Whether you are thinking of retiring gradually or taking the big step all at once, you first need to determine whether you can afford to retire. The “Retirement Estimator for Farm Families” (www.ces.purdue.edu/farmretirement/) site is designed to help you answer some of your questions about retirement.

In addition, you may want to think about farm succession planning. As you shift from full-time to part-time or fully retired status, there are a number of options available including selling the residence while retaining the special-use nature of the farm land. Expert advice from financial, legal, and tax experts is warranted because care must be taken to properly apply Internal Revenue tax codes. Be sure to seek counsel from experts experienced in farm succession planning.

If you do not have an attorney, ask friends for a referral, and contact your local American Bar Association. Fee-only financial planners do not receive commission on the products they recommend. The National Association of Personal Financial Advisors (NAPFA) posts a checklist for interviewing financial planners and provides a referral to financial planners who provide services for a fee but do not receive compensation for any products that they sell or service. Visit NAPFA at www.napfa.org.

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