It is often difficult to admit to advancing years and to consider retirement. After a lifetime of farming, what else is there? Can I afford to retire? It isn’t just a question of stopping work; with farming there is always so much bound up in the farm.
When considering retirement, the first question is often ’who will take over the farm?’ If it is to remain with the family, that can highlight a whole series of questions along the lines of who gets what. If it is to be sold off then there can be questions of accommodation – does the house go with the farm, if so, where are we going to live? Can the farm support the next generation?
If a personal relationship is coming to an end, there are just as many problems and difficulties and it is an extremely emotional time for all parties. It is a time when it is difficult to separate personal feelings from the practical decisions regarding the farm business.
This is one of the most difficult areas to resolve; as the family grows, there are more complex problems about home and business properties. It is extremely difficult to reach a decision that is fair to everyone and, at the same time, does not become the root of family grievances.
Financial planning for the future is important for you and your family and arranging to pay into a pension can help bring some peace of mind as the years tick on.
When all has been agreed and settled, it is important to ensure there are no squabbles and disputes at some future point. Many people are reluctant to make a Will but it is something that cannot be put off.