Hank Faber skillfully maneuvers his 2009 Volvo, embodying the ease of a veteran trucker who has spent more time driving than at home. He adjusts his seat, checks the mirrors, and starts the engine. For Faber, this truck is more than just a means of transportation; it’s essential for covering his bills.
Faber and his wife manage to live paycheck to paycheck on his trucking earnings, Social Security, and his wife’s IRAs. “At my age, I should be retired,” said Faber, who was 77 during his late 2024 interview with Business Insider.
Having been self-employed for most of his career, Faber lacked a 401(k) and depleted his retirement savings on a vacation home in Kentucky years ago. “There were weeks I drove less, and my wife would say, ‘We’re running short,'” he remarked, explaining that he often had to take on extra loads to increase his monthly income.
During the interview, Faber mentioned that his 2009 Volvo had almost 1 million miles on it. Over his 35-plus years in trucking, he has driven over 4 million miles without an accident, earning recognition like the Landstar Roadstar award for safety and professionalism.
He intends to keep driving as long as his health permits, stating, “If I couldn’t truck due to health issues, our income would drop drastically.” Faber’s situation mirrors a trend; a recent Bank of America survey highlighted that more Americans are living paycheck to paycheck, with 25% of households spending over 95% of their income monthly.
Regrets About Retirement
Faber and his wife face monthly expenses of about $6,000, avoiding major vacations and dining out frequently. Most of their costs are related to repaying loans. “I had to refinance my house about 15 years ago when we faced financial difficulties,” he shared, noting that they recently secured a refinance at an interest rate below 3%, which means their house would be paid off when they were both 99.
Reflecting on the Past
Besides housing payments, Faber has land and car payments to manage, along with an ongoing repayment of an $18,000 loan for his truck after it broke down three years ago. If he could rewrite history, he says he would have stayed on the farm. Before trucking, Faber owned 208 acres in Indiana where he grew corn, soybeans, and wheat, but lost the farm due to natural disasters and mounting debt.
A Lack of Retirement Savings
In his prime, Faber earned over $100,000 annually driving trucks, but after expenses, he netted only about a third of that. Being self-employed, he never had access to a 401(k) for retirement savings. He had saved a small amount over 10 years but cashed it out to pay for his vacation home, leaving him without retirement funds.
Faber plans to continue driving as long as his health allows. Despite living with chronic lymphocytic leukemia, he has not required treatment in nine years. Eventually, he hopes to be financially stable enough to sell his truck and embark on a European river cruise, dreaming of visiting places like Portugal and the Czech Republic for retirement.
This story is based on Hank Faber’s interview from Business Insider’s “Life Lessons” series. Discover more about Faber and others’ stories in the accompanying video below:
