Thread regarding ExxonMobil Corp. layoffs

https://www.thelayoff.com/post/@yqn+1jwM1lD7

I left before 60 because my manager gave me some initiatives to drive then went behind my back and tried to convince the dh that the initiatives she gave me were not warranted which created a lot of stress. She even sent out a letter to the group claiming a victory for saving money. Interest was low and I found it very difficult to work for her any longer. She went to another group about a month later. I’m glad I left now because had I known she was getting transferred I would have probably stayed. Just way too much drama a nd distrust working with her as my manager. I found out later that she has been called into HR in basically every manage my assignment she had. Yet she’s off causing strife in another group. Glad I left. My health and stress level are so much better. Another 2 years and they would have likely carried me out in a box. Money isn’t everything and living in a toxic environment is definitely not good for your health. Judd gong from all these posts it’s only getting worse.

I don't know why some folks are offended by the original post. I did not strike me as snarky at all. It's a legitimate question for SOME folks. Everyone has their reasons for working or retiring, but I can tell you my experience. I retired at age 58 in 2Q22. With the rise in interest rates just between 2Q and 3Q, my lump sum would have been reduced by more that $130k. I can assure you, my salary was not $130k/quarter. And rates have only increased since then. As some pointed out, I would have been PAYING the company to keep working. Made sense for me to retire. But everyone's situation is unique.

No mandatory age of 65.

I know employees older than 65 currently employed at EM.

Only legal mandatory age limit in EM is corp pilots get a desk job at 65 and no longer allowed to be active pilot.

@byg -Attention everybody ! Bullish!t alert ! EM has a mandatory retirement age of 65, for all except too executives. If this guy (@byg) has been married for 50+ years, then he would have been forced to retire years ago. He is full of cr@p.

I will keep taking their money. I do as little as possible. No stress. I work as though I work in PA wing in Clinton. I don't want to be at home with my wife. There are so many individuals that are willing to take one for the team, that I just kick back and relax. It's nice watching those who think they will be the next D-mb darren. Easy money.

I agree with non ya! Why does this interest you at all? Americans like to work so why ask? Are you lazy?

: @OP+1jwM1lD7 - it’s called “non ya”. Short for none of your business. If you are still with EM then concentrate on you. BTW - that junk post of yours has been around the circuit many times….

Using the logic of REs working for free, what do you think of all the REs in charge of the US economy 😜

A person must be 60 to receive 100% of the pension benefit, so that might be why some choose to work past 55, don't know. Not me though, I'm out of here real soon.

As an engineer with + 30 years I could have retired a decade ago. My EM job pays good, keeps me traveling worldwide and I only work every other month. I might retire someday but I need to careful consider it before I do; I don’t want to make too a quick decision. My wife ( of 50 years) says a should retire. Maybe I might maybe.

If someone chooses to stay until they later choose to leave, good on them, they deserve that opportunity and respect.

How about being kind and not casting judgment on people who you don't know?
55 is a number, nothing more. It doesn't say anything about a person's aspirations, nor does it reflect their abilities to contribute.

If we are lucky, we may live to old age to enjoy the fruits of our labor and be appreciated by someone.

Age 66 and still working here. Truth is, I have two ex-wives and really haven't saved enough for retirement. Looks like I'm in a good niche and should be able to keep going.

I just saw that mummy, who falls asleep in every meeting he’s ever been for the last 5 years, he’s gone to Guyana on a boondoggle trip.
Gary has been instrumental to all the disappointments in exploration, peddling his nonsense - yet, he seems to be the only cockroach that keeps on keeping on.
I bet he was already retirement elegible when I joined 10 years ago; I just assumed URC was the retirement in place colony.
Most of his ‘peers’ have gone to pasture but not sleepy old Gary.

How about simply mind your own f-ling business.

Some of the old people are beyond 55 but not reached 15 years of service.

Everyone has their motivations for what they do.

You seem to give blanket judgement for people you notice that appear to be older than 55. That makes you a judgemental shlt head.

I retired the first day eligible. Lump sum was going down at a rate of 2.5 times salary. I was paying them to work so I bounced. Good luck to those of you who stayed waiting for interest rates to drop.

I'm retiring at the end of the year with 15 years and age 59. I will take the lump sum no matter what the rates are and start enjoying the rest of my life. As THEY say, money ain't everything.

Sadly most of those you see that are RE (sometimes well past) are terrible with managing money and /or have made bad life choices and simply cannot afford to go.
I know several in this position..

I understand why some people want to keep working. But why not retire from this toxic, culture, cash in on the pension and get another job. Surely with experience and a good skill set, one could gainfully find employment. There is life after ExxonMobil.

Other than management types who have no skills of value to someone hiring. That’s why they stick around and contribute to the toxic culture. They’re on the hamster wheel with no exit ramp.

If you’re retirement eligible and are waiting for interest rates to go down you will be waiting until you’re dead.

“ prestige of working for XOM “

I laughed out loud when I read that!

RE have already missed the exit point for lump sum, and probably now need to stick around until interest rates come down. Now, being forced to retire will essentially make their last years of employment free.

Many of the senior technical MPT and production people really enjoy what they do. I'm in very good health and can't imagine having little to do all week, I may as well keep doing what I know. The work and respect for employees is good on the expat circuit. I can understand OP attitude for management types who spent their time playing politics and losing or people who work at EMHC. That place is darn depressing.

Most financial planners will tell you that if you keep working you will have incrementally more money in your retirement portfolio. Where else can you get the same matching return that is offered in your 401K plan?

The key question to ask yourself is "How much money do I need in retirement?"

I can guess possible reasons.

1. 55+, but don't have 15 years to be RE.
2. Need company paid healthcare for family. (COBRA covers only for 18 months.)
3. Didn't know there is a lump sum option for NRE b/c it's not well communicated.
4. Not financially able to retire. (i.e. Divorce, bad investments wrecked plan)
5. Haven't done the math.
6. Company gave them a nice package to keep hanging around.
7. Financially conservative.
8. Waited too long and now kicking themselves.
9. Actually love working for the company. Or the prestige of working for XOM.
10. Simply love working...doing what they do best. Can't imagine not working.

On whether to retire or not retire, its best to not get entangle in the emotions. Evaluate the best option from a financial and health perspective. Talk to a financial planner and EY (free to XOM employees). Do the math. Have a solid plan in place before you pull the trigger.

Agree it makes zero sense. All my friends in their 40’s are in the 55 and out plan. Tell me why I am wrong? Keep seeing coworkers retire and drop dead almost immediately. Retire at 55 and enjoy a few years before you die.