If you’ve been a driver for many years, retiring from trucking has come across your mind, at least once, maybe even more. The thousands of miles driven, the worn-out tire treads, the long hauls, and loved ones missed is enough to make any driver consider retirement.
Furthermore, retiring from trucking isn’t the end of the world. For many, it’s the start of a new one. While there is no set age to retire, the average age in the U.S. is 62, which increased from 59 just a few years ago. This simply means that people aren’t quite ready to stop working yet. Additionally, financial security and healthcare benefits are also reasons to rethink retirement. However, if you are in between decisions, here are a few things to consider:
Are you financially secure enough to retire?
First and foremost, it is a good rule of thumb to generate two to three years of retirement coverage for each year that you work. Also, keep in mind, the age at which you can collect Social Security has extended. Therefore, you want to make sure you have enough financial cushion to survive.
Is my retirement savings enough?
Moreover, preparing a balance sheet of your assets and expenses is another way to determine your net worth. By doing so, you’ll be able to calculate how much you can live off each month. In addition to everyday expenses, you should also leave room for emergency funds.
What will working another year do to my body, both physically and mentally?
Furthermore, your health should be considered in all ways. Are you suffering from an illness? Do you qualify for Medicare? Without a doubt, health benefits are a plus when it comes to employment. However, if your body just cannot handle another day of work, then retiring from trucking may be in your future.
Are you retiring debt-free?
In addition to good health, making sure your bills, loans, or any other outstanding debt is fulfilled first before retiring is key. Therefore, it is best to speak with a financial counselor before making a final decision.
Do I have a strong support system?
Lastly, a good support system goes a long way. You are going to need plenty of support and encouragement during your new phase of life. It is a big decision that can leave you scared and apprehensive. Therefore, a strong support team is essential in providing advice and reassurance.