Systems and methods for preloading a bearing and aligning a lock nut

A method of adjusting preload on a bearing assembly of a wheel mounted on an axle or spindle with a lock nut comprising:

• mounting a preload adjustment tool comprising a preload measurement gage onto a threaded axle or spindle;
• increasing a load on the bearing assembly using the adjustment tool;
• rotating the wheel on the axle or spindle to set the bearing assembly;
• decreasing the load on the bearing assembly to a desired maximum preload on the bearing;
• after decreasing the load on the bearing assembly to a desired maximum preload;
• tightening the lock nut on the bearing assembly by hand until the lock nut cannot be further tightened;
• loosening the lock nut by rotating the lock nut to a preferred location where a guide mark on the adjustment tool aligns with one mark of a series of marks on the lock nut located closest to said guide mark wherein a resultant preload on said bearing assembly is within a preset range from said desired maximum preload.