Rural Ohio

The following information is provided by Nationwide, the No.1 farm and ranch insurer in the U.S.*

Retirement isn’t often part of the long-term plan for farmers. But it’s still important to think about your long-term financial future. And a few retirement benefits are key components of that future.

That includes Social Security and Medicare. Incorporating these benefits into your long-term plans can help firm up your (and your farm’s) financial footing today and down the road.

Nationwide“Farmers need a trusted advisor to help them understand how decisions around Social Security and Medicare will impact their finances,” said Nationwide Advanced Consulting Group Director George Schein. “Farmers need expertise to help transition their farms to the next generation. And they need to create a source of retirement income.”

Know the impacts of your Social Security choices

Social Security retirement benefits are available starting at age 62. But taking your benefit as soon as possible leads to reduced monthly payments. For that reason, many choose to delay until full retirement age or age 70 (when benefits stop growing).

Delaying benefits as long as you can is a good rule of thumb. But that’s not always best for farmers.

“Some farmers may not expect to live into their 80s. Those farmers are more likely to choose the reduced payments that begin before their full retirement age,” Schein said. “Some farmers may also start Social Security benefits early because they plan to rely on the steady source of income it provides to cover the costs of Medicare premiums, which generally start at age 65.”
It’s a good idea to talk to a financial professional as early as your 40s or 50s to ensure you qualify for benefits. You need at least 10 years of taxable income to be eligible.

“A downside of today’s tax laws for farmers is that some may offset their farm’s annual income entirely and miss out on Social Security altogether,” Schein said. “By addressing this while there’s still time, a farmer can make the most of this important benefit.”
Learn more about Social Security disability for farmers from Nationwide’s Land As Your Legacy team or get connected to a financial professional who can provide even more personalized guidance.

Plan for Medicare coverage

Most U.S. citizens become eligible for Medicare at age 65 if they’re either qualified to collect Social Security benefits, a U.S. citizen or if they’ve been a permanent resident for at least five years.

With a few limitations, the federal program covers a portion of many common medical expenses like:

  • Inpatient care.
  • Outpatient care.
  • Skilled nursing care.
  • Hospice care.
  • Durable medical equipment (like a walker or wheelchair).
  • Preventative benefits like annual checkups and screenings.

But there are also exclusions, namely:

  • Prescription drugs.
  • Dental.
  • Vision.
  • Hearing care.
Plan ahead to help better afford Medicare’s gaps

Additional coverage is available from private insurers and should be considered by those 65 and older. The annual open enrollment window is the key time for these decisions. It begins in mid-October and runs through early December.

“Planning for current and future medical care and how to pay for it is even more critical for farmers because of the physical nature of their work and a lack of quality health care in many rural areas,” Schein said.

Nationwide’s Land As Your Legacy team can help further make sense of both Medicare and Social Security for farmers. Get connected to a financial specialist who can help protect your farm, family and future by visiting


*A.M. Best Market Share Report 2020. Products underwritten by Nationwide Mutual Insurance Company and Affiliated Companies. Not all Nationwide affiliated companies are mutual companies, and not all Nationwide members are insured by a mutual company. Subject to underwriting guidelines, review and approval. Products and discounts not available to all persons in all states. Nationwide Investment Services Corporation, member FINRA. Nationwide, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. ©2022 Nationwide.


Labor has always been an issue, mainly because we are a seasonal operation. So that's a challenge finding somebody who only wants to work three months out of a year, sometimes up to six months.
Mandy Way's avatar
Mandy Way

Way Farms

Farm Labor Resources
I appreciate the benefit of having a strong voice in my corner. The extras that are included in membership are wonderful, but I'm a member because of the positive impact to my local and state agricultural communities.
Ernie Welch's avatar
Ernie Welch

Van Wert County Farm Bureau

Strong communities
I see the value and need to be engaged in the community I live in, to be a part of the decision-making process and to volunteer with organizations that help make our community better.
Matt Aultman's avatar
Matt Aultman

Darke County Farm Bureau

Leadership development
Farm Bureau involvement has taught me how to grow my professional and leadership experience outside of the workforce and how to do that in a community-centric way.
Jaclyn De Candio's avatar
Jaclyn De Candio

Clark County Farm Bureau

Young Ag Professionals program
With not growing up on a farm, I’d say I was a late bloomer to agriculture. I feel so fortunate that I found the agriculture industry. There are so many opportunities for growth.
Jenna Gregorich's avatar
Jenna Gregorich

Coshocton County Farm Bureau

Growing our Generation
Knowing that horticulture is under the agriculture umbrella and having Farm Bureau supporting horticulture like it does the rest of ag is very important.
Jared Hughes's avatar
Jared Hughes

Groovy Plants Ranch

Groovy Plants Ranch
If it wasn't for Farm Bureau, I personally, along with many others, would not have had the opportunity to meet with our representatives face to face in Washington.
Austin Heil's avatar
Austin Heil

Hardin County Farm Bureau

Washington, D.C. Leadership Experience
So many of the issues that OFBF and its members are advocating for are important to all Ohioans. I look at OFBF as an agricultural watchdog advocating for farmers and rural communities across Ohio.
Mary Smallsreed's avatar
Mary Smallsreed

Trumbull County Farm Bureau

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