Never retire? Financial planning and farm families
Bibliographic Data
| ID | 22422694 |
|---|---|
| Authors | June Mccormick Collins (0000-0002-2280-2130, University of Wisconsin–Madison), J Michael Collins (University of Wisconsin–Madison), Marissa Eckrote-Nordland (University of Wisconsin–La Crosse, corresponding author) |
| Year | 2026 |
| Pages | 1-22 |
| Publication date | 2026-02-13 |
| Open Access | No |
| Type | ARTICLE |
| Venue | The Journal of Agricultural Education and Extension (JOURNAL) |
| Journal identifiers | ISSN: 1389-224X • E-ISSN: 1750-8622 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/1389224x.2026.2629405 |
| OpenAlex | W7128783859 |
| Language | EN |
| References cited | 32 |
Purpose This paper informs practitioners, farmers, and policymakers about challenges U.S. farm families face when preparing for retirement, with a focus on financial planning and Social Security benefits.Methodology Data from a 2024 survey of 312 Wisconsin farm owners was summarized using probit models.Findings Planning behavior varies by age, income, and farm characteristics. While some families actively plan, many lack formal succession plans. Some farmers use financial professionals for help, but many lack clear strategies, including around Social Security.Practical implications The study highlights the need for tailored planning resources for older and family-run farms. It also sheds light on challenges of retirement, offering insights for those supporting rural communities.Theoretical implications While farmers planning for retirement should make rationally informed expectations regarding their need to smooth consumption in old age, only one-third have a retirement age planned. This may reflect myopia, procrastination or a lack of reliable information for making financial plans. Given this context, government social insurance programs for retirement income may be especially important.Value Findings emphasize the importance of financial planning for farming families and the value of specialized services to support retirement preparedness.
Agriculture · Financial plan · Probit model · Procrastination · Retirement planning · Social security · Succession Planning · Housing, Finance, and Neoliberalism · Migration, Aging, and Tourism Studies · Rural development and sustainability
The theory of planned behavior
Internet, Phone, Mail, and Mixed‐Mode Surveys
Why Do Retired Households Draw Down Their Wealth So Slowly
Effect of Monetary Incentives on Mail Survey Response Rates for Midwestern Farmers
Exploring state pension provision policy for the farming community
What is the role of place identity in older farming couples' retirement considerations
Policy drivers of farm succession and inheritance
An Economic Theory of Self-Control
| Highly cited | No |
|---|