What Do We Owe Our Children?

Kids who think the farm will fund their retirement may be disappointed.

- Myron Friesen

Problem:

My wife and I have worked our tails off all of our lives. We have made it through some miserable times with weather, machinery, dust, and manure, not to mention the financial misery that brought us to our knees on several occasions when we thought we might lose everything. It’s kind of hard to imagine what we have, knowing what it took to get here.

Here’s our dilemma: The farm is our 401(k). We have enough for ourselves, but that cannot be said for our children. One has been farming with us and mostly understands. Another is doing pretty well financially off the farm. The other two have always struggled financially. The problem is, they all think they are part of our retirement plan. Not all of our kids are acquiring income, producing assets, or saving any money at all. Plus, when some of them face a little financial hardship, they “hint” to us they could use some money.