Farwell, population 122, is located on Nebraska 92 a few miles off U.S. 281. The town has its roots in the village of Posen, which flooded one too many times. In 1893, fed-up residents moved all the buildings to a new site overlooking the Loup River Valley. The town Farwell's name means "goodbye" in Danish, as in "goodbye" to Posen.

Farwell is only 15 miles from Sherman Reservoir State Recreation Area. It is also home to St. Anthony's Catholic Church, the oldest Polish Catholic church in Nebraska.