If you’re over 50…how much have you saved? How much is stashed and saved and how much expected from pension or lump sum? Are you close to being ready for retirement? How much is not enough to continue putting up with the B$#@!S&#@%#?
64 replies (most recent on top)
@ctic, you’re right. It’s difficult to impossible for even a well-paid Chevron employee to save $120k a year for 25 years straight. At least, nobody commenting on this site would be such a person to have done this. I had 26 years of service with Chevron and was a PSG 21 employee in the last 6 years before being laid off. I managed to grow my 401k balance to $590,000 with my minimum 2% payroll contribution plus the company match. When I left the company, my lump sum was $497,000. So, I retired with just over $1 million. I have no children to support, my house worth today about $490k in one of the best communities of Sugar Land, TX was paid off some 5 years before I left Chevron. I also had approximately $220,000 cash in the bank. I also own 2 late model vehicles free and clear. My spouse and I both pull in a combined $3100 each month in Social Security. The average employee can factor my net worth and situation as something they can easily accomplish if they have anywhere near 26 years with Chevron. I’m nobody special. I lived within my means all my working career. Today, I am happy and secure in my retirement life. The spouse and I live comfortably and vacation for about 4 weeks every year. We are not missing out on anything. So, dismiss the notions you need millions to retire well. All that is pure BS.
VP legal sold $65 million in stock in the last 24 months. He he isn’t even like management of core business.
Yea all these petrotechs are worth 10,000,000 and managers 100,000,000 ...LOL RIGHT
Yet somehow, someway, they are broke di-ks who struggle to send their kids to TAMU
Noone can save $120k a year for 25 years straight at CVX lol. Many folks starting out at 80k or less TOTAL comp before taxes and after 7 years barely at 150k. Your first 10 years are weak. If you have even a small family you are SOL unless you are living behind the Wal Mart in Northpark.
That math doesnt work bud, people at that company half to live very frugal to even save $50k year with the VERY low pay for the first 10+ years even as a hi-pot. Trust me.
There is a reason these people live in Katy and bag lunch it everyday, this is not private equity.
You need to be in executive management to hit 9 figures but most make it I guess. Just look at their stock sales. Even the VP of Law made it.
Depends on your spend rate, but not impossible at all to hit 8 figures with a normal petrotech career at Chevron… assuming at least your last decade in management (and no, you do not need to hit VP level).
Expat assignments and large savings rate make all the difference. I was a single-earner and hit 7 figures in 10 years working, then 8 figures about year 24. The stock market has been on a tear the last couple decades and so has real estate so that all helps.
$9k/month @ 8% return for 25 yrs = $8.5mm. Add pension and you’re over $9mm. Very do-able for petrotech couples with a few expat assignments.
LOL at couple of expats being worth $9mm at 50. As if these people come back to the US and live next door to MW
Couple of expats? Are you joking? This company does not make people that rich, you can run the numbers yourself, it's extremely unlikely by those ages to achieve such a thing if at all. If you make VP early then that's another story and still an uphill climb to those figures.
Most technical professionals people here will retire with about $3-4mm total including retirement benefits and that's after living like an "upper" middle class bag lunch lame.
Working couples with a few expat assignments could easily hit that number
So much BS in this thread lol
People at CVX, Shell, XOM do not earn the kind of money necessary to make $9 million by 52 lolll
I dont care if you live in the Covington Trailer park (which I bet some CVX people do)
Beyond comical
$4 million will barely get you a livable house in San Francisco.
Even retiring in the San Francisco Bay Area, $4MM (even with a mortgage) should allow for a comfortable retirement lifestyle.
You have medical insurance (and hopefully (catastrophic) umbrella insurance), $ to spend on (reasonable) travel and can plan for long-term care.
I found transition into retirement easier than I had anticipated. Enjoy yourself :)
Yea, that'll work. Let's cause inflation to surge for a year or so then when the fed force feeds it to fall back to a lower level but still above the target rate, after prices are already high on everything, let's all pretend it didn't happen and claim we fixed something even though we broke it to begin with. Cool. So now we're decelerating off a cliff.
The number of people collecting unemployment or the actual workforce? I'm not sure how the number of people eligible for unemployment which runs out, is an accurate measure of anything useful. But keep spreading those lies, if it makes you feel better. Lord knows we all need something to make us feel better with this administration whether it's true or not, who cares.
Spending does not equal debt. Tax revenues are booming and this offsets net debt impact. Also, inflation is <3% and dropping and unemployment has been lower than any period under Trump. But I guess bobo doesn’t get credit for any of that? Things aren’t as gloomy as they are being depicted here, and people shouldn’t be terrified to retire if they’ve built up a nice nest egg.
So the 3 Trillion inflation reduction act that did the opposite and increased inflation and the Infrastructure spending act that had almost no infrastructure spending and was all giveaways and handouts don't exist now?
Short memories in the freebee/other people's money camp.
@5lgd, What you really meant to say was “My condolences to those of you cannot afford to choose the annuity”.
Realistically you guys are way overestimating what you “need” to retire happy. Yes anyone can live very well worry free with 5-10 million in assets, but if you have no debts and own your house you will not have to replace your entire current salary in retirement. Combine 1 million in savings with SS and Medicare you will be better off than 80% of retirees. Your main worry with more modest means is the expense of late life care.
Wasting all your money on “new cars, vacations at the Ritz Carlton and Whole Foods”. … yes, but I enjoys those this so it is worth it!.
As too the orange baboon vs sleepy joe, there is not question the Donald spent up the deficit more than any of his predecessors…wasting much more of our resources on “solutions” with no probability of returns to the public coffers. There is no question what do ever!
HR would love you to think you should stay in your role and keep working hard. You certainly need $6MM to retire. Be grateful and afraid.
$160k doesn’t go far these days what with taxes and inflation and whatnot. That is like living on a PSG22 salary or something.
Got about $4 MM saved. Simple mathis I can live on about $160 K per year. When I do the math that is more than I take home after taxes and my (very high) savings today.
What I have found is you have to fight against lifestyle inflation. Plenty of people have high salaries but then fritter it away on new cars, vacations at the Ritz Carlton and Whole Foods.
I learned my lesson during the Great Recession that you never want to be cash poor and have been forever saving for a rainy day.
Euell know where the time is right to
Go!
No @4amd, it wasn't any imaginary orange baboon that ruined this economy. It was Bobo, the senile puppet who did that. You had to be joking or stirring the pot when you posted your comment, because if you are serious, you are a big part of the problem in this country— people who don’t think for themselves.
My answer to your question: when is it the right time.
When you cannot take the BS any longer when you hate getting up in the morning due to the latest new fantasy of a way to make the company work.
Just sharing the way that took me out of the chevron door.
I didn't have the vast wealth that some claim, but enough to live on and be happy to be out from the chevron BS.
I have condo-lenses to look out over the beach from my balcony!
My condolenses to those who chose the annuity.
@5lun I think having 90k in auto loans is an issue.
@4axm, Your presumption on the number of Chevron retirees who have taken the pension annuity shows your narrow mindedness. I know more than few who did, all of them were longterm employees like me. I’m retiring in May next year and will be taking the annuity.
Gosh darn. I am 40 married two kids with $350k left on the mortgage $90k on car loans and $600k in 401. I thought I was doing good. If you all are for actually telling the truth I fell like I have done very poorly so far.
I am shocked at what you have been able to saved truely shocked
If a retiree wants to spend $3-5 million on a house, I sure hope it is in a low prop tax state, like California. Otherwise, the annual prop tax will eat you alive. In Houston a $3MM house could run you $75K/year in taxes alone. Don't even think about insurance. AC!
Be careful with your posts. Remember, according to one troll on here there's only one person in the entire world who ever worked at Chevron who took a monthly annuity and that one person makes all the posts on here in favor of it. No one else, according to the troll. It's all done by just one demonic person living in his head.
All of you who are saying you need more than a million Dollars to retire well are so wrong. Are you in fact really retired and know this or are you merely parroting unfounded BS you hear on the radio and YouTube? I retired after 27 years of service at 58 years of age. I had some 5 years earlier paid off my mortgage, two paid off late model vehicles, about $150K saved in the bank and had no debts. When I left the company my 401k balance was $535,000. I took my pension as the lifetime J&S annuity at $2,355/month. My spouse and I took our SS at 62 and we total about $3,000/month after Part B is taken out. We don’t live extravagantly, but we are very comfortable and travel overseas each year. We certainly don’t live month to month like I’m sure most of you BS’ers do. Check the sh!t you’re reading and believing. It does take a million to retire, but less.
At 60, $1.5-2mm should safely kick off $75-100m/yr. Factor in SS beginning a few years later, you should be able to generate at least $100m/yr. If that’s more than your expected annual expenses, you’ll be fine.
Lets talk other numbers, if your approaching 60 with between 1.5 and 2 million, paid off house, is that enough to retire? Not talking about to a lavish life style, but enough to be comfortable.
An orange baboon ruined the economy with $3T handout. This is why everything is so expensive.
It’s astonishing how people in this country are able to talk about the millions they have in retirement and savings. No wonder so many other countries loathe us.
@3jpf believes the sky is falling, the sky is falling, lord please help us! Sitting in a BarcaLounger shouting at the TV doesn’t accomplish anything. The US economy is fine and doing far better than nearly all developed countries.
Planning is pointless if we continue down the current administration’s economic path of taxation, redistribution, reparations, selective debt forgiveness (redistribution), high inflation and corruption. Just look at Venezuela.