SEGMENT: REFLECTIONS, FARMING DURING GREAT DEPRESSION, & RETIREMENT
Luke Bridger>NIU Collection>NIU Collection, Segment 5
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- Farmers not included in Social Security. 1930's took out $2000 insurance policy for retirement at age of 21. Hard to save and hard to pay off notes for farm. Did not think to much about retirement.
- No health insurance for years. Took chances on health. Paid hospital $35 for first child to be delivered, but had hard time getting $35. Luke's son's first son cost $3500.
- FAMILY FINANCES
- Started investing mainly in land for retirement. Couldn't invest in land like that today.
- FARMING DURING GREAT DEPRESSION
- Farmers before Great Depression were also investing in land for retirement. Father bought land for $350/acre but value fell to $60/acre & he lost everything. Got back into farming but needed someone to back you.
- CHANGES IN FARMING METHODS
- Very little change from 1960-1975.