Retirement plans recommendations for truckers?

Discussion in 'Ask An Owner Operator' started by mitmaks, Jul 21, 2023.

  1. mitmaks

    mitmaks Road Train Member

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    I'm already 40 years old and think what I'll live on once I retire. I had some money in 401k from previous job and just rolled over into IRA. Little pension that I'll have might be enough to buy mcgriddle but not much more.
    With stock market crashes there's no initiative to invest in it.
    What do you guys plan to do after you retire in order to be able to pay bills and not live under the bridge in a cardboard box?
     
    blairandgretchen Thanks this.
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  3. Opus

    Opus Road Train Member

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    Well, I'm 62 (almost 63 in August). My plan was to have some regular cash saved up (mostly in the bank, some in the house), pay off my mortgage, and pay off all other debt, and a decent sum in a 401k. Also, while I was making money, I was also investing in home improvements, (replacement windows, new appliances, new HVAC system, etc.....).
    I worked my plan. My total "all in" monthly bills are around $450 (depending on the utilities).
    My wife and I are living comfortably off of social security.
     
  4. JC1971

    JC1971 Road Train Member

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    I honestly I think the future will be more like the 1990's Russia than 1990's America. Who knows what it's going to be like 20 years from now. My guess is probably not as wealthy and good times as it is now. A piece of land where you can supplement your retirement with hunting and fishing?
     
  5. mitmaks

    mitmaks Road Train Member

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    No fishing here but plan is to start garden and have some chickens for eggs.
     
  6. AModelCat

    AModelCat Road Train Member

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    I'm one of those guys that'll probably croak a month into retirement. I'd like to work part time after 50. 3 days a week would be great.
     
  7. JC1971

    JC1971 Road Train Member

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    Does anyone know can you buy land, install a septic tank, build a garage/shop, then park a trailer on it? Preferably, two different places you can migrate north and south to follow the warmer weather. Or, you could just stay in trailer parks like the snowbirds do. That might be the less expensive way to do it.
     
    dwells40 and Flat Earth Trucker Thank this.
  8. Opus

    Opus Road Train Member

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    Dude, you have about 25 years to figure it out. Start today.
     
  9. Magoo1968

    Magoo1968 Road Train Member

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    Sadly I know retirees who planned it out but now have to work part time.. best advice is buy a remote place with cheap land taxes big city taxes go up and eat a big chunk of your pension..
     
  10. Chinatown

    Chinatown Road Train Member

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    Why not buy a used houseboat and live on it. No property taxes. Fresh fish to eat every day.
     
  11. REO6205

    REO6205 Road Train Member

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    How about working part time or temporary jobs and taking every winter off?

    I know quite a few guys who work the fire season or follow the ag harvest and they do surprisingly well money-wise.

    Some of our retirees come back every year and run water tenders on the wildfires. They bank enough off of that to coast through the winter someplace nice.
     
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