EMF22-02: Social Security, Retirement and Farmers--A Survey of Wisconsin Farm Owners

Abstract

Planning for retirement is something almost all individuals face as they age. However, farmers face a unique set of challenges when planning for retirement due to specific factors: the close tie between identity and occupation, the need to transfer or sell farm assets, and the potentially limited retirement savings and benefits available to them. This paper summarizes the findings of a survey of Wisconsin farmers that aimed to answer two main questions. First, how do farmers interact with the Social Security Administration? Second, what resources do farmers use for financial planning? The findings here are a first step toward a better understanding of the needs of farmers in order to help inform policy and programs.