But planning ahead can make the step easier and more enjoyable, says Scott County educator Dave Resch of the University of Minnesota Extension Service. Resch lists several questions a farmer needs to ask when starting the retirement process. These questions need to be answered first by the person retiring, says Resch. Then the answers should be shared with the rest of the family, because the answers will affect everyone in the family.
Professionals can help with tax and estate planning.
The amount of available income will be a key factor. Previous expense records can help you determine the amount of income you will need. The Social Security Administration office can tell you the amount of Social Security benefits you will receive. If you retire at 62, monthly benefits will be less than if you wait until full retirement age. Update your net worth statement if you have not done so annually.