Another Reason to Fund an IRA
The amount of an IRA exempt from bankruptcy rose this year
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.
Keep reading with a 7-day free trial
Subscribe to Farm CPA Report to keep reading this post and get 7 days of free access to the full post archives.