Home/Legal & Finance/❄️ HVAC/HVAC vets, how are you actually saving for retirement with these crazy material costs?
HVAC vets, how are you actually saving for retirement with these crazy material costs?
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ACWhisperer
·5mo·24 replies·19 participants
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ACWhisperer🏆 MasterOP5mo
150
Man, been crawling through attics in the Chicago area my whole career, installing Trane units and dealing with R-410A shortages that jack up everything. I'm 45 now and looking at my QuickBooks, realizing I havent put squat into a Roth IRA because every job's eating up profits just to keep the van running. Saw a thread on r/HVAC about guys using ServiceTitan for better tracking, but even that costs $200/month. Out here the winters are brutal, so we're slammed with heat pump installs, but I feel like I'm just spinning wheels. Anyone else in the same boat, or am I missing some tax trick for 401k contributions on service calls? Heard in the HVAC Techs Network group that some deduct tool depreciation like the Milwaukee M18 kits. FML, need to get my shit together before I'm too beat up to work.
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SawdustSavant20🔧 Apprentice5mo
36
Set up an SEP IRA, you can dump up to 25% of your net self-employment income in there tax-deferred. Ties right into your HVAC service revenue without much hassle.
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RootRotRider⚒️ Journeyman5mo
19
SEP is solid for solo guys, but if you're scaling, look at a solo 401k for loans too.
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LawnLad⚒️ Journeyman5mo
68
lol my retirement plan is hoping the Carrier Infinity I install today lasts till im dead.
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RootRotRider⚒️ Journeyman5mo
67
Same here, brother. Those material markups are killing any chance of building a nest egg.
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DeadboltDude⭐ Expert5mo
27
Insurance companies and suppliers are screwing us all with these hikes. Rage against the machine, HVAC style.
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VentMaster993⚒️ Journeyman5mo
29
Private equity buying up Trane dealers left and right, jacking prices even higher. We're all getting bent over.
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CircuitSurfer2⚒️ Journeyman5mo
19
Tried saving for a rainy day but then R-410A went scarce and poof, there goes the fund.
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ChillMasterHV⭐ Expert5mo
50
Haha, sounds like my life. At least the overtime from emergencies pads the check a bit.
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LockPickLarry2⚒️ Journeyman5mo
55
Every time I think I've got extra, a refrigerant reclaim job turns into a full system swap. Sucks.
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DirtDiggerDan⚒️ Journeyman5mo
46
Yup, been there. Those unexpected coil failures wipe out months of scrimping.
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WeedWhacker4⚒️ Journeyman5mo
32
Watch out for those aggressive 401k fees, they eat your gains faster than a bad superheat reading.
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PlumbDum⚒️ Journeyman5mo
26
Fees are the silent killer. Stick to low-cost index funds tied to your HVAC business income.
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GreenThumbGuy⚒️ Journeyman5mo
21
I max out my IRA every year by cutting non-essentials like fancy tools. Basic Ridgid gauges get the job done.
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HammerTimeGuy⭐ Expert5mo
31
Proud to say I hit 50k in my Roth last year off heat pump installs alone. Discipline pays off.
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LeafBlowerBandit⚒️ Journeyman5mo
4
Damn, that's goals. How do you track it without a fancy accountant?
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SodSlinger⚒️ Journeyman5mo
31
Roth IRAs are overrated for us trades guys, better off in real estate flips from your HVAC side hustle. Fight me.
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FixItFelix7⚒️ Journeyman5mo
7
SharkBite for plumbing but for savings? Nah, traditional IRA locks you in too much for volatile HVAC income.
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FramingFool4⚒️ Journeyman5mo
21
Feels like we're all just one bad season away from broke. Hang in there, man.
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SplashMaster2⚒️ Journeyman5mo
30
Don't ignore workers comp deductions for retirement planning, they can shield a ton if you get injured on a duct run.
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PlumbDum⚒️ Journeyman5mo
23
God, the stress of balancing books after a long day brazing lines is real. I hate it.
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GreenThumbGuy⚒️ Journeyman5mo
37
Automate transfers to a high-yield savings right after invoicing. Works wonders for emergency fund building.
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LeafBlowerBandit⚒️ Journeyman5mo
17
I get it, those Chicago winters mean big bills too. You're not alone in the grind.
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SodSlinger⚒️ Journeyman5mo
29
Track every Freon charge and mileage for max deductions. CPA told me it added 5k to my take-home last year.
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FixItFelix7⚒️ Journeyman5mo
35
Frustrated as hell with how taxes eat into overtime from AC breakdowns. Need a better system.