Your Post-Harvest Financial Checklist

Dec 3, 2021 3 min read

Planting and harvest seasons are busy to say the least, and with this year’s harvest in the rearview mirror, now’s a great time to review your financial health. During this time, you can make any necessary changes before the next planting season begins.

Wondering what steps to take? Review this checklist for 9 post-harvest financial moves to help ensure you’re on a good path to reach your financial goals.

  1. Meet with a Financial Advisor

    Whether or not this year was record-breaking for profits, take time to meet with your financial advisor to create or update your financial strategy. Your advisor can help review your current plan or help create a new one with specific needs and goals in mind. It’s especially important to plan long-term for both high and low profit years.

  2. Make Retirement Contributions

    Making certain year-end money moves like deposits into a retirement account can help lower your tax liabilities for this year and create income for your future. The annual IRA maximum contribution is $6,000 with an additional $1,000 if you’re over age 50. If you haven’t maxed out your IRA contribution for the year, talk with your advisor to determine if this is a good option for you.

  3. Talk with Your Tax Advisor

    With grain in the bin or already sold, now’s a great time to meet with your tax professional to help ensure you understand any tax law changes that may impact you as you prepare to file for the year.

  4. Plan Ahead

    With the rising rate of inflation and supply chain issues, now, when you might have extra cash flow from your harvest may be a good time to make early purchases of supplies like chemicals, seed and fertilizer.

  5. Protect Financial Futures

    There are multiple ways to protect your and your family’s financial future. For instance, life insurance is an essential part of creating a strong financial well-being. The death benefit can help ensure your loved ones are able to keep up with expenses after your passing. Additionally, did you know some life insurance policies offer advantages while you’re still living – like being able to access cash values to supplement retirement income or adding a Daily Living Rider that can help pay for expenses if you become chronically ill?

    You can also create a steady, future stream of income with an annuity. Some annuities offer guaranteed interest, while others provide opportunities to lock in market gains without the risk of losing money.

  6. Invest in Your Operation

    If you’ve been putting off upgrading essential equipment like a combine, tractor, grain cart, etc. it may be a good time to shop around. Making business purchases like these may help offset tax liabilities. If you do make a big purchase, be sure it’s protected. From property and liability to replacement cost coverage your Farm Bureau agent can help ensure you have the right coverages in place to protect your whole operation. 

  7. Develop or Update Your Succession Plan

    While you’re planning for your financial future, have you created a succession plan for your farm or ranch? A business succession plan helps to ensure your legacy will smoothly transition to the next generation. It’s never too early or too late to start the conversation.

  8. Update Your Budget

    With a new year on the horizon are you resolving to stick to a budget? Often, it’s easier said than done. One – or five – extra unplanned expenses can quickly bust a well-thought out budget. Review and update your budget monthly to help you stay on track.

  9. Pay Off Debt

    Paying off debt is a great feeling. Often, paying down high interest loans is a smart financial move. But before you do, meet with your professional advisors to be sure that’s the best step with your whole financial picture in mind.

Staying on Track to Reach Your Goals

Before the next busy season begins, take advantage of this time to tidy up your financial house. No matter your goals, reviewing your strategy regularly and meeting with a Farm Bureau financial advisor is a good move.


Neither the Company nor its agents or advisors give tax, accounting or legal advice. Consult your professional adviser in these areas.

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