Date of this Version
Hagge, Molli. 2019. Characteristics and Trends of How Nebraska Farmers and Ranchers are Planning for Succession and Retirement. Undergraduate Honors Thesis. University of Nebraska-Lincoln.
Many Nebraska farmers and their families face a lack of financial resources and loss of equity when they rely on the farm for retirement but fail to adequately plan for succession and transfer management. A survey was distributed to farmers who attended a succession planning workshop to evaluate the characteristics of farmers who are planning and those who are not planning. Logit regression and summary statistics were used to examine the survey results and identify characteristics of farmers who were participating in various kinds of planning efforts. Efforts of other researchers who analyzed succession and retirement planning for farmers are used as supplements to this study. Age was the primarily characteristic that determined whether farmers were making financial provisions for retirement, forming written documentation of plans, and identifying potential successors. The results from the survey supported the prior theory that retirement planning and succession planning must go hand in hand because farmers rely on their farm in some way to help finance their retirement.