Purdue University in conjunction with the USDA presents
A Retirement Estimator for Farm Families
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How Much You Need:
Current Annual Expenses
Change in Expenses
Life Expectancy
Retirement Income Needed

How Much You Have:
Social Security Income
Other Retirement Income
Estimated Farm Income
Estimated Payments

The Outcome:
Evaluation of Retirement
Resources

Print Summary

What Are Your Current Annual Living Expenses?

If you have a record of current annual living expenses, enter the amount here.

Here are some examples of annual spending for farm families from Illinois and Iowa, but your own numbers will work better for you.

Example 1:
In 2007, 1,232 Illinois farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) spent, on average, $60,294 or $5,025 a month for noncapital living expenses. Another $6,118 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment. Thus, the grand total for living expenses averaged $66,412 for 2007. When the expenditures for families of 3-5 people were sorted into thirds, expenditures averaged $45,517 for the low one-third and $103,668 for the high one-third. Source: Farm and Family Living Income and Expenses for 2007.

To update the Illinois Farm and Family Living Expenses for 2007, use:
http://www.farmdoc.uiuc.edu/manage/newsletters/fefo08_12/fefo08_12.html

Example 2:
Iowa Farm Business Association reported the average for family living expenses for 2006 were $32,153. The average family living expenses ranged from $21,275 for smaller farmers to $48,231 for largest farms. Source: 2006 Iowa Farm Costs and Returns.

To update the link, use 2006 Iowa Farm Costs and Returns:
http://www.extension.iastate.edu/agdm/wholefarm/html/c1-10.html