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ECIL | 1) What do you plan on doing with your time? What are your interests? Is there anything new you want to try? Do others share your same interests? Do you want to do volunteer work? Develop a new hobby? Travel?
2) Can you afford it?
3) How is your health, coverage, will you be able to afford any future health issues? How close are medical facilities?
4) Do you have a budget? How will you handle big ticket issues, ie: replace vehicles, large home expenses like a furnace, roof, etc., taking trips?
5) What are your income sources? Should either or both of you start taking SS now or wait?
6) During busy seasons will you want to be able to help with farm activities if you want, will you be able to (think health)?
Ask yourselves these questions, no need to answer them here. No doubt more questions will pop up during your conversations. Talk to others you know who are retired and ask of their experience(s).
My wife retired before me. She already had her time planned out. In December 2021 I looked at her situation, my situation and plans, and ours together. It was then I decided to "hang up the hitchpin". Our children have no interest in farming so that made the decision easier. 2022 was my final year of farming. Since then we've taken multiple trips (not vacations, those are for working people), had time to do things we couldn't before due to spring or fall work, developed more interests and tried more things. I went into it thinking I'll do this and that but found other things more suitable.
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Retirement meeting with my accountant
