information
and decision- making.
Retire on the farm? The best plan is to have a pattern of democratic
decision-making and significant delegation of managerial responsibility long before
retirement age. A shared management style lends itself to semi-retirement because the
older parents' presence doesn't interfere with the management opportunities of the next
generation.
As a retired farmer, you can serve as a consultant as needed and pick and choose areas
where you would like to stay directly involved. Your help will be welcomed if you
dont try to run the show. You can fit in where you are needed. You can help with the
planting and harvest and still be free to go and pursue other interests. You will be out
from under the heavy financial pressures and physical demands of the farm.
Even if you love farming and want no other lifestyle, prepare yourself to retire.
Delegate and trust the next generation. They will welcome your help and your farming
duties and you can work at the pace you want and with what your health can handle well
into your older years.
Retirement means the freedom to choose exactly the kinds of goals you want in your life
- even farming. Not retiring gums up succession on a family farm and will hurt more than
help those you love the most. Not only do you create problems for your on-farm successors,
you shortchange yourself and your spouse by pushing hard when there is a better, easier
and more enjoyable way to live.