Dairy Farmer Seeks Financial guidance Amid Debt and Healthcare Costs
WASHINGTON – A 63-year-old dairy farmer is seeking advice on navigating debt, healthcare coverage, and estate planning for her family farm, highlighting the financial pressures facing agricultural workers as thay approach retirement.The farmer, whose name has not been released, and her husband previously faced monthly health insurance premiums of $2,000.
The couple is exploring options for continued health coverage until they become eligible for Medicare. “You’ll need to wait several years to be eligible for Medicare,” explains financial expert Favorito. Chris orestis, president at The Retirement Genius, recommends continuing coverage through the state’s ACA exchange as the best immediate solution.
Orestis notes that the husband will automatically qualify for Medicare after 24 months of receiving Social Security Disability Income (SSDI). “Once each of you reach 65,you’ll qualify for Medicare,” he stated.
The farmer is also concerned about the future of the farm and it’s transfer to their two sons. Orestis suggests establishing a trust to own the farm, naming the sons as beneficiaries, to perhaps mitigate future tax and debt complications.
Financial planning assistance is readily available.Certified Financial Planners (CFPs) offer pro bono help, providing guidance on budgeting, retirement income, Social Security, and estate planning. CFPs undergo extensive training, pass exams, gain practical experience, and adhere to a fiduciary standard.Nonprofit credit counselors, accessible through the National Foundation for Credit Counseling or the Financial counseling Association of America, can also assist with debt management plans and interest rate negotiations.
Readers with concerns about their financial planner or seeking a new one can email questions to picks@marketwatch.com.