TL;DR
Get your next haul delivered free — and shop member deals
- Fast, free delivery on millions of items
- Access to Prime Big Deal Days deals on October 6–7
- Prime Video, Amazon Music and more included
A 60-year-old truck driver from Jordan, Minnesota, told Kiplinger he accumulated more than $1 million through long-term 401(k) investing, despite losing $50,000 from the account in a failed business venture. He says he is not planning to retire before 65 and is restarting workplace retirement and health savings accounts after losing his previous job.
A 60-year-old truck driver in Jordan, Minnesota, says he built more than $1 million in savings through long-term investing, even after a business failure cost him money and left his family facing foreclosure. In a first-person profile published by Kiplinger, he described beginning 401(k) contributions at 26 and said he plans to keep working until 65.
The driver, whose name is not disclosed in the Kiplinger profile, said he began investing in a 401(k) at age 26, following advice from his wife’s grandfather. He said that guidance included diversifying his accounts. His motivation was shaped by watching his mother, a single parent, live paycheck to paycheck and return to work during retirement to cover expenses.
His path included a serious setback. At about 40, he withdrew $50,000 from his 401(k) to buy a business. The venture failed about three years later, he told Kiplinger, and his family faced foreclosure. They sold the business and completed a short sale on their home. He estimated that his 401(k) balance had been about $125,000 before the withdrawal; the profile does not give a detailed account of the subsequent recovery or the exact date he passed $1 million.
The driver said he now earns about $130,000 a year and has investments managed through Fidelity’s portfolio program. He told Kiplinger he had invested on his own for years before signing up for the program after being let go from a previous job. He said the company began managing his investments about six months before the interview. The profile describes his experience, not a verified account statement or financial plan for other readers to follow.
A Long Recovery After a Failed Business
The account offers a specific example of how steady retirement contributions over decades can coexist with setbacks, rather than follow a smooth upward path. The driver’s reported $50,000 withdrawal was a substantial interruption to his retirement savings, and his family also had to sell its home through a short sale after the business failed.
His experience may be relevant to readers weighing long-term saving against business risks or other major expenses. It also illustrates the limits of a personal success story: the driver’s outcome reflects his own income, timing, investment choices and circumstances. Kiplinger frames its series as a way to hear how individuals built savings, not as personalized financial advice or a guarantee that another saver will reach the same result.
Fidelity retirement investment portfolio
As an affiliate, we earn on qualifying purchases.
As an affiliate, we earn on qualifying purchases.
Saving Began in His Twenties
Kiplinger’s My First $1 Million series features people describing how they accumulated $1 million and what they are doing with their money. The publication says people profiled are anonymous to readers and that the interviews are intended to offer a window into different saving experiences.
The truck driver said automatic contributions helped him save because the money was removed before he could spend it. He also credited his wife’s grandfather with introducing him to diversification. He took a local community education class on the stock market and said he read MarketWatch and Yahoo Finance and had a Motley Fool membership. He said he did not work with a financial professional until after losing his previous job, when he enrolled in Fidelity’s management program.
He said the investments are managed in Fidelity portfolios, while family trips are paid for from regular income rather than investment accounts. He also said he had a living will but had not yet assigned every asset in an estate plan. That task, he told Kiplinger, remained on his to-do list.
“Automatic withdrawal is the best thing. You don’t see it, you don’t spend it.”
— The truck driver, speaking to Kiplinger
As an affiliate, we earn on qualifying purchases.
The Profile Leaves Key Figures Unverified
The profile relies on the driver’s own account and does not include independent documentation of his investment balance, income history or business losses. It also does not specify the date he first crossed $1 million, the exact value of his current assets and debts, or how much of the reported total is held in each account.
His projected future balance is not a guaranteed outcome. He told Kiplinger that, if he keeps working until 65 and his Fidelity account earns an average return, it could reach $1.7 million. The profile does not state the return assumption, projected time period or other calculation details. Market performance and future contributions can change results, and the story does not establish what his account will ultimately be worth.
diversified retirement account options
As an affiliate, we earn on qualifying purchases.
As an affiliate, we earn on qualifying purchases.
Working Toward Retirement at 65
The driver told Kiplinger he plans to continue working and begin again with a new workplace 401(k) and a health savings account at his current job. He said he expects to keep working until 65, partly because he does not want to pay for health insurance before then and partly because he enjoys being around people.
He also said completing an estate plan that allocates his assets is on his list for the year. The profile does not report whether he has since completed that work or provide a later update on his employment, accounts or retirement plans.
best health savings account (HSA) for retirement
As an affiliate, we earn on qualifying purchases.
As an affiliate, we earn on qualifying purchases.
Key Questions
How did the truck driver say he built more than $1 million?
He told Kiplinger that he began investing in a 401(k) at 26 and continued saving and investing over the following decades. He credited advice from his wife’s grandfather and said automatic contributions helped him save.
What happened to the business he bought?
He said he withdrew $50,000 from his 401(k) to buy a business when he was about 40. The business failed roughly three years later, and his family faced foreclosure. They sold the business and completed a short sale on their home.
Does he plan to retire now?
No. He told Kiplinger he plans to keep working until age 65. He cited his enjoyment of work and concern about paying for health insurance before then.
Is the $1.7 million projection guaranteed?
No. The driver said his Fidelity account could reach $1.7 million if he works until 65 and receives an average return. The profile does not provide the assumptions behind that projection, and future investment returns are uncertain.
Is this profile financial advice?
No. Kiplinger describes the series as a way to learn from individuals’ experiences, not as personalized financial advice. The driver’s reported choices and results may not apply to another person’s circumstances.
Source: rss
Evergreen bestsellers Picks
bestsellers
As an affiliate, we earn on qualifying purchases.
