Who’s doing it and why?
Asking for a friend. 15 years of service, left for greener pastures and 50 years to date, still working…in the O&G industry and taking it day by day.
8 replies (most recent on top)
Goto/earlypension for a quick calculator tool
Thinking of leaving. Only 6 ur service so not much. What’s the formula to calculate lump sum? At my low level doesn’t seem interest rate hike is significant (based on online calculator) but would like actual equation so I can make sure I’m not using online tool wrong.
@qmc - great list. Also, even if EM turns out to be a long term viable company, there's no guarantee that pension benefits/rules wont change. Go the EM retiree FB page for complaints on retirement benefits that were diluted for retirees post-retirement such as medical
I took the lump sum, ~$300k after 13 years. I have control of the money, can invest how I want, and I have a chance of keeping up with inflation.
I took the lump sum, but I'm only 36. In my case, it made more sense because I can reinvest the money and it will grow. I transferred it into a traditional IRA so I don't have to pay tax on it until I withdraw. I don't have spawn, so I am not concerned about giving a lump of tax free money to someone. It was right around $80k when I took the distribution in January, which was my LS 7 years with XOM ending at CL25. If I took the annuity at 65, it would have been only been 3 figures per month.
Stay till 55 and get 3x what you will today
Do it, been regretting not doing it for 8 years now. Every time I move I have to update the pension Info and if you think xom is a pain when you’re an employee, ooo boy just wait till you’re not an employee
Taking the lump sum makes a lot of sense if you:
- have doubts about XOM being a viable business for the rest of your life,
- want to invest the money yourself,
- don’t want to see inflation erode the value of your pension, if payouts are years in the future, and/or
- just want to be done with XOM, period.
Lots of reasons.