For many years, the farm has provided and benefited for you and those around you. It’s now time to ask how the farmland will aid in your dream retirement. You deserve the best retirement you can get, and fortunately your hard work will not be unrewarded. Your next step is to plan for your retirement, and here are the top ways to set your farm up for the dream retirement.
Invest to grow a retirement fund
The stock market can be complex beast but can also benefit savvy investors greatly over time. In basic terms, the aim is to buy a stock and sell it when it is most valuable, and this is how many investors build wealth. In some cases stocks, like wine, get better with age. A several year-old stock has a chance to single-handedly fund one’s retirement with enough to cross out a few list items from a bucket list. The downside though, is that it is a risky strategy! While there is a chance you can make a profit, there are no guarantees to the size of the profit and there is also a chance that the stocks will decrease in value over time.
Farming with the future in mind
Sustainable farming is good practice for many reasons – not only from an environmental, health, and marketing perspective, but it also ensures that your land will continue to be productive when you hand the farm over to the next generation. The extra thought in caring for your farm’s soil now with practices like rotational grazing and increasing biodiversity, your land will continue to be a valuable resource in the future.
Invest in a modular home
The investment into your property by building another dwelling has plenty of benefits. The home itself is yours to own and can act as home for you, allowing you to lease your current farmhouse along with the land. For something a little more advantageous, the home can also act as a holiday home for someone else. You can make a profit by renting it on Airbnb whilst you fulfil your travel dreams and get paid for every night someone stays there. It is a win-win situation!
Take part in share farming
Using the land that you already own is an effective way to help fund your retirement. Simply put you can lease a section of your land to another farmer (lease agreement) to manage independently. Or you can enter a share farming arrangement in which you, as the farm owner with the land and fixed equipment, would enter into an agreement with another farmer supplying the labour and machinery. A very popular arrangement in the dairy industry in particular, share farming involves varying risk and profit levels for both the land owner and share farmer. You can enjoy your hard-earnt time knowing the sake of your farmland will be in the hands of a trusted and hard-working farmer and make the most of this opportunity to travel and explore the world.
Considering investing in a modular home? Contact us at Manor to help design the home for your retirement, or to fund your retirement and make your retirement the best it can be!