90 day wait on benefits?

Discussion in 'Questions From New Drivers' started by Orcashark, Sep 28, 2018.

  1. Chinatown

    Chinatown Road Train Member

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    Start your own retirement plan through a credit union or USAA Federal Bank.
    You can still participate in the trucking company 401K or whatever and not have to wait every time you change companies because you'll have your own plan in addition to the company plan.
     
    Last edited: Apr 25, 2019
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  3. haulit6272

    haulit6272 Light Load Member

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    It's my understanding a self-employed person can start their own 401(K), they just won't get a company match. Maximum contributions per year are still good, far more the IRA's.

    By what percentage can a driver increase their income, assuming the same number of miles per year and staying with the same company they were company drivers for, by switching to owner/operator status? It's my understanding that this is NOT operating under one's own authority, but still may have more overheard costs if they own the truck, but not quite the hassles as having your own authority....that you still must be tied to one and only one company who gives you your loads. I'm looking for a company driver salary per year vs. owner operator NET for the same amount of driving with the same company. I assume the truck you buy could make a big difference, (new vs. used), so assume a used one maybe 3 years old, but no more than half it's useful life, whatever that is, using normal yearly depreciation write-offs, whatever that is. If trucks are like cars, the biggest chunk of depreciation is in the first three years.

    If it's not possible to give estimates cause there are too many wide-ranging variables involved, then would it be fair to say that the owner/operator will ALWAYS have more net pay at the end of their 1040? If so, why wouldn't anyone do it? I may type this question in a different thread under Owner/Operator, but it's the 401(K) that got me started on it here, cause I assume that Owner/Operators are 'self-employed' as an independent contractor, and can always keep their own 401(K) going. It used to be that you had to be an employee of some company (military for USAA) to join THEIR credit union, but I'll look into it. Is the retirement plan you speak of a self-opened and directed 401(K) or something else? What type of retirement plan are you talking about?
     
    Last edited: Apr 25, 2019
  4. Chinatown

    Chinatown Road Train Member

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    Can't speak about owner-operators and how they invest for retirement, because I've never been one.
    I started with a private Merrill Lynch account with $500.00 investment. That was decades ago though. Later I moved that to a credit union. and later bought some rental property with a lot of it.
    That's short and to the point. I'm not one to give financial advice; only posting, in short, what worked for me.
    I think it's a good idea to sit down with a financial planner at a credit union and ask for direction on supplementing your retirement you may acquire through a trucking company. Some private plan not connected to your job.
     
    Last edited: Apr 25, 2019
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  5. Chinatown

    Chinatown Road Train Member

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