Farmers Over Age 65 Outweigh Farmers Under Age 35 4+ to 1
Southern Ag Today released an analysis of farmers by age in their region.
They broke farmer’s ages down into three sections, those under age 35, those between age 35 and 64 and those over age 65.
Kentucky had the highest number of farmers under age 35 at about 10% but most of the other states were between 7-9% with Texas the lowest at 6%.
All states had more than 50% (but just barely) of farmers aged 35-64 with Mississippi and South Carolina the lowest at 51% and Kentucky the highest at 55%.
Six states had farmers aged 65 or older at the 40% or higher level as follows:
Florida
Georgia
Mississippi
South Carolina
Texas
Virginia
We are not surprised by these numbers, but it does indicate there will be a substantial amount of farm wealth transfer over the next couple of decades. Many farmers have taken steps to make this transfer more efficient and easier for the next generation.
But many have not.
The article indicates the key is getting the conversation started and that should come from the parents. This can be awkward for many families and there are many professionals that can help in this process and the actual cost is not that bad.
It is very easy for a farmer to spend $50,000 on some new technology that will be outdated in less than three years yet hesitate to spend $10-20,000 on a good estate and succession plan that will last a lifetime.
Don’t be one of those farmers.