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Virginians at Work
The new permanent exhibition, Virginians at Work, presents the many different livelihoods Virginians have pursued over the years. Like other Americans, Virginians have also managed in various ways to provide for their retirement from work. Tobacco farmers, in particular, found that their acreage, when coupled with even a small "allotment," (or license to receive federal tobacco price supports) could underwrite a secure retirement. Renting the land and its allotment to a younger farmer substituted for a pension for many farmers of yesteryear. Today's workers rely upon other resources, notably retirement accounts like IRAs and 401(k)s. Money contributed to these accounts by either worker or employer grows tax-free, ready to be withdrawn, at retirement (or as early as age 59 ½). |
