It’s reasonable to start thinking about your plans for retirement as you get older, but it’s also never too early to start preparing for those retirement years. At 63, Carter Express driver Don Talley knows that retirement is right around the corner. He’s looking forward to enjoying the next stage of his life, and he’s spent many years saving and investing to do so.

“I’ve seen other people work so hard all their lives, and they don’t have anything when they get ready to retire,” he explains. “You can see people who are in the 70s or 80s working a cashier job at the store because they don’t have enough money. I don’t want to do that - if I work after retirement, it will be because I’m bored or want to stay active.”

Talley knows that he will have a military pension available to him in retirement, but he also understands that this alone won’t be enough. He has also invested in the stock market, contributed to his 401k, and even dabbled in some real estate investments.

“A lot of times, people think that the money they’re going to get from social security will be enough to live on, but it won’t,” Talley adds. “You’re going to want to have another income coming in - something that pays you higher dividends when you get to retirement age.”

For truck drivers wanting to know where to begin or how to maximize their retirement, these are Talley’s favorite tips for retirement planning:

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• Have a budget - you can’t     save any money without first knowing where everything is going. Talley     recommends paying yourself first, paying your bills, and then seeing     what’s leftover. That extra money can go to build up an emergency fund and     later towards investments and other savings.
• Cut extra     expenses - things like meal planning and following fuel-saving practices can     help you get more wiggle room in your budget. That’s more money to pay off     bills or to save.
• Keep your eyes     on your future goals when it comes to spending - a nice car     or a big house may sound great in the moment, but those also come with     bigger payments. It’s important to enjoy the present, but don’t let that     negatively affect how you’ll be able to live in the future. Talley     recommends buying less expensive cars or saving up more cash for a bigger     down payment, staying away from credit cards with high-interest rates, and     committing to pay off your credit cards each month.
• Take advantage     of 401k matching - a lot of companies (Carter Express included) offer a 401k match     to help employees build their retirement faster. Carter will match what     you put in each month up to 4 percent.
• Find other ways     to build retirement wealth - a savings account might help     you save money, but it won’t help you significantly increase your wealth.     Utilize resources like the stock market, mutual funds, and real estate     that will provide you with a better return on your investments.
• Seek help from     experts - Talley also recommends finding people who are knowledgeable about     financial planning, stock market portfolios, insurance, and real estate in     your area to help guide you. These individuals will help you figure out     how much money you’ll need to have before you start investing in a certain     category and can also help answer questions as they come up.

Talley expects to retire in a couple of years and is looking forward to enjoying his time off with his family in Muncie, Ind. While he enjoys relaxing and playing golf, he expects that most of his time will be spent with his grandchildren, cheering them on at sporting events and taking them on his travels.

If you’re looking for more information on how Carter can help you earn consistent income or about our 401k match program, feel free to reach out to us. We’d be happy to share more about what we can do to help you prepare for your future.