If you have neither a pension nor a will made, the task might seem overwhelming, but you are certainly not alone.

As previously highlighted in this series, there are thousands of farmers (and non-farmers) who have yet to set up a private pension, and thousands more who have no will made.

However, it is never too late to start getting organised. Donal Riordan, pensions expert at FBD Insurance, gave the Irish Farmers Journal some tips on how to break the seemingly huge task down into easier-to-manage chunks.

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  • Step 1: Think in ink

    • The first step is to map out a financial picture.

    • Create a current farm balance sheet by listing your land, stock, equipment and debt.
    • Define what your retirement living costs could be and any planned intergenerational transfers. This could be helping a child build by gifting a site, helping them to buy a home, or transferring the family farm to them.
    • Step 2: Seek trusted professional support
    • Get a qualified financial advisor in your corner for investment and pension planning advice. They will know all the right questions to ask you, and can advise you on what you need to do now to be better set up later.

    • Have an accountant to work out your farm and household cashflows.

    • Make a will, with advice from your solicitor. Almost half of Irish farmers don’t have a will and this can add unnecessary stress to the family left behind in the event of a farmer’s passing.

  • Work with your advisor to ensure the business and succession plan is tailored to your needs. This process will require financial advice too, particularly for tax.

  • Step 3: Write your plan down formally
  • Work with your financial advisor to write a pension plan with clear contribution targets, a timeline, and a retirement date.

    There is nothing like a target to keep the mind focused.

    • Create a formal succession plan outlining ownership transfer, whether it will be staged, and the timing.

      This can be reviewed regularly so that it is aligned with your plans.

  • Step 4: Implement your plan and track it
  • Start with the most urgent pieces – make a will, update it and set up your pension contribution.
    • Track how you are progressing versus what you planned to do.

  • Step 5: Communicate your plans
  • Hold regular family discussions around the table about goals, responsibilities, and timelines.