I got ESP'd half way through 2016. I'm thinking of pulling my lump sum out and investing in some rental property with it. Has anyone pulled their lump sum out? I'm no where close to retirement, I'd just rather get that money working on investments for the next 20 years as opposed to sitting in Chevron's pension account. Anyone know the penalty's associated with doing so?
54 replies (most recent on top)
-odem , yes exactly. After having a cushy job at Chevron for all these years and being a miser parasitic leech on society and never giving to charities it's time for me to continue being a liberal democrat, not giving to charities, and rape the tax-payers at every opportunity!!! Also I like to hypocritically call conservatives not compassionate when they want to pay lower taxes as I pay none at all - LOL!!!
Hey, I'm a retired person now. I'm too old to hold a good paying job like the one I had at Chevron. My charitable days are over and it is now time for me to save my money and to take advantage of any healthcare subsidies the government is currently providing. What's wrong with that?
It's not fair that just because he is a democrat and believes that others should pay his way and that he should be able to skirt IRS requirements and still receive entitlements paid for by others that you call him a loser mooch. He has determined on his own, by his personal liberal standards that he has paid his dues and can enjoy tax-payer funded public services and subsidized (almost free for him) healthcare without contributing to society anymore. And if you disagree then you are obviously a racist and a bigoted Trumpster.
Info: You are a loser who thinks 15 years of paying your fair share is all you need do. Try 60 years or more you loser mooch.
@KRlE12S-ojfo , No offense, but I have some news for you, my friend. The only reason healthcare is cheap for you is because someone else is footing the bill, and everyone else's premiums have gone up. Nothing is free and the providers haven't decreased their costs, just passed them on to someone else. In fact many costs have increased much aster than otherwise and administrative costs from the ACA have been added, not required otherwise. For everyone like you cheering about low costs there are many more who pay even more. That is the innate problem and tragic flaw in the system, why it is unsustainable and why it needs to be fixed. Sure, there are a few good attributes, but too many poor and destructive ones. And no, Obama didn't do anything great by replacing what was there and giving a place to build from. He made conditions worse on an average and it's likely the entire program will be scrapped. A full repeal and replacement would not be on the books if he had done it right and with bipartisan approval.
I don't give nothing to charities as I know they are most all a scam and most for the manager to get rich and drive fancy cars, which I have seen. I also happen to be a democrat, if that makes a difference I don care. I work a few cash businesses on the side and don't declare them either. I feel I have paid my dues in life. I have been paying taxes for 15 years that should be enough for my fair share. let the rich republicans pay more they need to pay ther fair share that they never do. and I voted obama and would again, I'm sure he would win. Obamacare is the best thing that ever happened to my healthcare. its about time he forced those cost to come down to realistic levels. the first time in my life the price is decent and affordable.
I give to a couple of charities and the private high school that I attended, they use much of their donations to help students who cannot afford tuition but excel in academics, which is the focus of the relatively exclusive school. That school also flunks a lot of kids who do not make the grades, but that's life. I do not give much as I am frugal and on a budget, but enjoy the company donation match while I can.
@ndch , uhh, sorry, NO. An anonymous post by a random miscellaneous conservative poster has no bearing on the question asked below. Try again.
-nvcl: Exact same question asked and answered below. Move on.
-nvcl, I'm not sure where that anonymous poster is these days. Maybe he/she has been here all along. I can tell you that I personally do not contribute to charities of any kind. Does that make me a liberal douchebag? I voted for Trump in this last election and I never subscribed to liberalism in my life. Mind you though, I'm not saying there aren't some fine Democrats serving in Congress. Overall, I believe in self reliance and responsibility. Charity breeds dependency in most people. I believe that, so I choose not to perpetuate dependency. If you believe otherwise, then you give. Don't criticize me because my logic contradicts yours.
fofv , WOW!! what a pervasive argument and witty comeback!!
While the most of you on this thread argue about right and left, conservative and liberal, Republican and Democrat, I live my life not talking about politics or participating in surveys. You'll find you will have less friction with friends and associates, and not waste your time in useless arguments. Live your life your own way and vote your conscience when it comes time to vote. If everyone practiced this method, the politicians would do more of their job and less time politicking and campaigning.
-folk: Rather the pot calling the kettle black!
Me, I use the terms "conservative" or "republican" in reference to the "rational right", the ones that still believe in real facts and aim for workable solutions to problems ... what some on the far right have taken to referring to now as "main stream" republicans (in disparaging tone) . I disagree on many of the issues and agendas of the current republican platform (e.g., a love of trickle down economics and the wish to control women's bodies), but I understand their arguments and respect them as sincere (some times I even agree with them). Alt-right I use for a new bred-"republican" who seems to me to make up their own facts, employ logic that alludes me (on much of anything), and they seem to be against much more than they are for anything in particular. Alt-republicans are most easily identified as those that question the "purity" of "main stream" Republicans . I am not going to argue any superior morality of liberals relative to conservatives, just that few liberals would come forth with those types of "I got mine you get yours" sentiments in public, whereas such statements are not uncommon from those aligned with the tea party / alt-right. Thus I suggest my inference as to the miserly poster's political orientation is reasonable. Given I see Trump as King of the alt-right it will be "interesting" (in a painful sort of way) to see how he holds this coalition together when he as to actually lead (one thing to twitt snide comments and another completely to define workable solutions to real problems).
@fqxm , so your answer to life, like many democrats is that anyone whom you disagree with politically, is your enemy and should be accused of hideous behavior, much like what cost you an election recently! Also, spare the readers the use of the latest political buzz-words and clichés. The terms "conservative" or "republican" are quite acceptable and more appropriate. You're not impressing anyone here.
-fjrh: As a liberal, I was certain the poster to which you refer was alt-right tea party type ... but just does go to show one tends to see what they are looking for!
Whatever happened to the liberal dillweed who claimed that he is just so smart and self-righteous that he just has a higher calling to just keep all the money for himself, and give nothing for the poor, needy and homeless. Because, of course, he deserves it more than anyone else in the world. Did the censors boot him? Too bad. He was quite the entertaining worthless liberal hypocrite tool.
For your information, Charitable Organizations only are "charitable" after they cover administrative expenses and overhead. I've seen far too many of these so-called organizations amass great wealth in the form of expensive real estate, lavish offices for their directors, beautiful large homes for their directors, expensive vacations for their directors... and more examples like this. Once all this overhead is covered by the donations the organization takes in, only then will the rest of the money go to the "cause" they claim to represent.
@aclw Sounds Awesome, I will look into some of them. Merry Christmas!
@adxq - You seriously think that all of the tens of thousands of charities out there are corrupt? OK here are some that aren't: http://www.corazon.org/en/. I know about it from Chevron retiree whom I knew personally who continues to be extensively involved with it. Others are Bay Area Crisis Nursery and TriValley Animal Rescue. My wife knows personally people who are involved in those. I could name others and I'm sure people reading this can name their own.
Santa Claus is coming to town. Better be nice! Ho, Ho, Ho. Merry Christmas!!
@8qui "there are many that are run on a shoestring by volunteers who do really good work." Name one. And either way, why would it matter to you when you don't give anyway? Don't answer that question, It's rhetorical. The truth is already known, poser.
You should use your own cash or severance to do that in Vegas and instead roll over the pension lump sum to a qualified IRA to avoid the penalty.
I've decided to take my pension as a lump sum payment. I'm going to cash out and take the hit on the 10% penalty and taxes. I was an employee at Chevron for 8 years before getting laid off, so my pension amount is only a fraction of my total 401 and IRA balances. I'm a young single man and going to fulfill a long time fantasy and clear my head before looking for a new job. I'm going to blow my entire pension in Las Vegas hiring 5 beautiful strippers and holding up in a presidential suite for 5 long days and nights, banging their and my brains out in hard s-x. My dream is to simultaneous make love to five bisexual women in their 20s, a blonde, redhead, brunette, an Asian and a Latina. All with huge firm breasts and nipples like knobs on a handheld radio. I'll see if I can wear them out before they kill me if shear exhaustion.
I don't agree with you, @8xoz, but I admit you made me laugh
Charity Begins At Home. For me, it begins and stays at home. My money is mine only.
My philosophy is that charity creates dependence in most people, just like a vice. The government knows and uses this little tactic all the time. Hook enough people with subsidies and handouts and they will keep coming back for more. I will not contribute to dependence. Earn your way like I did. There's a Chinese Proverb that sums it up well... “You give a poor man a fish and you feed him for a day. You teach him to fish and you give him an occupation that will feed him for a lifetime.”
A bit sad to see all the Chevron employees/retirees who don't want to donate to charity, since Chevron matches one-to-one for all donations up to $10,000 for employees and $3000 for retirees per year. And they will match to almost every charity you can name. That, along with tax deduction, means for example that you get around 3 for 1 from your donation, i.e. if you donate $150 and are in 33% tax bracket, it will cost you $100 to give $300 to the charity of your choice.
To the people who don't donate because they think the money goes to high salaries rather than the needy, I think you are either rationalizing your selfishness or you have no experience and don't know anyone who is involved in charities. Sure there are some who are that way, but there are many that are run on a shoestring by volunteers who do really good work. I have no problem with your being selfish, just don't try to denigrate people who aren't as selfish as you just to make yourself feel better about it.
And I thought that the Chevron hands would have made a decent living after 40 years. Not worth it to me. I would have found a different vocation.
There's a little something called a Last Will and Testament. No need to take everything with me to the next world, 8mnt. I have my heirs to inherit what I leave behind. In the present, while I roam the earth, I will keep it all for myself to enjoy with my friends and family. No charities for me.
-8wwz: no worry. We will put it all in your coffin with you.
@8hgo, I don't need a prize from you or anyone. I build my prize with my own hands and effort over 40 years of dedicated hard work, sacrifice and wise investing. My prize is my own independence. Thank you.
-8zpy. So what? What do you want a prize? Do whatever you want. It is a free country...for now at least. After Trump is done, god knows.... we may be all indentured servents.
I earned $123,452.32 so far this year. After taking out Taxes, FICA, HOA assessment, Insurance, Car Registration, and other pesky fees, my net amount is much less. Sorry, but I'm a working stiff and as such, get stiffed. My view of charitable giving is that I have already given and need not give any more.
8osv , I don't give to (many)charities because I want to keep the money that I worked hard for, and I feel that I deserve it more than someone who didn't and I don't have much of it, in my opinion. I do not need an excuse and do not mind being called greedy or selfish by wanting to keep what I have rightfully earned. Call away. I also do not think that much of the money and donations are used wisely nor go exclusively to actual needy families or people, but that's another topic. Again - Being described as greedy and selfish with the money that I worked my A$$ off for suits me just fine, I do not need nor want an excuse to use it primarily for my own purposes.
Personally, I have no problem with people doing with their time and money whatever they please. If it has value to you and uplifts you, great. Everything in moderation is okay. I have a charitable nature, but I prefer to not give my time or money to organized charities of any kind. It's my choice to extend my helping hand, time and money very selectively and to be as anonymous as possible. Giving money to charities is something I refuse to do. To me, it's a waste of money. It pays the high salaries and expenses of those who run the charities and then the balance go to places I may not morally support. I refuse to participate in that kind of venture. Everyone should should consider wisely how they donate to causes.
@7cbz , Yes, I am indeed doing it for myself. And of course the families who cannot afford Christmas presents, watching the children smile, that's a bonus. But I will be the first one to admit that it is very selfish and it is a selfish indulgence that I can afford. Giving is and has always been an extremely selfish act for many, particularly for those who can afford to give and not even notice it, or perhaps benefit from tax deductions. They can then pretentiously hold their head high and mighty. A truly selfless person would give his last dollar or scrap of food. Selfish and subversive are those who reallocate other peoples tax dollars for political gain, as they ride in fancy cars, take high class travel on the public dollar and live lavishly while hypocritically claiming to be compassionate and for the less fortunate. A prime example is the liberal democrat party of today which has evolved into the selfish exploitative beast that it is - only to get votes. I do not believe that it was like that originally, I believe that the party was more truly compassionate at one time. It's a shame but is what has got them into the dysfunctional mess that they are in.
@7arp, sounds like you're doing that more for yourself than for the 12 families. Keep it up if it makes you feel good, but don't try to save the world, as that's a futile endeavor.
@7nyw, No, I am at home sweetheart, and just taking a break from wrapping Christmas presents for 12 needy families in our area that would get none otherwise. I am sorry that you feel so discontent with your life situation that you feel the need to get on here and spout vile and hateful remarks. Are you one of those still upset about the election? As for a job, I have many, I am far from idle, just not the kind that pay in the usual way, but they do pay for me and others in ways much more important than money, which I don't need. I am sorry that your income and savings are so small compared to the typical CVX retiree and you have to live either lying about being happy or spouting and spreading hatred during the holidays. Hang in there, things will turn around.
Merry Christmas and God Bless.
@7rad, damn right I'm concerned about my financial well being, and everyone else is too. We all know that money alone doesn't bring happiness, but just try retiring without enough of it. I'm sure you'll learn the meaning of unhappiness. The topic was about the pension. I only stated the reason why I chose the annuity, and then you jump in with your crap, which I don't believe for a second. Go get yourself a job, as I'm sure you need the money.