Simple retirement plan options for small agricultural and forestry operations

Abstract

Many family farm and forests are small operations with just a few employees. Retaining these employees can be difficult, and a retirement package can make a big difference in employee job satisfaction. Extension professionals ought to be aware of several simple individual retirement account options available that minimize administrative costs and paperwork. The advantages of tax deferral in retirement planning are explained. The simplified employee pension (SEP) individual retirement arrangement (IRA) and the SIMPLE IRA are described. Examples are provided of typical savings from these programs and sources for additional information are identified. © by Extension Journal, Inc.