I would really like to know the number of those who, contrary to their original plan, decided to retire earlier because they can no longer bear EM. I would also like to be able to do that, but I am discouraged by the disadvantages of early retirement.
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Even after you retire you still get to taste the stupidity, incompetence and laziness that have come to define EM today. I retired on June 1st and after three payroll cycles I still haven’t received the pay-in-lieu for vacation I as entitled to in 2022. I called payroll - you have to figure out that you have to use the option for ACTIVE employees! - only to find out that payroll, which hours end at 2PM CST, is already closed Friday at 11:30 AM! They either are too exhausted and had to take a day off (on a payday!) or Woody has already fired them all to pad his underpaid salary.
Exiting this company is like getting out of a zone affected by bubonic plague, no lesser description will do.
Retired on May 31, 2022 at 58 yo, 2 years earlier than original plan, but I am appreciative of EM's agile training. I am nimble, flexible, agile, able to pivot and I embrace change.
Retirement was one of the best decisions EVER.
The company has changed so much and not for the better.
The lies to employees and shareholders, the bs politics, cr---y raises, toxic culture and unethical environment were not worth my health and happiness.
It is very sad to see what was once a great company become an embarrassment, not only in the industry and the changing world, but as a shady, slimy, dishonest company.
I am hopeful that it will get back to a company people want to be loyal to and work for.
However, this has to be given to the employees too.
I retired at 55&9 months. Always planned to stay till 60. Took a few months off and then was offered a job elsewhere. So much happier and feel appreciated! So glad I went BEFORE the interest rate began climbing. Rolled pension to IRA and taking quarterly dividend check also. One rental property as well. Diversify and go!
Something that not everyone understands about retiring early. You don't have to take your pension when you retire. If you have another source of funds, or can get another job, you can wait until 60 and your monthly pension will be the same as if you had retired at 60 with the same pay and years of service. That's what I did, and some of my colleagues acted like they were surprised that it was possible to do that. You can ask for your pension at any time, it doesn't have to be the day you leave.
Completely agree with @1eiv+1hFNITtk
I couldn’t take the toxic environment anymore.
I resigned at age 50 with 15 years. I just couldn't bring myself to go over any more fake performance reviews and being told meaningless feedback by uncaring supervisor incapable of understanding or articulating my skills and value. Got a new job, the difference in culture is astonishing, it is so refreshing to feel that experience is an asset and not a liability, not to mention feeling enthusiastic every morning and having a supervisor that is a genuine gentleman.
I know quite a few people who retired earlier than they had planned because of the overall vibe of the company. Some have had to get another job, but NONE regret their decision. I recently went to a retirement luncheon and saw quite a few of these folks. Every single one of them looked younger, happier, and healthier. I am planning to retire soon (the minute I hit 55 and have 25 years), and I’ll take a break but eventually get another job. I cannot see myself going through another asinine performance review where out of 364 days, I’ve been told I have done a fantastic job and suddenly, on day 365, I’m told just the opposite.
If you are eligible and can make it work, I would do it. Every person who has left has said they didn’t know how oppressive the company really was until they got out.
It’s like a toxic relationship. It may be hard to leave, and you are fooled into thinking you should stay, but once you leave and remove yourself from situation, you begin to see clearly again. You will probably wish you had left sooner.
I left Q12022 at 52. Not the smartest move some would say since I was NRE and could have stuck around until 55 to get a much bigger lump sum and subsidized medical insurance as a retiree. I was just done with Exxon. I have a good idea what the family budget needs to be and so I did FIRE at 52. Everybody's numbers and circumstances are different of course. Your situation might be similar or better than mine when I left. Put your numbers on Excel and see if it will work.
We paid off the house prior to leaving and have no auto payments. For medical we ended up on ACA and with subsidy the premium was similar to EM insurance (have to buy dental separately which sucks). For income I'm just taking the quarterly XOM dividend from VOYA 401K (have to pay income tax but no 10% penalty). I bought more EM stock when the yield was over 8%. We all know that EM executives will pay that dividend no matter what happens (e.g. PIP people, cut 401K match, no raises, cut COLA...etc) I also have a couple of rentals that provide good cash flow and also dividends coming from our aftertax account. It has only been three months, but so far so good. Good luck to you.
only regret is ever giving a (F) about ExxonMobil because they sure don't give a (F) about anyone.
I know many people that left.
Some say they should have left sooner.
None say they should have stayed longer.
The only downside of leaving is missed salary. Take lump sum at today's rates and go work somewhere else.
I had planned to go at 60. I left 2Q22 at age 57 due more to the rising interest rates than anything else. I have never been happier.
I retired March 1 at age 59.5. I would have liked to have made it to 62, but was weary of the whole mess. No regrets.