America's farmers are at a higher risk of experiencing declining standards of living in retirement, according to a paper released by the American Corn Growers Association (ACGA) and Americans for Secure Retirement (ASR).



The study, entitled Lifetime Income Crucial to Farmers' Retirement Security, warns Congress that to provide farmers with a secure retirement, "the challenge goes far beyond Social Security." Measures must be implemented that would help turn farmers' hard earned assets into funds that will provide steady income for life.



The report details how farm and ranch operators and their workers face significant and unique obstacles in planning and providing for their retirement. "With less access to employer-based pensions and volatile business risks, farmers often face a more difficult retirement path than the average American," noted Larry Mitchell, CEO of the American Corn Growers Association.



A bill introduced in Congress earlier this year called The Retirement Security for Life Act (H.R. 819, S. 381) would address many of the issues cited in this report and is gaining bi-partisan support among key legislators. Under the proposal, individuals would not pay federal taxes on one-half of the income generated by lifetime annuities, up to a maximum of $20,000 in excluded income per year. For a typical American in the 25 percent tax bracket, this would provide an annual tax savings of up to $5,000.



The American Corn Growers Association and eight other farm advocacy groups have joined Americans for Secure Retirement in supporting the legislation. For more information about the Retirement Security for Life Act or how lifetime income is crucial to farmers' retirement security, visit the Americans for Secure Retirement Web site at http://www.paycheckforlife.org.



Source: PRNewswire