Farmers would benefit significantly from increased access to retirement vehicles that pay a steady stream of income for life. Several factors explain why:
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Farmers are largely self-employed. They’re typically not covered by traditional pensions or employer-provided 401(k) plans. According to the Census Bureau, about 30 percent of agricultural workers work for an employer who sponsors a retirement plan, as compared to 60 percent of all workers. It’s truly up to the individuals themselves to manage their retirement savings. | |
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Farmers face a wide array of risks that directly affect not only their incomes, but also their future financial well-being. Everything from unpredictable weather to disease outbreaks, global competition to trade wars, and farm consolidation to shifts in national farm policies can affect their financial condition – and therefore their savings and retirement plans. |
These huge uncertainties make it especially challenging for farmers to plan and save for their retirement.
The good news is that farmers increasingly see the value in saving for their retirement, beyond whatever assets they may have in land, equipment, livestock, etc. According to the USDA, the amount of non-farm net worth has increased significantly in the last decade. This still leaves the challenge of converting non-farm assets (plus, for many farmers, the proceeds from selling their farm, equipment, etc.) into a stream of income that will last throughout retirement.
Americans for Secure Retirement seeks to make it easier for farmers to have a comfortable standard of living throughout their retirement.
Learn about others who are at risk.
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