Tax-Deferred Retirement Savings of Farm Households: An Empirical Investigation
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This study examines factors affecting tax-deferred retirement savings among farm households.
A double-hurdle model is estimated using 2003 Agricultural Resource Management
Survey (ARMS) farm-level national data. Results indicate that demographic factors, total
household income, off-farm work, and risk preference play important roles in retirement
savings plan participation. Retirement savings increase with household size, intensity of
off-farm work by farm operator and spouse, and size of farming operation. We find that
the amount of retirement savings decreases with operator’s age and increases with spouse’s
age, and that cash grain and dairy farmers have lower retirement savings.