Much is made about the graying of America’s corps of truck drivers. The American Trucking Associations says the median age of over-the-road truckers is 46. For private fleets it’s 57. That compares to a median age of 42 for all U.S. workers, according to the federal Bureau of Labor Statistics.
Fully 26% of all respondents in the survey of more than 800 drivers said they would keep driving as long as they were healthy. Another 32% said they have yet to decide when they will retire. Other results found:
- 11% plan to retire at age 65
- 12% at age 67
- 10% at 70
Of those who said they planned to keep driving as long as their health holds out, 24% were company drivers and 29% were leased owner-operators.
When we asked when they planned to retire, some drivers said they wanted to keep doing the job they enjoy too much to quit. 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.”
- “My truck is a recreational vehicle that pays me to drive it and I’m getting paid to be on a permanent vacation.”
- “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.”
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 some, getting out of the cab permanently any time soon is not an option.
- “Hopefully I'll die before I can't work anymore. I can't afford not to work.”
- “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.”
While 37% of survey respondents said they want to keep driving because they like their jobs, almost an equal amount – 34% – said they had to keep driving because they need the money. In a similar vein, 14% said they had to keep driving in order to hold onto their health insurance benefits.
Only slightly more company drivers (37%) than leased owner-operators (35%) said they want to keep driving because they like their jobs.
But, the gap widened on the topic of money with more company drivers (36%) than leased owner-operators (29%) saying they will keep driving out of financial concerns.
Our survey found that most respondents, including many older drivers, do not have sufficient savings to retire.
Fully 63% said they have not saved enough money to retire. Another 15% said they did not know if they did. Just 22% said they had sufficient funds to retire.
The number of drivers who have not saved enough is almost exactly the same between company drivers (64%) and leased owner-operators (63%).
When it came to the age of drivers without sufficient retirement savings, 80% of those between the ages of 35 and 54 said they are lacking funds. Another 58% of drivers 55 years old and older have not saved enough to retire.
Who took the survey
A total of 812 drivers responded to our survey; 566 company drivers and 246 leased owner-operators. Most – 53% – are over-the-road long-haul drivers.
These are mostly veteran drivers. Fully 72% of respondents are 55 years old or older; 27% are between the ages of 35 and 54 while just 2% are 34 and younger.
Respondents are also drivers who have spent much of their lives on the road: 69% said they have driven for 20 years or more; 8% have driven 16 to 20 years; 6% for 11 to 15 years; 8% 6 to 10 years; and 7% for 5 years or less.
They are also serious road warriors with the miles to prove it. Twenty-six percent said they drive between 100,001 and 125,000 miles a year and the same number typically log from 75,001 to 100,000 miles. Another 17% drove between 125,001 and 150,000 miles and 8% logged over 150,00.
And, what did they get for all those miles?
Slightly more than half – 53% – said they earned a net income of over $75,001 in the last year; 31% earned $75,001 and $100,000 and 22% said they earned $100,000 or more.
