This has been a great week off the road, getting prepared for the fall and winter programs and doing some good honest farm work. As the students and parents come bustling on campus, it’s amazing how a city of 26,000 students move in within three to five days!
The students look younger and the parents are starting to have that youthful look as well. That leads me to this week’s column on retirement as we start to move from late summer to the fall of the year.
Producers who are thinking of retiring must consider that many people underestimate their life expectancies. Here are the facts:
A healthy couple that is 65 years of age has a 50% chance that one of them will live to age 92.
The same couple has a 25% probability that one of them will live until 97 years of age.
A 65-year-old healthy woman has a 50% chance of living until 88 and a 25% chance until 94.
Contrast this to a male who is 65 years old. A healthy man has a 50% chance of living until 85 and a 25% chance of surviving until 92.
The bottom line is that a large amount of assets and equity is required during retirement, either through the farm or from outside investments, so more people will be working during their retirement in the future.
Just a tip: If you have stocks, bonds and mutual funds, be careful of the amount of fees you are paying.
Start saving and investing early and often!
Back on the Road Again
I’ll be speaking to groups in Texas, Iowa and Nebraska this week. Maybe I’ll see some of you during my travels.
My e-mail address is:[email protected]
Editors' note: Dave Kohl, The Corn and Soybean Digest Trends Editor, is an ag economist at Virginia Tech. He recently completed a sabbatical working with the Royal Bank of Canada. He is now back at Virginia Tech with his academic appointment, which is teaching, extension, and applied research.
To see Dave Kohl's previous road warrior adventures type Dave Kohl in the Search blank at the top of the page.
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