truck driver retirement

Retiring As A Truck Driver

Being a truck driver is a great profession. It’s like I get paid to travel for a living, and there’s alot of follow truckers I meet every day that feel the same way.

While it’s not for everyone, some people even choose to be a truck driver as a second career after retiring from their first careers.

At some point there will come a time when your days as a truck driver are up. While I’ve got a few more years behind the wheel, many long haulers are asking themselves at what age to retire and what do I need to be ready to make the switch.

Today we’ll answer those questions and more in this month’s post. 

The Mandatory Age For Truck Driver Retirement

While the requirement for retirement may change in the future, currently there is no mandatory age for truck driver retirement in the United States.

This is the reason why some people who have retired from their previous jobs get a second career as truck drivers. In this way, they can still continue to earn and save up further for their retirement. As long as drivers pass their physical exams, are well enough to drive and all other basic truck driver requirements, they can continue with their careers. 

Things To Consider When Retiring As A Truck Driver

Even if there is no mandatory age for retirement, some truck drivers choose to retire voluntarily. Some feel they are tired of driving, while others consider their health.

There are also others that have health issues that would hinder them from continuing to drive. When planning to retire, here are a few things you should think about first. 

Financial Security

Take a look at your finances and see if it can cover all your expenses and let you live a comfortable and healthy life. Some trucking companies increase the benefits at a rate of about 8% per year that their truck driver delays the retirement. It would also be a good idea to first consult with a financial advisor to make sure of your finances before finally deciding to retire permanently.

Check Your Nest Egg

To check whether your nest egg is enough for your retirement, you need to break down your assets and liabilities in a balance sheet. This will help you know how much your net worth is. With this, you have to consider all your possessions, properties, valuables and other non-monetary wealth.
This also lists down your liabilities like any debt or legal obligations that you have. Also, you need to list down your monthly expenses to help you calculate how much you need to live comfortably once you retire. Additionally, you should also make sure to include expenses in case of emergencies. Budgeting is key to your requirement.

Consider Your Medical Expenses

You may not need it right now but you should also consider medical expenses that you are likely to need in the future. It’s a fact that it would be very difficult to predict exactly how much you will need exactly but it is something that shouldn’t be overlooked. You might want to get health insurance or apply for medicare.

Your Current Debt

If you’re already nearing the age when you want to retire, you should also take a look at any debt that you have. Have you paid your credit cards and loans? See if you have outstanding debts. It’s best to bring down your debt or pay them off before you retire so that you won’t have to figure out where to get money for payments while keeping within your budget. 

Debts can cause a big blow to your retirement so make sure you pay them off immediately as soon as you can. Prioritize paying off your credit cards debt first because they are likely to have the highest interest rates.

Picking Out A Retirement Plan

Before your truck driving retirement, it is best to have a retirement plan. There are many available but to choose the most suitable for you. Here are a few options:

Traditional IRA

This is a common truck driving retirement plan and was created by the US government. With this, truck drivers can start saving without their account being affected by taxes. The non-taxable savings placed in the IRA doesn’t get taxed until it is withdrawn at your retirement.

It is one of your best options if the company you work for doesn’t offer the 401 (k) plan, which will be discussed below. However, you have to take note that the tax bracket that your account falls into in the future is difficult to predict. 

401 (k)

This kind of retirement plan isn’t offered by all companies but if yours does, then you should definitely get it. With this plan, a portion of your paycheck will go directly into your savings account. The good thing about this plan is the higher cap on the maximum amount that you can save on your account per year. 

Roth IRA

This kind of retirement plan is similar to the traditional IRA. However, the main difference is that the money you place into your account gets taxed in the same year as you placed them in your retirement account. 

Those who think that they will have a higher retirement tax bracket are likely to choose this kind of retirement. With it, the money you take from your retirement won’t be taxable. It is also chosen by those who are worried about their financial security because it doesn’t charge you with a penalty fee for early withdrawals. 

diesel fuel

Effect Of Diesel Quality To A Trucking Business

The trucking business is constantly evolving to keep up with the times. However, one of the things that many business owners or fleet manager neglect is the fuel that keeps the trucking business running.

It is rare for people to talk about the diesel fuel they use for their trucks because of the many different aspects involved in the industry. Most of the time, people think that diesel is just diesel.

However, a change of mindset should be made. Diesel isn’t just diesel. There are different considerations that trucking business owners and fleet managers should also take note of. It is time to look closer at the diesel fuel formulation and consider the diesel fuel supplier because these can have a great impact on your trucking business.

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trucking business

Starting Small With Your Trucking Business

Many people aim to be able to build a thriving business for their own. If a trucking business is on your mind, then you should be prepared to take the leap and get into the trucking industry. Starting your own trucking business now is a great idea because the trucking industry is getting better and better. The demand for products and for moving freight is high, even in this digital world.

It’s true that there are other larger trucking companies that have an impressive fleet of trucks in the thousands. However, smaller trucking companies also make up a huge percentage of the trucking industry. Most of these small trucking companies only have a handful of trucks for their service. There is certainly room for more trucking companies such as the one you are going to start.

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gps for trucks

Benefits Of Using GPS Trackers On Trucks

In my 15 years in the business I am continually amazed at the pace in change of the trucking and transport industry.  While some of the change can be attributed to legislation, most

As technology continues to develop, the trucking industry also tries to cope. Today we have several technological tools and equipment that generally improves the trucking industry. One of them is the use of GPS or Global Positioning System.

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hurricane vs trucks

A Trucker’s Guide To Preparing For Hurricanes

It’s hurricane season again, and as a truck driver you know what that means:  white knuckle driving in high winds and schedule delays.

For big rig operators carrying LTL or lighter loads your trailer and rig can get pushed like a sailboat in a storm.

Even with full loads and heavy trucks, these are still no match to the wrath of such strong forces of nature and the best way to stay safe in this kind of situation is to prepare.

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trucking

Keeping Up With The Trucking Industry Trends

In order to stay afloat, all trucking companies regardless of size should learn to cope with the current industry trends. It’s a competitive world out there and you need to learn how to keep up with the demands of customers or you’ll lose them.

Even if you’ve been in the business for quite a long time, there are still things you can change for the better. Here, I will share with you some of my discoveries on what you should do to your trucking business.

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Team Driving on the open road

Team Driving: Great for Some, Hell for Others

Hello again – it’s Ryan and I’m finally back after 3 months of paperwork requests, delays, and hard work negotiating with my bank, I finally have the permits and funding in place to start my own logistics and trucking company!

Thanks to everyone for their help and support!

While I’ll have another post on this process later this year, I did want to spend some time on an aspect of my career when I was first beginning in the trucking biz.

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Basic Requirements of Becoming a Truck Driver

Tired of your old job? Maybe trucking might strike your next job destination thought as it pays off well. Trucking career packs the goods of both world, it’s challenging yet rewarding at the same time.

Targeting the truck driver vacancy isn’t that easy as it looks, you need to fulfill some basic requirements first. This piece of writing will reveal you the very basic needs of becoming a truck driver.

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