TRUCK DRIVERS & OWNER OPS
PROTECT FIRST THEN INVEST
THE RISK OF DOING NOTHING...
Most drivers spend 20 - 30 years on the road, but end up with nothing.
NO savings. NO retirement. Just broken health & debt.
Doing nothing is the most expensive decision of all. inflation eats your income. Breakdowns wipe out your savings. and if you're injured or slow down later in life, there's no safety net unless you, build it now.
This guide is here to change that, it's a straight-up list of protection and investment options built for truckers like you.
You want to own your retirement, start now.
PHASE 1 - PROTECTION FIRST
These two policies are your safety net. They protect your family & you.
What it is: Low-cost life insurance that pays your family a large cash payout if you pass away
Purpose: Protect your loved ones if something happens to you
Strategy: a 10 year up to 20 year term life policy with at least $500,000 coverage
Suggested Coverage: $500,000 - 1 Million
Average Monthly Cost: $30–$50
Living Benefits: None
Tax Status: Death benefit payout is tax-free
Bankruptcy Protection: Yes - varies by state
Pass Down to Family: Yes - tax-free to beneficiaries
Tax Docs: None
We Use: Ladder
What it is: Insurance that covers you if you're injured onthe job and not covered by workers comp
Purpose: Pays you directly if injured and unable to work
Strategy: Get protected without relying on your carrier or workers comp. This policy pays you directly when you're hurt and can't drive
Living Benefits: Yes - weekly pay + medical payout
Tax Status: Generally tax-free
Bankruptcy Protection: Not applicable (not an asset)
Pass Down to Family: No
Suggested Coverage: $1,000,000
Fix Monthly Cost: $145
Tax Docs: 1099-MISC (if claim is paid, it will be treated as income and policy holder will recieved a 1099-misc form to file taxes
We Use: OOIDA (Our platform includes many services - this coverage is one of them. It's included as part of your access fee. if you're an independent driver not leased to our platform, you must secure this policy on your own)
PHASE 2 - INVESTMENT PLAN
Lets build generational wealth
HOW MUCH DO YOU NEED TO RETIRE?
Most financial studies suggest targeting 10× your annual income by age 67 to retire with confidence.
Example:
If you earn $60,000 per year, you’ll need about $600,000 saved by age 67 to retire with confidence.
Study Sources:
Fidelity | Morningstar | T. Rowe Price |
SUGGESTED MONTHLY INVESTMENT ALLOCATION
This guide shows how to spread your contributions in a way that balances protection and long-term growth. 3 different allocations $1,000/month, $2,000/month & $3,000/month
ALLOCATIONS
Starter Tier
You’ve started. That’s what matters most
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Fixed Protection (Term Life Only): $40
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HYSA (Emergency Fund): $60
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Roth IRA: $250
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Taxable Brokerage: $150
This plan builds protection and tax-free retirement growth while still giving you access to your cash. You’ve officially stopped surviving and started building
$500
Foundation Tier
Solid footing. Long-term mindset. Flexible tools
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Fixed Protection (Term Life Only): $40
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HYSA (Emergency Fund): $100
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Roth IRA: $500
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Taxable Brokerage: $360
This plan gives you breathing room and retirement growth — without locking anything up.
You’re stacking assets with full control.
$1,000
Growth Tier
You’ve built discipline — now you’re scaling it.
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Fixed Protection (Term Life Only): $40
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HYSA (Emergency Fund): $200
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Roth IRA: $583
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Taxable Brokerage: $1,177
This plan builds wealth fast, with a perfect balance of tax-free growth and emergency access.
You’re not just investing — you’re moving like an owner.
$2,000
Retirement Launch Tier
Next-level structure. You're leading your financial future.
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Fixed Protection (Term Life Only): $40
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HYSA (Emergency Fund): $250
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Roth IRA: $583
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Taxable Brokerage: $2,127
This plan gives you full control of your cash, taxes, and future without giving up flexibility. You’ve built the kind of consistency most people never reach. Own it.
$3,000
What it is: FDIC-insured savings account that pays you 4x - 5x more interest than a regular bank
Purpose: Emergency fund for breakdowns, slow weeks, or unexpected bills
Strategy: Save 3–6 months of expenses — use only in emergencies
Tax Status: Interest is taxable
Bankruptcy Protection: Yes — FDIC-insured up to $250,000
Pass Down to Family: Yes (use POD designation)
Ease of Withdrawal: Immediate access, low friction
Tax Docs: 1099-INT Issued when you earn over $10 in bank interest. You’ll receive this form to report your earnings during tax season.
We Use: Ally Bank
What it is: Tax-free retirement account (post-tax contributions)
Purpose: Grow money tax-free - future withdrawals are 100% tax-free
Strategy: Contribute monthly - never withdraw until retirement
Max Contribution: $7,000/year and don’t touch it until retirement
Average Monthly Contribution: $100 - $583
Tax Status: Contributions taxed now, earnings withdrawn tax-free at 59½
Bankruptcy Protection: Yes - protected up to $1.5M federally
Pass Down to Family: Yes - inherited Roth, must be withdrawn in full within 10 years
Ease of Withdrawal: Contributions available any time; earnings locked until 59½
Tax Docs: 5498 (contributions), 1099-R (withdrawals)
5498 confirms how much you contributed that year. 1099-R is only sent if you take money out.
We Use: Fidelity
What it is: A flexible, no-limit investment account. You can buy index funds, ETFs, stocks, or mutual funds. Unlike retirement accounts, you can access your money anytime.
Purpose: Grow your money over time — with more flexibility than a Roth IRA or Solo 401k.
Strategy: This account only after you've secured the core 4:
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Term Life
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OCC/ACC
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HYSA
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Roth IRA
Once those are in place, you can use the taxable brokerage account to:
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Invest without contribution caps
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Request margin loans against your investments without triggering capital gains
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Maintain liquidity in case of future business needs or family emergencies
Pro Tip: If you ever need access to money fast, this is the only account that lets you borrow without cashing out and paying tax.
Suggested Contribution: Flexible - any amount after the core 4 are covered
Average Monthly Contribution: $100–$1,000 depending on income
Tax Status: Pay capital gains tax only when you sell investments at a profit
Bankruptcy Protection: Not federally protected; check state laws
Pass Down to Family: Yes — with step-up cost basis (heirs pay less tax)
Ease of Withdrawal: Very easy — funds available within 1–3 days
Tax Docs: 1099-B (profits/losses) 1099-DIV (dividends earned)
We Use: Fidelity
What it is: Retirement plan for self-employed truckers with no employees other than themselves (and a spouse, if involved in the business). Available to 1099 contractors, sole proprietors, LLCs, and S-Corps
Purpose: Defer taxes and grow retirement wealth through both employee and employer contributions
Strategy:
This plan is funded in two parts -
if you're self-employed, you're both:
Employee Contribution: (part 1)
(1099 or W-2): Up to $23,000 in 2025
Paid by your personal account
plus
Employer Contribution: (part 2)
1099 driver (sole prop or LLC): Up to 20% of net self-employment income
Example: $80,000 net income (take home after expenses)
$16,000 employer contribution
your business gets a $16,000 business expense tax write off
you get a $16,000 contribution, which is tax defer until for retirement
S-Corp owner (W-2): Up to 25% of W-2 wages
Example: $80,000 W-2 = $20,000 employer contribution
your business gets a $20,000 business expense tax write off
you get a $20,000 contribution, which is tax defer until retirement
This portion must be paid from your business checking account directly into Rocket Dollar as an EMPLOYEE CONTRIBUTION
Owner draws do not count - only W-2 wages count toward the employer side
Tax Status: Contributions are pre-tax and reduce your current taxable income. Withdrawals are taxed in retirement.
FICA Exemption: Withdrawals are not subject to FICA
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Social security 12.4%
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Medicare 2.9%
saving you an extra15.3%, you only pay federal taxes and possible state taxes depending on where you live
Bankruptcy Protection: Yes - fully protected under ERISA
Pass Down to Family: Yes — spouse can inherit or roll over; other heirs must withdraw over 10 years
Ease of Withdrawal: Locked until age 59½. Early withdrawals may incur penalties and taxes
Tax Docs: 5498 (contributions), 1099-R (withdrawals)
We will use: Rocket Dollar
Maximizing Your Investment Vehicles
> The smart, structured path to building wealth as a trucker
Once you’ve built your emergency fund and started investing consistently, it’s time to maximize each account for what it’s built to do. Here’s how to use your tools with confidence, clarity, and control
1. Emergency Fund – Your First Line of Defense
Save at least $25,000 in a high-yield savings account (HYSA)
This protects you from slow seasons, truck breakdowns, or life setbacks without touching your investments
> Before you build wealth, you build stability
2. Roth IRA – Tax-Free for Life
Contribute monthly until you hit the yearly limit ($7,000 in 2025)
Every dollar grows tax-free and can be withdrawn tax-free in retirement
> This is your freedom account. Quietly powerful
3. Taxable Brokerage – Flexible & Fast
Invest here once your Roth is full
Use it to grow money you can access without penalties. No limits, no restrictions
> This is your most flexible investment engine. Build it big
4. Solo 401k – The Long-Haul Strategy
Once your foundation is solid, this account becomes your most powerful tool for building retirement wealth but only after your basics are covered. Before funding it, make sure you’ve hit these milestones:
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$25,000 saved in emergency funds
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$75,000–$100,000 invested in flexible accounts (Roth IRA + brokerage)
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$200,000+ total net worth
> Then — and only then — every dollar over your $3,000/month baseline can be locked into your Solo 401k
Why do we say this? Because we know trucking
The last thing you want is to lock up money you might need during a breakdown, a slow season, or a personal emergency
That’s why everything under $3,000/month should stay flexible in accounts you can access without penalties
Reminder:
Both the Roth IRA and Solo 401k are true retirement accounts
Once the money goes in, it's meant to stay there until age 59½ or later
Sure, there are loopholes but the paperwork and penalties often aren’t worth the stress
> Let’s keep it simple, smart, and solid
How Much Should I Invest Each Month to Retire Comfortably?
Pick a goal that fits your life, your pace, and your reality
This plan is built using two proven financial rules:
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7% average annual growth
This assumes you invest consistently in a diversified portfolio (like index funds through Fidelity, Schwab, etc.)
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4% safe withdrawal rate
Once you retire, you can withdraw 4% of your total savings per year allowing your money to last for life
How Much You Need to Invest Monthly Based on Your Age
Age 25
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$500,000 → $225/month → $1,667/month in retirement
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$750,000 → $340/month → $2,500/month
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$1,000,000 → $450/month → $3,333/month
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$2,000,000 → $900/month → $6,667/month
Age 30
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$500,000 → $310/month → $1,667/month in retirement
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$750,000 → $470/month → $2,500/month
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$1,000,000 → $625/month → $3,333/month
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$2,000,000 → $1,250/month → $6,667/month
Age 35
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$500,000 → $470/month → $1,667/month in retirement
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$750,000 → $715/month → $2,500/month
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$1,000,000 → $950/month → $3,333/month
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$2,000,000 → $1,900/month → $6,667/month
Age 40
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$500,000 → $700/month → $1,667/month in retirement
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$750,000 → $1,050/month → $2,500/month
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$1,000,000 → $1,400/month → $3,333/month
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$2,000,000 → $2,800/month → $6,667/month
Age 45
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$500,000 → $1,050/month → $1,667/month in retirement
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$750,000 → $1,575/month → $2,500/month
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$1,000,000 → $2,100/month → $3,333/month
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$2,000,000 → $4,200/month → $6,667/month
Age 50
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$500,000 → $1,600/month → $1,667/month in retirement
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$750,000 → $2,400/month → $2,500/month
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$1,000,000 → $3,200/month → $3,333/month
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$2,000,000 → $6,400/month → $6,667/month
Age 55
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$500,000 → $2,550/month → $1,667/month in retirement
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$750,000 → $3,825/month → $2,500/month
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$1,000,000 → $5,100/month → $3,333/month
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$2,000,000 → $10,200/month → $6,667/month
Let your money drive the last miles so you don’t have to
BENEFICIARIES & LEGACY
You're not just driving to survive - you're building something to leave behind. Every account in this plan allows you to name a beneficiary, which means your family can recieve the funds directly without going through probate or court delays. Here is how it works:
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Term Life Insurance: This is the fastest payout. As long as you name a beneficiary, the funds go straight to them - tax-free and outside of probate court
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OCC/ACC Accident Policy: If death occurs due to a covered accident, the policy will pay your beneficiary directly
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Roth IRA (Fidelity): Your heirs receive this account tax-free if they follow IRS rules. Naming a beneficiary allows it to bypass probate
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Solo 401k (Fidelity): Your spouse automatically inherits it if listed. Non-spouse beneficiaries may owe taxes but still avoid probate with proper setup
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Fidelity Brokerage Account: You must add a “Transfer on Death” (TOD) instruction. This ensures your chosen person gets the account without court delays
Legacy Tip: Every time you go through a major life change - marriage, divorce, new child, or loss - update your beneficiaries on each account. These forms override your will, so keeping them current is critical.
START NOW
This isn’t a dream. It’s a decision.
You already put in the miles. You’re sacrificing time away from loved ones, energy, and the toll of life on the road. its time to retire with dignity. lock in your future with confidence.
Think of this like any other bill — except this one will pay you. It’s due the first week of every month before anything else. The difference? You're not just the borrower…
You're the owner.