A New Simple Retirement Account Option for Farmers and Their Employees
Most farmers are aware of IRAs, SEPs, SIMPLEs, 401k and other types of retirement plans. However, there is a new entry available to farmers and their employees. It is called the myRA and it is extremely simple, safe (assuming the US government is a good risk), understandable and affordable.
It costs nothing to open, there are no fees, and contributions are invested in US Treasury Securities (think of Savings Bonds). You can contribute very low amounts up to $5,500 per year. It is designed to be an entry level plan for employees.
The USDA had a very nice blog post on it that you can review here.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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