Could the Dairy have its own retirement plan?

By Ryan Hayden, Financial Advisor

What are some retirement plan options for my dairy?

There are several to choose from that can be shaped to any size farm, whether Schedule F or large employer.

SIMPLE IRA plans have no start-up cost but require all participants be offered the same match benefit.

SEP IRAs also have no start-up cost but offer greater tax deferral. Both the SIMPLE and the SEP require minimal paperwork or effort to initiate.

Solo 401(k) plans have some expense but also allow a spouse working for the farm to contribute and are great for a farm with no other W-2 employees.

For the small farming team with large tax deferral needs a Cash Balance Plan can be very powerful.

For many farms a retirement plan allows the owner to have assets that do not depreciate like a standard equipment purchase.

Depending on who participates in the plan, you may keep some or all the contributions for the family!

If tax breaks, tax-deferred growth, or tax-free growth sound good to you, then yes, the dairy can have its own retirement plan.

Retirement plans can be built to fit the custom needs of any dairy.

Ryan Hayden - Financial Advisor

555 Poyntz Ave. Suite 280, Manhattan, KS 66502-0126

Phone: 785.537.4505

Beyond Wealth Advisors is not a registered broker/dealer, and is independent of Raymond James Financial Services. Securities are offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment Advisory Services are offered through Raymond James Financial Services Advisors, Inc.