Farmers historically have struggled to invest money in anything other than their farm operation. However, by investing in retirement plans including an IRA, a farmer can more easily save up for retirement and make the transfer to the next generation much easier.
However, there is even another reason to make this investment. Funds in a retirement plan are fully exempt from bankruptcy and farming can be a very risky business. The full exemption does not apply to IRAs, but the amount that is exempt is fairly large.
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