There is significant discussion regarding the aging workforce of truck drivers in the United States. The American Trucking Associations reports that the average age of long-haul truckers is 46, while it rises to 57 for those working in private fleets. In comparison, the median age for all workers in the United States is 42, as stated by the federal Bureau of Labor Statistics.

When discussing the availability of drivers in the trucking industry, the issue of trucker retirement often arises as a matter of concern. Nevertheless, similar to a significant number of Americans, a recent survey conducted by Truckers News and its affiliated publication Commercial Carrier Journal reveals that many truckers have no intentions of retiring. In the survey, numerous respondents expressed their desire to continue driving because they find joy in their work, while others cited financial considerations as a deterrent to retiring.

Among the surveyed drivers, a substantial 26% stated that they would continue their trucking careers as long as they remained in good health. Additionally, 32% of respondents mentioned that they have not yet determined a specific timeframe for retirement. This data indicates that a significant portion of the drivers are inclined to prolong their careers in the industry, subject to their well-being and personal considerations.

Other results found:

  • 11% plan to retire at age 65
  • 12% at age 67
  • 10% at 70

Among the individuals who expressed their intention to continue driving as long as their health permits, 24% identified themselves as company drivers, while 29% identified themselves as leased owner-operators. When questioned about their retirement plans, several drivers mentioned that they had no intentions of quitting because they derive immense satisfaction from their work and find it too enjoyable to give up.

They said:

  • “I’m past the retirement age, but I like driving. Got in my blood.”
  • “I will always work at least part-time if I am healthy. I still love trucking.”
  • “If the job is stimulating and I’m contributing to the bottom line, I would continue (to) work.”
  • “I plan to drive until they tell me I can’t drive anymore.”
  • “At 70 I would consider driving part-time.”
  • “I’m already over 70. My carrier has an 80-year age limit and I imagine that’s likely the longest I will work.”
  • “Unofficially I will probably hang it up sometime between 80 and 85.”
  • “My truck is a recreational vehicle that pays me to drive it and I’m getting paid to be on a permanent vacation.”

Others were a bit more emphatic. Their comments included:

  • “Probably have to be removed from the driver’s seat kicking and screaming.”
  • “When you pry my cold dead fingers off the wheel.”
  • “When God says it’s time then that’s when I will walk away.”

For certain individuals, the possibility of permanently leaving the truck cabin in the near future is simply not feasible or desirable.

  • “I would like to get out at 67, but I doubt that’s going to happen due to lack of investing.”
  • “Two years ago, I intended to drive at least until I turned 67. Today, that doesn’t look like a viable option.”
  • “Hopefully I’ll die before I can’t work anymore. I can’t afford not to work.”

Among the survey respondents, 37% expressed their desire to continue driving due to their enjoyment of the job, while a nearly equal percentage of 34% mentioned that they need to keep driving for financial reasons. Additionally, 14% stated that they must remain in the profession in order to retain their health insurance benefits.

Regarding the preference for driving due to job satisfaction, slightly more company drivers (37%) than leased owner-operators (35%) shared this sentiment. However, when it comes to financial concerns, the gap widens, with a higher percentage of company drivers (36%) compared to leased owner-operators (29%) stating that they will continue driving because of financial considerations.

According to our survey, a majority of respondents, including a significant number of older drivers, lack adequate savings to retire comfortably.

A significant 63% of respondents admitted that they have not saved enough money to retire, while an additional 15% were uncertain about their retirement savings. Only a mere 22% stated that they possess sufficient funds to retire comfortably.

Interestingly, the percentage of drivers who have not saved enough money is nearly identical between company drivers (64%) and leased owner-operators (63%).

Analyzing the data based on age groups, it was found that 80% of drivers between the ages of 35 and 54 acknowledged a lack of retirement savings. Similarly, 58% of drivers aged 55 and older expressed that they have not saved enough money to retire.

A total of 812 drivers participated in our survey, with 566 identifying as company drivers and 246 as leased owner-operators. A majority, 53%, work as over-the-road long-haul drivers.

The respondents primarily consist of experienced drivers, with 72% being 55 years old or older. Those between the ages of 35 and 54 make up 27% of the respondents, while only 2% are 34 years old or younger.

These drivers have spent a significant portion of their lives on the road, as indicated by the survey results. Around 69% reported having driven for 20 years or more, while 8% have driven for 16 to 20 years, 6% for 11 to 15 years, 8% for 6 to 10 years, and 7% for 5 years or less.

In terms of mileage, the survey revealed that these drivers are dedicated road warriors. Approximately 26% stated that they drive between 100,001 and 125,000 miles per year, with an equal number typically logging from 75,001 to 100,000 miles. Another 17% reported driving between 125,001 and 150,000 miles, while 8% surpassed the 150,000-mile mark.

Considering their hard work and dedication, the earnings of these drivers reflect their mileage. Slightly over half, 53%, reported a net income of over $75,001 in the last year. Meanwhile, 31% earned between $75,001 and $100,000, and 22% stated that they earned $100,000 or more.

Source: www.truckersnews.com