What is a good 401k match for truckers?

First of all you cannot depend on trucking for 30 years, your risk of being injured, disabled, (I am...) killed, prison, homeless and stranded combined with a dismissal from companies for cause or over simple small things to where you cannot be hireable in the trucking world is just too unstable for a 401k.

When we had government jobs with the state (And federal) we captured 9% and they matched. I forget the exact numbers but we turned about 2000 dollars contributed over 2 years into a 100% vested in 3 flat and it was turned into a 7 to 8 year annuity to withdrawal in addition to vicious penalties with Federal, State taxes combined with additional punitive fees. It was about 5000 dollars total gross. By the time 8 years had passed cashing everything out and paying all these penalties etc we were down to about 1800 in hand. So we lost about 200 dollars after everything was said and done on the actual money that went into the 401k. Everything else evaporated.

We will never do 401k again in any form. We don't expect to survive long enough to reach social security anyway at 62, so that's out. There are additional losses in VA ratings past 60 which will evaporate by 70 so that's gone. just as well.

We prefer to be cash based, bullion based or in a money market account for 6 month with a small percentage of money. Never everything in one basket.

I hate to be difficult. But I was disabled by 42 and out of trucking by 50. Sheer wear and tear. I took in three injections today, one for flu, another for fluid in lungs defense and a third for something else. All of which are useful in the onset of this winter. Two of which will not be provided to me again until I turn 60 under my insurance rules.

I live strictly on cash. If there is a future, it's from me putting extra money unspent into the safe each month. Eventually if something comes up that needs fixing the money is there. Interest? Forget it. Banks pay 0% has been for years. Actual interest is a joke because taxation wipes out twice that every year. Im done. Correction, we, plural are done. We have done it all. Oil, stocks, 401k bullion, markets etc. All of it. Most of the time we earned something out of it. even the 401k paid a little something. But The federal taxation, penalties, state taxes and so on is crushing. There is no point.

Trucking is some of the most unstable industry there is in terms of expecting to work 30 years. #### few people get that far. I still had a CDL under grandfather rules for about 34 years total. But there is no point because my body is essentially broken down. There is nothing to qualify to hire on and drive a big truck to make wages.

When I was 21 and in trucking school back in the 80's one of the old instructors told us this. You have about 55 years old before you have either died, prision or broken down into disability or totally doing something else in life. For every 100 people who attempt trucking school (Which is about half the people that cannot qualify at all due to drugs, drinking, medical limitations like diabetes etc) you have maybe 2 that make it 30 years. Everyone else has been eliminated from the industry one way or another just like me.

Sorry to burst your bubble and dreams.

Now I tell you what YOU CAN DO.

Each load, find out the gross pay. Find out the taxes withheld on that specific load. Learn how long it will take you to deliver and be finished with it. From that eat the minimum you need with fluids just enough to keep your strength up until delivered. Nothing luxury or friviolus spending. You will find you save a huge amount of that gross pay almost half.

After a year you should have about 15 to 25000 dollars saved (We did a minimum of 15,000 every year in several ways including extra withholding in W2. In 1998 when I emigrated from maryland to marry and make a new home in Arkansas after tax time came and went, I had about 4000 dollars cash ready to go to find a car to go with that home I just moved into with the wife. We paid what little outstanding credit card debts and had the house paid in 6 years of 15 term. We paid off the cars within a year of buying them or cold cash outright. I owned about 8 vehicles here and 7 of them were cold cash paid.

You go through piles of savings if you need to. Otherwise you add to it. In janurary of 1998 our bank account held 3000 dollars. in Feburary we had 3400. In march we had 3800. Regardless of food, gas, bills etc. By the end of 1998 into 1999 we were sitting on. 8000 dollars. And we were doing a little bit of trucking and federal work. About ready to get spouse into team trucking and both of us earned 67K the 2001 year. We had so much money on hand you could not spend it all. So into savings it went. The day of 9-11 that destroyed our payroll we had 14000 on hand. 9K of that spent in replacing a storm damaged room in our house. The rest went into keeping that truck rolling 2 months until we got new payroll again.

Debt is out, Savings in cash is king. Everything else is BS.

 

there are plenty of casinos going thru nevada place your bet to invest !

 

401k is a scam, try actual investing in tangible assets and you will be farther ahead.

 

The money you put in the 401k is yours. If you lose your job or move to another industry you take the money with you. I still have my money from my Schneider 401k from 20 years ago.

My 401k + my wife’s 401k + the equity on our home = 7 figure net worth. We are 53 years old.

Invest now.