How Many Expediters Retire With Money?

[tenntrucker]

This is getting better and better. Expedieters. Now we're loosing weight and retiring. Next we will make it on a thousand a month SS. LOL!
Just kidding.

To be honest, it doesn't take a grand a month to cover my home expenses.

Sent from my DROID X2 using EO Forums

 

[x06col]

I guess i'm not doing too bad by all indications. But, selling a Company certainly has it's rewards.
Can't imagine retireing too comfy following the herd.

 

[canesman07]

I have been with the same company for all most 9 years but the SS statements I get in the mail say my benefits will be around 138$ a month and since I have not paid into the "system" I do not expect anything from it. I am two years away from being debt free except the house, the wife has a small 401k plan at work and is 4 years old, in other words not much yet, I figure I can drive two loads a week to more then make up for what I "lose" out on SS.

I will set up my own retirement accounts that I will own and live off of the amount I want to. This is the true freedom of choice. No ******* congressman or President can play with my money in order to buy votes.

I figure I can amass close to 600K in 20 years and 800K in 30 years in mutual funds alone. EZ living in Tn folks. Nice and cheap and low taxes. Screw overpriced Fl plus the crowds of old people waiting to die..... Have a nice one guys.

 

[AMonger]

<laughing at the notion that some people believe Social Security will be gone in the near future...>

You can't seriously believe that. There is no way to make the numbers work. Absolutely no way.

--

You know the problem with bad cops? They make the other 5% look bad.

 

[AMonger]

I every confidence they will pump it up with taxpayer money...
The Can. SS WAS broke at one time just like this one is now....now in a surplus.....it CAN be fixed....

It's impossible to fix. The worker-retiree ratio will not allow it. No one will pay the tax rates needed to make it work. Middle class people will be paying 70% to keep it afloat, and the electorate will revolt long before that.

--

You know the problem with bad cops? They make the other 5% look bad.

 

[AMonger]

To be honest, it doesn't take a grand a month to cover my home expenses.

Sent from my DROID X2 using EO Forums

When inflation really kicks in, you might need a grand a week, and then some.

--

You know the problem with bad cops? They make the other 5% look bad.

 

[AMonger]

<laughing at the notion that some people believe Social Security will be gone in the near future...>

People expecting to receive social security are about to get stiffed, assuming any of us even has a job in a year.

Here are some unpleasant facts about social security from an economist:

http://lewrockwell.com/north/north1081.html

http://www.garynorth.com/public/804print.cfm
http://www.lewrockwell.com/north/north185.html

Will you get thegold mine orthe shaft?

http://www.lewrockwell.com/north/north578.html


--

You know the problem with bad cops? They make the other 5% look bad.

 

[tenntrucker]

When inflation really kicks in, you might need a grand a week, and then some.

--

You know the problem with bad cops? They make the other 5% look bad.

Very true, with me low overhead now, its giving me a chance to sock it away now.

Sent from my DROID X2 using EO Forums

 

[canesman07]

When I posted 400k-600k here is how the math works:

O money in the fund putting in 6000k a year or 500 a month in an mutual fund that gets 10%/yr return over 20 years comes out to 411K

Same fund putting in 10K a year comes out to 632K after 20 years.

Imagine putting in a car payment a month instead of buying a new car? In order to retire w/o needing dog food means putting off small things today.

 

[tumbleweeds]

Retirement is a neat concept. It means so many different things to different people. I hope I never retire but die in harness. My wife has different ideas. With the cash in the bank, it is so hard to make a good return on your investments. Do you stick it in the market and roll the dice? Buy a rental property or two? If you can't make much interest on your $$$ you must spend part of the principle each month. Your cash may not last too long. So what is your vision of retirement and how prepared are you? As an expediter, if you can't save, say $2000 a month to put aside for retirement, you may not make it. How many expediters are making that kind of $$$. A bunch I hope.

 

[NTHEWIND]

Phil Wrote

The other team may not be retired at all, depending on the definition of the term. They are as old as many retirees are but they now work full time in another field having nothing to do with trucking. They took that job because they were concerned about their retirement and expediting was not paying the freight, so to speak. The job they took provides health care and other benefits.

Phil,

Very interesting question and I quote you (above) on something I find interesting

My wife and I have been in expediting 16 years all with the "FED" starting with Roberts Express. I've been in trucking as an O/O since 1976. That's 35 years. I started a retirement plan when I first started with an insurance company, then stopped paying after a few years. I started again in the mid 80's .My wife and I have contributed the max about in IRA's ever since.

Can we retire on what we have? That depends on what your definition. For the most part no we will NEVER be able to really retire. The money we have in our retirement accounts would not last the rest of our life should we stop working now at age 57/58 or even if we wait a few more years till 62.
I define MY/OUR retirement 'as the day we quit SAVING for retirement'.

I do not regret taking the path we have, not for one tiny bit. We have done lots of cool things and have had a good life. Trucking made us good money and allowed us to take a lot of time off to do things that any other 'business' or being an employee would have allowed.

Right now we are questioning whether or not we can even continue being in this 'business' of trucking. I had to ask the company just this afternoon for an advance because of a long deadhead. It seems that lately the advances barely cover fuel and the costs of doing business is sky rocking.

So the answer your original question. Even putting in another 4 years to make it an even 20 years in EXP. we will NOT be able to retire.

 

[AMonger]

Retirement is a funny concept. For only a few decades of human history has the modern concept of retirement--ceasing work while living comfortably on savings and investments--existed. It is coming to an end. The few decades we had of it were nice, but they're over. Ponzi schemes only work for so long, and this one called social security is over. It's all over but the fleecing of the last suckers, the ones who will get stiffed, until tax rates have to be jacked up to unaffordable levels to support retirees.

Oh, it worked ok when 13 workers were supporting each retiree. But with more retirees, the pool supporting them is stretched thinner. Imagine what the tax rate is going to have to be when TWO workers are supporting each retiree! What percent of a couple's total income will have to go to supporting their retiree while they have trouble putting shoes on their childrens' feet (assuming the Obammunist death panels aren't successful in putting old people down like dogs)? What will the tax rate hit before taxpayers riot in the streets like European soccer hooligans, chanting, "CAN'T PAY, WON'T PAY?" On that day, it'll be SUPPORTING social security that will be considered the "third rail."

If you're expecting to live another 10+ years, relying on social security, you're going to be in for a big surprise: the modern view of retirement is OVER for the vast majority of people.

Oh, btw, we once had a system in which each retiree was supported by just a few people. It was called FAMILY.
--

You know the problem with bad cops? They make the other 5% look bad.

 

[ATeam]

Retirement is a funny concept. For only a few decades of human history has the modern concept of retirement--ceasing work while living comfortably on savings and investments--existed. It is coming to an end. The few decades we had of it were nice, but they're over. Ponzi schemes only work for so long, and this one called social security is over.

If you equate retirement with the U.S. government social security program, yes, the concept of retirement is coming to an end. I have seen the program already fray around the edges. My retirement age under the program used to be 65 but the rules were changed to make it 67 now.

When rules can be changed like that it is clear that my social security benefits have no relationship whatsoever to the amount of money I was forced to pay in and for how long. My benefits depend entirely on the political whims of whoever happens to be in public office at the time. That is not something in which I am willing to place a great amount of trust.

But for those who equate retirement with financial independence, social security need not be part of the equation. The whole point of financial independence is to be free of dependence on programs like social security. That's where financial planning comes in along with running a profitable expediting business and managing those profits well.

The fact that most people don't do it does not mean that it cannot be done.