Social and Behavioral Sciences Commons^™

Differences In The Determinants Of Retirement Preparation Between Farm And Nonfarm Households, Sheri L. Worthy, Travis Mountain, Swarn Chatterjee, Carrie Johnson, Elizabeth Kiss, Barbara O'Neill, Lorna Saboe-Wounded Head, Michael S. Gutter

Journal of Applied Farm Economics

As principal farm operators age, retirement and succession planning has become increasingly important to the U.S. agriculture industry. This study examined differences in the determinants of retirement preparation between farm and nonfarm households using the Survey of Consumer Finances. Factors such as risk preferences, financial capability, human capital, and other demographic characteristics of farmers that may play a role in their decision to plan for retirement were examined. Retirement planning was investigated by running three separate sets of logistic regressions on the overall sample, farm households, and nonfarm households. Likelihood of consulting a financial planner, expecting to leave a bequest, …