Posted by fixerupper on November 19, 2020 at 08:42:18 from (108.161.63.205):
In Reply to: Kinda OT posted by muleman51 on November 18, 2020 at 08:18:05:
How much retirement money do you have stashed away? If you need a boost to your retirement savings to live another 20 years rent the farm out. Renting it out will net you more money than you ever have off of that land and rent money is not stuck with self employment tax.
If you do want to continue farming yourself profitably with old equipment there is old equipment out there that will come close to the performance of new equipment. It might not do the job as fast but it will do a very good job. A Deere 7000 planter is one of them. If you prefer to skimp on modern plant genetics and herbicides and end up with short corn sticking out of the grass and weeds, park your equipment and rent out the land. Yes I am being blunt but at your age it is all about bringing in all the retirement money you can get hold of. I am in the same situation as you. I am Pushing 70 and farm with old equipment I want to nurse along for two more years.
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