Beginning Farm/Ranch. Other Things. Social Security Benefits. Retirement Planning for Beginning Farmers & Ranchers. Typical American Retirement Income
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1 Retirement Planning for Beginning Farmers & Ranchers Joel Schumacher Associate Specialist Beginning Farm/Ranch Priorities Finding your spot in a family operation Acquiring Land & Equipment Acquiring Livestock Operating Expenses: Fertilizer, Fuel, Seed, etc. Cash Flow & Living Expenses Other Obligations: Student Loan, Car Loan, Housing Off Farm Job 1 2 Other Things Less Urgent but Important Retirement Planning Disability Risk Premature Death Risk Typical American Retirement Income Three Main Sources Social Security Employer Based Retirement Plan Personal Savings Other Common Sources Part Time Work Asset Sale 3 4 Social Security Never designed to provide 100% of retirement income Personal estimated retirement benefits are available at: Website: ww.socialsecurity.gov Current Average Monthly Benefit: $1,269 (2012, Retired workers) Social Security Benefits Both Employee & Employer pay into the system Your Benefit is based on: Your past earnings (highest 35 years) Your Age when claiming benefits System is designed to benefit lower earning workers more than higher earning workers 5 6 1
2 Social Security Retirement Earnings Required for a Quarter: $1,160 Or 4 quarters $4,640 Eligibility for Retirement Benefits 40 work credits Max of 4 credits per year Why is this important? Often the goal for taxable farm income is zero Social Security Retirement Benefits can be claimed After age 62 Each year you wait to claim your benefits Benefits increase by about 8% Benefit increases stop at age 70 Working and Claiming Benefits Age 62-70: $15,480 (2014) Benefits are reduced $1 for every $3 over the limit Over Full Retirement Age (65-67): no restrictions 7 8 Death & Disability Farming & Ranching is dangerous Disability Rate for Farming, Fishing & Forestry 7.3% 6.5% is the average for all occupations In the Top 10 highest death rate by occupations 20 to 45 deaths per 100,000 workers per year Over a 45 year career that is 0.9 in 100 odds Social Security Disability Earnings Required for a Quarter: $1,160 Or 4 quarters $4,640 Eligibility for Disability Benefits 20 work credits in the past 40 quarters Special rules for those under 31 Basically: need to have earned 2 credits per year 9 10 SS Disability Facts Disability: Average Age: 53.2 Average Disability Benefit: $1,130 Total Disabled Workers: 8,827,000 Plus Spouses/Children: 2,063, ,000 workers claimed disability for the first time in 2012 IRAs Tax Benefits Traditional IRAs Pre-Tax Contributions.Taxable Withdrawals Roth IRAs Post-Tax Contributions Tax Free Withdrawals 10% Penalty for early withdrawals (before age 59 ½) Not required to contribute every year
3 Traditional IRAs Maximum Contribution: $5,500/year 2013 Extra $1,000 if you are over age 50 Catch-Up Contribution Contributions are generally tax-deductible Withdrawals are taxable 13 Traditional IRAs Income Limitations Individual: $59,000 or less: Full Deduction $59,000 to $69,000: Partial Deduction Married Filing Jointly: $95,000 or less: Full Deduction $95,000 to $115,000: Partial Deduction These limits do not apply if you are not covered by employer plan 14 Roth IRAs Maximum Contribution: $5,500/year Extra $1,000 if you are over age 50 Catch Up Contribution Contributions are not tax-deductible Withdrawal (including earnings) are tax free Roth IRAs Income Limitations Individual: $112,000 or less: Full Contribution Limit $112,000 to $122,000: Partial Contribution Limit Married Filing Jointly: $178,000 or less: Full Deduction $178,000 to $188,000: Partial Deduction Self Employed You as an employer can sponsor a plan Solo 401(k) (Uni-k) Employee Contribution Limit: $17,500 Employer Limit: 25% (roughly) of Net Self Employment Income up to $52,000 Tax Reporting is Required Much more complicated than IRA SEP (Simplified Employee Pension) Contribution limits: lesser of $52,000 or 25% of net self employment income Simpler than Uni-K 17 Working in Retirement Reason s to work Need or want the income Like to be involved Enjoy working Like the flexibility of part time work Employer needs you Have the ability to work at a job you love with low pay 18 3
4 Equipment Sale Equipment Auction Livestock Sale Land Sale Lease To a family member To someone else Sale of Land Agricultural land Your home Asset Sale Rental Rates Grazing Rate: AUM $19.07 per month Cow-Calf $21.40 Per Head $19.50 Montana Ag. Statistics Service ( ) Cash Rent Rates Irrigated $80.75/acre Non-Irrigated $23.00/acre Pasture $5.57/acre *4 year average ( ) Recent Ag. Land Values Health Issues Montana Land Values Irrigated $2,725/acre Non-Irrigated $655/acre Pasture $553/acre *4 year average ( ) Land Sale Issues Capital Gains Taxes (often 15% rate) Some exemption for sale of your home Taxes on gains of depreciated assets (Barn) Real estate broker s fee (often 7%) 21 Biggest unknown in retirement planning May determine when your retire May limit the types of activates that you participate in during retirement Ultimately determines the length of retirement Healthcare costs can vary 22 How much retirement income do I need? What was your pre-retirement income? What are you planning to do in retirement? How is your health? 4% Rule Rule of Thumb for many Withdrawal 4% in year 1 $100,000 account = $4,000 Increase withdrawal for inflation Year 2 withdrawal $4,000 x (1 + 3%) = $4,120 Year 3 withdrawal $4,120 x (1 + 4%) = $4,
5 The Backup Plan Can you reduce the impact of a what if situation? Are you comfortable with your insurance coverage Insurance is a way to reduce some risks What will you do if you have a what if situation? What options do you have if your retirement savings decline? Work longer? Spend less on? 25 Contact Information: Thank You Joel Schumacher jschumacher@montana.edu 26 5
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