According to a USDA analysis, while farmers are more likely to have retirement accounts than the general population, their total retirement savings remain lower than average.
The data shows that among older farm households, 57% possess retirement accounts, surpassing the national average of 47% yet falling short of 59% for nonfarm self-employed households.
Despite a higher percentage of farmers maintaining retirement accounts, their average savings of $247,600 is still lower than the $260,900 seen in other older U.S. households.
The findings indicate a concerning trend: older farm households are less likely to maintain adequate retirement savings than younger farmers, highlighting possible gaps in financial preparedness.
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