Should I take early retirement and buy a water truck?

Question

I am eligible to retire at the end of this year, but my income would be roughly half of what it is now. I am thinking about buying a water truck or maybe a dump truck to supplement my income when I retire, but I don't know how to find out if I could find enough work to make it profitable. If I wait too long, The money I have put aside to invest will be spent due to my wife's inability to control spending. I've been at the same job for 29 years and am really burnt out.

Answer 1

i think that too many people hesitate when it comes to doing what they really want to. they fear failure. but i think you should take the chance.if you dont,your just prolonging the agony and will question your decision not too for the rest of your life. do it.

Answer 2

If you wife has an uncontrollable spending habit then you should put your money into an annuity contract so she can't. That can be locked up into a lifetime income stream and may be a very good idea since if you die first, you don't want her to run out of money, nor do you want her spending your retirement.

If you retire now, you will still be very short of what you will likely need as you get older. You should be aiming for at least 75-80% of your current income as a retirement income. Realistically with skyrocketing medical costs and people living longer, you will probably want more than that.

Keep in mind that if you retire early you may not have any medical insurance until you hit Medicare age. Purchasing private insurance is VERY expensive.

However, I understand burnout. Perhaps you should consider starting another career where you can work 10 years or so and build an additional stream of retirement income without sacrificing insurance. This also avoids another problem with early retirement and that is that you may end up with a lower social security payment.

As to buying a truck, with rising fuel prices truckers are having a very hard time making money. Customers have not been willing to pay large enough increases to keep up with rising fuel costs.

You would be wise to do a lot of research into it before making an investment. Talk to other truckers and see how they are doing in your area.

Remember, you can retire from your current job and still start a new career. The cushion from the retirement income you will get, can offer you the opportunity to take a lower rate of pay for the chance to do something new.

Answer 3

When considering starting a small business you should first complete a business plan. There are many sites on-line. While completing it you will answer your own questions about feasibility.

Owning your own business will not help your "burnt out" feeling. It is a lot of work, when your physical day is finished you still need to complete paper work. You take your work home with you every day. You will also find that your customers will call you and expect immediate service. If you want to stay in business you need to keep them happy.

With a good plan, the right attitude and lots of ambition you can make money.

Answer 4

I have two frineds that both have pump truck business's they do great but we live in kansas there is alot of oil production.So check with your local chamber to see how many companys are in that line of work then talk to some of the local companys that will need your services.

Answer 5

Only thing you can really do is just do some research in your area whether it is asking people on the street or seeing if anyone else or how many other people are doing what you like to do then go from there

Answer 6

sure what ever you think you need to do.