Yes, I've been around for a few years, but when I first started working for "Philliips", I worked paycheck to paycheck. I know how to live on practically nothing. I look at all of the new "kids" hired over the last several years and I don't think they understand the difference between gound beef and ribeye. So, they expected ribeye conditions when ground beef worked just fine. I don't believe the layoffs will only affect 10% and if it does, expect that much and more for 2016 (you don't want to scare all the rats on a sinking ship). I've never seen the company give reductions in pay, but they do hold back raises. The sad part about this post is very few will understand that they were overpaid when they were hired and this has contributed to the "money saving / layoffs" that will occur It's the overhead kids. If I go, I "won't" be thinking of you on the beaches of Mexico :)
19 replies (most recent on top)
Living life only for retirement is no life at all.
Mr. semi-retired, you do realize the median wage in the US per person is less than 27k right? Most of those things you listed are luxuries or are things you could at least cut back on. Insurance - a max deductible and large emergency fund is your best bet, home phone - luxury with cell phone, basic cable - luxury, electric - you could probably cut back on, groceries - you could probably cut back on, taxes - will be much lower after retirement.
And as for Anonymous154548's comment I don't eat ramen every day. Very easy to get plenty of healthy food like rice, beans, eggs, frozen vegetables and bread for cheap, I buy meat in bulk and take advantage of coupons. A little planning goes a long way.
20k a year? Good for you. but I must admit 250 a month for food sounds unlikely... I'm all for frugality but you gotta live a little while you're still young and healthy.... All the Raman you must be eating might take its toll on the ol ticker
New hire here. I live off $20k. Small apartment. Paid off car. $250 a month for all food and alcohol. I'm socking away ~70k a year towards retirement.
I have no sympathy for old farts with a lake house and boat who complain about how impossible it is to save for retirement.
No one can live off of $25k in this day and age. My health insurance for me and the spouse is $25k per year and that doesn't include any drugs that will likely be our meal of choice in the years to come. So the house and cars are paid off and the kids are out of school and on their own. Yippee, We still have homeowners insurance, auto insurance, home and auto maintenance, home phone, basic cell phone (not a smart phone), internet, basic cable, electric, gas, water bills, groceries (we don't eat out much at all), emergency fund, paying taxes, . . . . Whoever thinks that a couple can live off of $25k or more like $50k per year for that matter, needs to have a real budget wake-up call. We (me and the spouse) are a long way from the retirement age of 66 and so many months to get that better SS check - if it is even there when we arrive at eligibility age (It is supposed to be defunct by 2022 after all of the baby boomers run through). And if it is still there, it will hardly cover expenses and medicare is NOT FREE, plus a supplemental. So, do like the person says and crunch the numbers and then double it and that it probably your costs - because for everything you think of, there is something else that you have not.
If the senior staff at ConocoPhillips put as much effort into work as they do into retirement the company would be a much more successful company.
Assuming you live for 40 more years, you don't need to spend any more than $1 million, or 25k/year. Plenty for someone who can live on "practically nothing". That doesn't mean you need a million dollar 401k balance right now either. A wise 50 year old investor will have a paid off house, passive income from rental property and an IRA that principal could be withdrawn from penalty free until you're 60. And you will get a payment from the government, so I don't know why you wouldn't expect that.
To the original poster:
Good for you. Now get a life.
REQUOTE Anonymous154132 "You also just aged yourself at 25"
No, I think I aged myself 50+. You didn't get out your calculator like I asked. So, let's try this again. If I'm 50+ and have 25+ years with the company, Give me a conservative dollar amount on what I need to retire whithout drawing another paycheck. I know the number, but I think this will help the younger folks know what they need without expecting to get a payment from the government.
REQUOTE "Anonymous154112 The whole damn company has a chip on its shoulder. The senior staff are hostile to the new hires at the expense of the company as a whole. The new hires are paid a salary commensurate with qualifications and experience, qualifications and experience for the role and the industry." NOPE, they were hired at a rate on a forecast on the price of oil. The term "new hire" i refer to is "They learned it in a book or classroom" They have have no practical expiernce. I can tell from you comment that you have very few years in the company/industry. As far as the hostile enviroment, you have terrible supervisros. I love passing my knowledge on to those less experience.
154112 - good comment. I was hired 3 yrs ago from a large independent with 12+ yrs experience prior to hire. Basically a carer professional. I've worked for 3 companies and have never been as coldly welcomed as I was at COP. What is actually the problem with the staff? I've never been somewhere where 'outsiders' are unwelcome. I'm talking shit treatment, where I met with my boss and was ready to walk after 1 month. not bellyaching, just trying to figure out this company culture - FYI, I did end up leaving 6 months ago for another position, so I have no horse in this race
thosedarnkids, I'm aware of the merger occurring in 2002. You also just aged yourself at 25+ years. I've done plenty of math on my retirement and am extremely frugal with solid investment plans. I don't understand the correlation between age and savings. What are your assumptions about young people's spending habits based off of?
The whole damn company has a chip on its shoulder. The senior staff are hostile to the new hires at the expense of the company as a whole. The new hires are paid a salary commensurate with qualifications and experience, qualifications and experience for the role and the industry.
REQUOUTE FROM Anonymous154049 - "Your "post" makes no sense. If you're so old and your saving habits are so good, why haven't you retired yet?"
I didn't say I was old, unless you think starting work for Phillips makes me an "old" guy. I hope you realize that Phillips "bought" Conoco, in other words, Phillips had the majority of controlling interest in the merger. The deal was in 2002 which is only 13 years ago. If I was getting paid what some of the new folks are getting, maybe I could have retired after 15 or so years. Of course, most of the "new kids" can't understand what us 25+ years folks think about retirement. How much do you think it takes to "retire"? In other words, how much would you have to have save to never get another paid check again? Get your calculator and start calculating.
HA! But, you're right. In this industry, you pay cash or you don't buy it, you save your money, enjoy what you can with an eye towards the inevitable down-turn. I feel bad for the folks that are over-extended and haven't saved.
What year do you thing Conoco and Phillips merged? At least Google on the COPC Intranet or the Internet before asking an insensitive and arrogant question.
Oh the stupid questions of the young and penniless who currently live off of six figure salaries. Why not retire...because idiots like you cannot do the jobs that they were hired for. Because you have no actual understanding of what we do and how we do it. Because you think your degree makes you better than everybody else, and that people who do not live in Houston are peons. The answer, moron, can be answered with another question...why retire when you are still making more money? Learn to save and thank those who came before you genius!
Your "post" makes no sense. If you're so old and your saving habits are so good, why haven't you retired yet?
I'm in my early thirties and quite aware that I get paid a lot. Pretty sure I'd get paid half in another industry. I'm saving accordingly but I agree, a lot of people I've talked to have not been saving and think they are safe.