It's like the playground of junior high school. You people are an f'ing embarrassment.
27 replies (most recent on top)
I agree with you @1sfj. I'm a retiree that took the annuity after 27 years. I know the annuity calculation formula and how much my pay was. I can tell everyone that $9,000 is way too high. The guy who claimed that figure with $2.5MM in retirement savings is bogus.
The $9k number guy was bogus until he replies and defends himself. The average pension annuity is around $3000 to $7000. I know that's a big range and Supervisors/bosses can get even higher than that but let's not go there on this thread. The fact that he just tossed a number out there and ran off tells it all.
The mafia is rampant in SJV. Check the Mojave Desert for the bodies.
@1qwt, the previous poster is correct. You may not be framing your question correctly. If you have a combined $2.5 million between your lump sum pension payout and your 401k balance, yes it's possible to convert that full amount into a lifetime annuity paying $9,000. However, it's possible to convert a portion of that total amount to an annuity and hold back $1 million in your 401k or IRA. But I'm not convinced that $1.5MM will generate a $9,000 amount. Are you sure you received an actual calculation? In any case, congratulations on amassing $2.5 million in retirement pension and savings. That's a very large nest egg.
-1qwt, That's not the usual offering the way you described it. I will not get into the subtle details, but the way you phrased it suggests that you are just making that up.
you posted:
"Thoughts, $2.5 Million total between lump sum and 401K rolled into an IRA or $9K a month annuity plus $1MM in the lump sum?"
Hey- @GAigVtt-1mva, you seem to be very proud of yourself, and that's what counts isn't it? Just don't start making love to yourself on this site, we might start to fear for your mental well-being.
Oddly enough, the lump sum payout is still the most popular option, as it has been in the past. I think someone looked it up and determined that recently the percentage of people taking lump sum payouts is roughly 60% throughout all types of industry . That is down at bit from past years. Most employees couldn't believe that so many people take the annuity. There is an old thread discussing that at length on this site. I think it's called "Lump sum vs annuity".
It doesn't really matter what the exact figures are, it has been research by CVX employees recently and that annuity - in your case- $9k is actuarially equivalent to the lump sum that you are being offered. In fact it's better than what you could get today anywhere else outside of the company. I would take the annuity simply because you get to invest the 401k in any thing you want at any risk level, preferably after a rollover into a Rollover IRA for more flexibility. At the same time, you have the security of the annuity to live on. I can't imagine $9k is not enough to live on and vacation, etc. Normal living expenses typically go down in retirement years. Health care is the only thing that goes up. But even with those high H.I. costs your monthly living expenses will generally be less.
If you are being offered $9k per month for life for $1.5MM, it is a good offer as long as inflation doesn't ever take off.
Thoughts, $2.5 Million total between lump sum and 401K rolled into an IRA or $9K a month annuity plus $1MM in the lump sum? What do you think?
@1rre, my luck (if you want to call it that) has held out just fine. I'm retired and don't need to depend on anyone. From here on out, my investments are kept low risk and allocated only to stay ahead of inflation by 2-3%. Waiting to collect Social Security and using it for travel.
@GAigVtt-1smr, I am a studied and avid investor, and I believe your story. Up to the point where you say that it is all talent and there was absolutely no luck involved. I am way too old and experienced for that line. Some of us know better.
I wish the best to you as well. And let's just say - I hope your luck holds out - for your sake!
@GAigVtt-1val - Hahahahaha "Self-made man" Haven't heard that one in a while. And I definitely haven't heard anyone call Himself that. You don't actually get to call yourself that. That is only said of someone else. It has to be earned. You can't claim it of yourself. That doesn't count and probably means it's false. How about "You didn't build that". Self-made. What's that even mean? That's just too funny. Yea, like I MADE myself.
@GAigVtt-1zwc, "Self-made man", what's that, a gay thing? You made yourself? I didn't know God posted here. I think that you may be on the wrong forum. This is not the retiree's forum, in any event, it's the Layoff's forum. Employee's don't come here for your retirement advice, true, false or otherwise. And if you had any, we certainly wouldn't believe it if you're the same one who thinks that he's an investment genius who can time the market - You sure wasted your time and money in whatever school you claim to have gone to. ROTFLMAO boy!
Spoken like the loser we all know you are.
High five, dead wood shredder!
@1utt, you've just proven to me that you are nowhere prepared for retirement. You don't have a clue and never will. You are convinced as well that you will not be able to retire with confidence. Still, I wish you the best. I only related my case for those who were interested to read it. I don't need to prove myself to anyone. I'm a self-made man. I took my fathers advise, I learned from others and did well in school.
@GAigVtt-1smr, Thank you so much for your very creative self-made investment billionaire genius tall-tale. You even threw in some contrived credentials to make it more realistic. We will etch your name in stone right below Nostradamus and the rest of the self-proclaimed imaginary ultra-accurate market-timers.
Also, Welcome to the butthurt deadwood losers forum! You'll fit right in!
@1bzf, I figured it had to be something like that... either you were using iPhone suggested words to form your comment or your brain was fried by meth. Very creative on your part, but not an appropriate application for posting here. Why don't you make good use of your time to chime-in on the conversation? Your thought creativity may be appreciated.
Death by my house is so much better if it wasn't for the next day and I'm still not sure how much I love the new version. I'm not going anywhere near the border between the government of national intelligence. The fact is that the company said the two sides have been in my head hurts so bad but the only thing is I can't believe that this is real. (FYI, I typed this using the "suggestions" on my iPhone and it is more coherent than most of the posts on this site. Junior school yard fights begin!)
lxv, you have a point for the most part, but I know (because I'm one) that did sell my CVX stock in June 2014 at $130. Don't think we were lucky either. I pay sharp attention to stock trends and the markets in general. So do many Chevron employees who are very interested in finance and investing. I for one have a Finance and Economics degree and worked in that industry for several years before joining Chevron for the last 25 years. I would not be so fast to call everyone who claimed to have sold their Chevron stock at or near the high a fake. I did and since then I have bought and sold at least 3 more times where I gained a 10 to 18% profit in a short time of holding the stock. It's more of a talent or good sense for investing than luck. Luck is for those who go to the casinos (a place I avoid all together).
-sqq - Exactly, And they generally pick the 52 month high, and all-time high, as the price that they sold at, which is a complete giveaway. No one is that lucky. Well, I guess there are those who win the lottery, but you get the point. Not the typical loser trolling the layoff boards.
Don't forget the one about unloading the chevron stock before it dropped like a rock and retired without having to touch the 401k or pension. That was a popular one.
@GAigVtt-prh, That's because you are part of the problem instead of the solution. It's no surprise that someone like you would be trolling www.layoff.com. Good riddance to people like you.
Chevron has been needing to get rid of the deadwood like you for quite some time.
Don't bother pretending in a reply that you are:
1 - Fake story about you working for whoever, not CVX.
2- Fake story about how you quit or got let go and now have some amazing high-paying job or own your own company, or are a VIP @ BLAH BLAH BLAH
We have heard every fake internet comeback on this site already. Please at least be creative. humor us.
I agree with the original poster and the first two replies verify his statement.
OP, mind your own business, jackass.
At $94.85 a share as of Thursday's close, Laugh while you can, MONKEY BOY!!!!!!!!!!!