Nobody wants to think about a life where they are not there or cannot work.
It is human nature not to think about being incapacitated or dead and to put the provision for that situation on the back burner.
A few weeks without work recently got me contemplating my plans, or lack thereof. I have to admit that I’m among the vast majority of the adult population that doesn’t have a will, which means I’ve got my head in the sand as to what would happen if something did happen. It was one of those cans that is easy to release if you wait for the right time.
Luckily, having my back taken out followed by my appendix a short while later deciding to start a few days before its removal is pretty low when it comes to medical emergencies.
But minor medical issues should remind us that anything can happen at any time, too often without much notice, but mine also got me thinking about not only the need to get a will, but the need to make sure I have one Retirement requires physical and financial health.
Reading Angus Woods’ column (see page 7) on retirement planning this week also makes it clear how bad some of us are at planning for our futures or what would happen if something happened to us.
About 44,000 farmers in the country are over 65 years old, which is an incredible number – it represents about a third of the country’s farmers – but no real surprise either. Farmer retirement isn’t just about quitting farming, it’s about ending a way of life — not an easy question.
In fact, doing a bit of farming after retiring from an off-farm job is the dream for many.
Regardless, most of us will face the same financial question of how to fund a retirement plan when our income is very low.
A full state pension is only available to those who have completed 40 years of social security contributions. Farmers who are wealthy but have become cash poor over the years may not qualify for the full state pension.
A vicious circle is created for many farmers, who have to continue working not only because it makes sense, but because of financial necessity.
For better or worse, it makes sense to plan for all eventualities as early as possible. And this advice is for myself as much as it is for everyone else.
https://www.independent.ie/business/farming/comment/why-many-farmers-cant-afford-to-put-a-proper-pension-plan-on-the-long-finger-42180672.html Why many farmers cannot afford a proper old-age provision