Farmer’s Guide to Trucking Regulations available to Ohio Farm Bureau members
The guide includes a farm driver checklist, overview of state and federal regulations and exemptions, CDL qualifications and more.
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It’s probably safe to say that you’ve thought about (or maybe it’s more appropriate to say “dreamed about”) what you will do when you retire. Play golf every day. Wine-tasting in Napa. Travel to exotic locales. But when you retire, the sky isn’t always the limit. The limit will be determined by how you’ve planned and prepared for that time.
Planning for retirement isn’t easy and it’s especially difficult for self-employed individuals. They spend years and years building their businesses. Some may expect to sell it and live off the proceeds into their golden years, while others may have a different transition plan in mind. Sometimes those plans actually work. But, often, a little more is involved.
The other tax-qualified retirement plans you may be familiar with are 401(k) plans. They allow employees and self-employed individuals to save without having to pay income taxes on the earnings (until they’re paid out). They also allow companies to take a tax deduction for contributions to the plan and you can defer your own earnings from self-employment (or wages) before those amounts are taxed. But, did you know that there are lots of other tax-qualified plans that operate much like a 401(k) plan?
Traditional, SEP and SIMPLE IRAs are options for self-employed individuals as are SIMPLE 401(k), 401(a) defined contribution plans and 401(a) defined benefit plans. Each provides for tax deductible contributions, tax-deferred growth and taxable distributions. Individuals may also find that some plans provide flexibility in the timing and amount of contributions.
Knowing what type of plan is right will depend on a few things:
There are other ways to save but some might be more practical than others. There are some time-tested savings strategies that you can consider like, investing in real estate, purchasing cash value life insurance or just stuffing some cash under your mattress. If you decide to go the route of life insurance, it does provide your family with financial protection if you were to die prematurely.
Retirement can mean an end to your moments of impulse. Most of us like to live in the moment but being a responsible adult (and potential retiree) means setting some goals, and that includes financial goals. It also means that you prepare (as best you can) for life’s hiccups: an accident, disability, living longer than you thought you would or needing assistance in daily living in your golden years. So, before you decide it to be wise to try to restore that ’65 Mustang Shelby GT, you should consider the potential curve balls life might throw so you can be in the best position possible to overcome them.
If you would like help in finding a qualified professional to speak with, contact the Nationwide Land As Your Legacy team at [email protected] or toll-free at 855-529-2729.
Federal income tax laws are complex and subject to change. Neither Nationwide nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions.
As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Care should be taken to ensure these products are suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit your individual needs.
The guide includes a farm driver checklist, overview of state and federal regulations and exemptions, CDL qualifications and more.
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Katie Share of Columbus has been named ExploreAg and Youth Development Specialist for Ohio Farm Bureau.
Read MoreMary Klopfenstein of Delphos has been named Young Ag Professional and Ag Literacy Program Specialist for Ohio Farm Bureau.
Read MoreThe plan has been updated to give sole proprietors access to more rate stability and a smart solution that offers potential savings on health care.
Read MoreThe American Farm Bureau Federation, in partnership with Farm Credit, is seeking entrepreneurs to apply online by June 15 for the 2025 Farm Bureau Ag Innovation Challenge.
Read MoreAdele Flynn of Wellington has been elected treasurer of the Ohio Farm Bureau Federation and now holds the third highest elected office in Ohio’s largest and most influential farm organization.
Read MoreProducers are urged to work with their veterinarian to practice enhanced biosecurity measures and review and limit cattle movements within production systems.
Read MoreThe changing seasons bring with them the need to thoroughly inspect pole barns for any damages that may have occurred during the winter months.
Read MoreHundreds of Ohio businesses and sole proprietors are raving about Ohio Farm Bureau’s Health Benefits plan with lower, predictable costs and easy enrollment and administration options.
Read MoreAgriPOWER Class XIV spent a few days in March in Medina and Wayne counties learning more about northern Ohio agriculture from leaders in Ohio Farm Bureau.
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