Ok so you retire and sell out now what?

[SASKFARMER3]

Ok you decide to sell out f$&k the kids neighbors etc, find a nice Chinese group and say it's been nice.
So you leave area now what.
Buy a home in Regina, Saskatoon or Calgary, wife wants better than she had at the farm. $750,000 or $1,000,000.00 pissed away or $ 300,000.00 on a condo. Health care in city as you age reason for city.
Now your making a whopping 2.25 in a safe no risk on your cash. Gov takes their share.
Oh condo fees go up it was build the shits and your hit with a surcharge of 25,000 a year.
Ah a car for her and a truck.
But you need a place in Phoenix, Florida or Hawaii.
Ah $123,000 to $390,000 to well into the million range.
But you were a big time farmer it sure goes fast.

My point is retirement it comes to most of us faster than we want. Faster than we expect or you drop dead from working years before you get their. Only two things are certain death and taxes.

I looked at a few homes and Condos again this trip to the islands and funny us farmers sure work hard and yet when the big picture were just small potatoes.

Yes it's a great or good occupation that we enjoy.

Planning for retirement is huge. Good luck.

[farmaholic]

I guess it depends how old you are when you pull the pin, whats left after you cash out, and what standard of living you want in retirement.

What you described is only a dream for many average wage-earners. Even some small farms could only dream of that type of retirement.

Annual taxes on expensive homes in big cities take "multiple" pay periods to pay for.

Not everyone runs the race from the same starting point....some are behind the starting line some a long way ahead of it and some on it. I'm rooting for the guy behind it who finishes the race and maybe doesn't even see the podium.....good luck everyone.

[PrairieDude]

Don't forget the L150 garden tractor. You can't quit the prestigious green club

[freewheat]

Ok you decide to sell out f$&k the kids neighbors etc, find a nice Chinese group and say it's been nice.
So you leave area now what.
Buy a home in Regina, Saskatoon or Calgary, wife wants better than she had at the farm. $750,000 or $1,000,000.00 pissed away or $ 300,000.00 on a condo. Health care in city as you age reason for city.
Now your making a whopping 2.25 in a safe no risk on your cash. Gov takes their share.
Oh condo fees go up it was build the shits and your hit with a surcharge of 25,000 a year.
Ah a car for her and a truck.
But you need a place in Phoenix, Florida or Hawaii.
Ah $123,000 to $390,000 to well into the million range.
But you were a big time farmer it sure goes fast.

My point is retirement it comes to most of us faster than we want. Faster than we expect or you drop dead from working years before you get their. Only two things are certain death and taxes.

I looked at a few homes and Condos again this trip to the islands and funny us farmers sure work hard and yet when the big picture were just small potatoes.

Yes it's a great or good occupation that we enjoy.

Planning for retirement is huge. Good luck.

Many people simply do not need that kind of luxury. I will be happy to live in my current house, go fishing locally, travel a bit, grow some fruit and nuts, tap some trees, hunt, and live life. Who wants to live in the city? Puke! But then I wouldn't sell, I would rent it out.

[Richard5]

Here, here Freewheat, i second that

S3 is only rubbing it in cause that's what he does and knows most of us will never get there

[farmaholic]

Not to get too philosophical but a person really becomes aware of what really matters when faced with the loss of loved ones.

We have been dealing with too many family and friends battling cancer and losing. That doesn't mean we stop living....but it sure prioritizes and puts things in perspective.

[foragefarmer]

Far to excessive to me. I have no problem spending or leaving it for my children, they have worked hard and do not take anything for granted. Besides I'm happy in my current situation, doing some traveling and living within my means!!!

[SASKFARMER3]

I agree it hits home when someone close passes! But also when you get sick Regina or stoon is where you need to be!

[blackpowder]

If u can afford Hawaii, go for it.
When sick u have to come home anyway.
My experience is, you go out the way u lived.
Me, if i get a notice from the doctor. Ill sell it all and buy a good cigar and bottle of bourbon. Watch the rest go in the burning barrel before I give it to amy leaches. (read lawyers,exes, distant punk kids). Seriously, there are some good local young guys who deserve the leg up I never got. Give it to them.
But not before a fk u party. Invite everyone out to a big bash. Then have em flip over their plates to see what they get. On the bottom is taped a big FU.

[fjlip]

BP, could do that at the funeral too, LOL.
Know guys that quit sold all at 50, moved to town, got a part time job, lived having fun for 30 years.
If one quits at 70, healthy years are way less in number. FIL died baling hay, just the way he wanted, at 82. Whatever makes you happy, go for it, have all possibilities covered just in case. But plan ahead, shame to pay f'ing taxes to Trudeau to PISS away. Got all the info on saving TAX from Merle Good, and that he is!

[BTO_farmalll]

Rich,

And This Way of Thinkin is Exactly Why Yous are At, Where Yous At!!!!!! Should See What a Little Elbow Grease and Can-Do-Attitude Can Do 4You!!!!!! And Not Me, We Want More Cars, More Money, n' More Women!!!!!!! Tell Me, Whatch Yous Think We Out Here Fo!!!!!!!


#RunMeMyMoney

Ya Heard What I Said!!!!!!

[Ache4Acres]

SF3 it is a very interesting question. From what I see, farmers do great relative to the masses but compared to those in high finance or big Corp execs, they are not even in the same league. I guess it depends if life is a pissing match and a persons goal should be to become the next Trump or Oracle of Omaha.

In an environment of 2.5% interest rates and serious questions about the future of fiat dollars, IMHO I think that selling out now is a very dangerous prospect. I think you are miles ahead for the next couple years renting it out and resting easy knowing your money is safe in the "land bank".

[malleefarmer]

agree with someone above more than likely retire on the farm help out when needed travel a bit but no big flash retirement plans.

just help out next generation same as my father and father before him.

[newguy]

If your looking for a condo in Hawaii you should buy in Maui. I was told good investment there.Still full of Canadians.But this year they are not shopping and eating out as much as they usually do.To retire or not is a huge decision.All I know you need a plan on what you want to do when you retire.

[grassfarmer]

It smacks to me of someone not happy in their current life. Like the factory worker dreaming of winning the lottery so they can quit their job and go live on a cruise liner.
I love what I do and am happy doing so it couldn't get any better for me than watching my lifetime's work and dreams, and that of previous generations, continue albeit with the physical work done by someone else's hands when I'm no longer able. All about continuity for me not cashing out.