Many American seniors say, “I’m now retired. What’s next for me?” To many, the prefer a leisurely life, away from any work or stress. Others see it as a great opportunity to try the things they have postponed their whole pre-retirement life.
Some people try to keep themselves busy, they say that it is their way of keeping their minds and bodies active. They see work as something that creates structure and provides purpose in their lives.
A few people choose to “unretire’ themselves. In these phase of their lives, they go for an encore career that provides self-fulfillment rather than necessity.
Farming is one of those careers which seniors want to venture out once they hit retirement. Some do it for the love, others do it for extra income. Many enter farming for both reasons.
When we think of a farm, we visualize acres of land covered in crops. However, there are farms which are a lot smaller. Small farms exist in the rural America. They are as important agricultural industries as large-scale farm operations.
Benefits of Small Farming
Those who are considering to become farmers once they retire are up for something great!
Farming is a great way to stay active. It allows you to spend more time outdoors, get all the vitamin D you need from the sun. Tending to your farm puts your body to work, making it a form of daily exercise.
Farming promotes strong communities. The elements “people”, “work” and “food” are linked together to form an engaged community. Hearts and hands work together to produce food to eat. This gives the farmers a sense of purpose. It gives a new meaning to the word “farm”.
Farming develops sustainability. Seniors become the primary consumers of their produce. This means that there is a sustainable source of fresh and healthy food for their consumption. It also sustains their finances. Farming can be a good business. A growing number of retirees have turned to farming to support themselves in their retirement years.
How do I Fund a Farm When I’m Now Retired?
You can tap into your home equity to fund your farm. Seniors ages 62 years and up may take a reverse mortgage loan. This loan allows the conversion of equity into readily-usable cash. This fund can be used for any purpose, including funding a farm.
The good part is that the loan does not become due unless the senior leaves or sells the home. It is not the borrower who pays the lender monthly. Instead, it is the lender that pays the borrower. As long as the senior stays in the house, no need to pay the loan.
Another option is to check on farming loans from the USDA. there are loan programs designed to help beginning farmers jump start their venture. There are farm ownership loans that can be used to purchase farm lands. There are also microloans and EZ loans for those small farmers looking for capital.
Farming can be a meaningful second career for seniors. It is not for everyone. However, those who have the passion for it but never got the chance to try before should at least give it a shot.