Retirement planning practices and strategies for agricultural producers

This study examines the current retirement strategies of agricultural producers, determines farmers’ levels of investment and financial planning knowledge, and makes recommendations for the construction of a computer-based expert system to assist producers in developing retirement plans and strategies. The first two objectives are accomplished through the analysis of 336 self-administered and mailed surveys from producers in Iowa, Kansas, Nebraska, Virginia, and Washington. The third objective is completed utilizing study results, information provided by individuals knowledgeable m personal finance, and literature dealing with personal financial management. Seventy percent of the survey respondents invest in non-farm assets. Farmers who do not invest off the farm cite a desire to pay down debt, little or no funds available, tax savings, and liquidity as their leading reasons not to invest off the farm, while those who do invest off-farm list tax benefits and diversification as their leading motivators. Respondents began retirement saving early and one-third of them wanted to begin withdrawing from the farming operation by the age of 60. Seventy-eight percent of the respondents with non-farm jobs invest in assets off the farm (p < .05). Producers with the highest levels of formal education are more likely to invest off the farm than the less educated producers (p < .005). Farmers with less formal education tend to delay investing for retirement until later in life (p < .001).

Name thesis:degree_name

Master of Science

Level thesis:degree_level

masters

Discipline thesis:degree_discipline

Agricultural and Applied Economics

Department dc:contributor.department

Agricultural and Applied Economics

Grantor dc:publisher

Virginia Tech

Year dc:date.issued

1995

Author dc:creator

• Marker, John R.

Statement dc:rights

• In Copyright

Licence dc:rights.uri

• http://rightsstatements.org/vocab/InC/1.0/

Language dc:language.iso

en

Dc Identifier Other

etd-10072005-094820

OAI identifier oai:identifier

oai:vtechworks.lib.vt.edu:10919/45054