I know it is a painful decision, but you need to look at it with the cold eye of a businessman. Farmland and pasture prices are at an all-time high. Yes, they could (and I think they probably will) go up some more, but there's no guarantee of that. But if you sell now, you know exactly what you're going to get. It sounds like you will get enough out of your land to ensure that you and your wife can retire comfortably. If you don't sell now, there's a distinct possibility prices could crash, leaving you and your wife in a tough spot. The time will come when you're unable to continue ranching, and you don't when that day will come. Certainty versus uncertainty.
As far as what to do after you retire, you'll sure need something to keep you busy. Sitting at home watching TV is a death sentence, but there's no reason to do that. Have you considered community service? Some folks spend their retirement traveling around the country in campers doing charitable work. One example in the US is Habitat for Humanity's "RV Care-a-Vanner" program.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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