PA, Penn State Extension Provide Retirement Planning Information for Farmers

The Pennsylvania Department of Banking and Securities is partnering with the Penn State Extension to launch a free, online program to help farmers with retirement planning. Farmers can learn about investment strategies, fraud awareness, planning, budgeting, and saving for the future.

“Future financial planning is important for all Pennsylvanians,” said Katrina Boyer, Investor Education Coordinator, Department of Banking and Securities. “Regardless of your livelihood, ensuring you have adequately saved to support you and your family can help ensure stress-free days throughout your retirement.”

The two sessions are:

“If Pennsylvania’s farmers don’t have a retirement or transition plan, Pennsylvania doesn’t have a reliable food system,” said Agriculture Secretary Russell Redding. “This is an invaluable opportunity that will help to ensure the continued success of Pennsylvania’s farms, and therefore success for all of Pennsylvania.”

The program is free and open to the public. Registration is required. A third presentation will be offered by an estate planning professional.

“As Extension Educators, Sam Gehrett and I saw the need for farmers to plan their retirement as early as possible,” Annie Miller of the Penn State Extension said. “Farmers can take advantage of all the resources available to them, and we are delighted to work with the Commonwealth of PA to bring all available resources to their attention.”

Penn State Extension is a modern educational organization dedicated to delivering science-based information to people, businesses, and communities. They make a difference locally through focused engagement, and more widely to customers connecting in the digital landscape.

To further support the business, transition, and succession planning needs of Pennsylvania agriculture, the Department of Agriculture encourages farmers to take advantage of the $1 million Farm Vitality Grant Program through the Pennsylvania Farm Bill. The program funds professional services aimed at enhancing the long-term health and vitality of Pennsylvania’s farms through sound business planning, efficient transitions of farm ownership, strategic farm expansion, diversification, and financial and technical expertise. Grants are available up to $7,500, which can cover up to 75% of a project.