112. How to Actually Retire from Farming: Financial Planning & Estate Essentials with Jessica Groff
Welcome back to Beyond the Crops, where farm life meets real life! Did you know a staggering 80% of farmers don't plan to fully retire, creating huge risks for the farm and family. In this crucial succession episode, we're tackling the tough questions about what happens when you can no longer work. Mary Pat and Jena are joined by ag economist Jessica Groff, to debunk financial myths and reveal the four essential estate documents every adult needs now to protect their legacy.
š What We Cover in This Episode:
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Why 80% of farmers don't plan to fully retire.
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Moving beyond the "the farm is my retirement" mindset.
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Planning for the staggering costs of long-term care.
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Debunking common retirement account myths.
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Retirement accounts designed for farmers (like the Solo 401k).
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The importance of building your professional "dream team."
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Asking the powerful question: "What is enough?"
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Why Mom can't be left out of the succession plan.
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The four essential estate documents every adult needs NOW.
š” Key Takeaways:
āØ Your body will likely make the retirement choice for you before you're ready. Planning ahead ensures the farm and your family are protected when you physically can no longer work.
āØ Building a trusted team of professionals (attorney, CPA, financial advisor) is non-negotiable for navigating the complexities of succession, retirement, and long-term care planning.
āØ Retirement accounts are flexible tools that can reduce tax liability, provide income for older generations, take pressure off the farm, and even help equalize inheritance for non-farming heirs.
āØ The most crucial, immediate step every adult should take is to establish the four basic estate planning documents: a will, a power of attorney, a power of attorney for healthcare, and a healthcare directive.
āØ Ask the tough questions now: "What is enough?" and "What do our sunset years look like?" These conversations are vital for creating a plan that serves every generation.
š Connect with Our Guest:
Find Jessica and her incredible resources on Instagram @JessicaGroff. You can also find her free articles, webinars, and podcasts by searching for her name on the University of Nebraska Extension website.
This episode of Beyond the Crops is brought to you by Beck's Hybrids. As farmers, we pour so much trust into every decision. That's why we're proud to partner with Beck's Hybrids, a company built on faith, family, and a love for agriculture since 1937. From localized support to research-backed insights, Beck's is committed to helping farmers succeed for generations. Learn more at beckshybrids.com.
š Join the Conversation!
What's one question this episode sparked for you about your own family's retirement or succession plan? What's one step you're taking to get the conversation started? Share your thoughts and tag us @beyondthecrops_.
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