Thread regarding Chevron Corp. layoffs

6yji, I don't visit here often, but boy, as one poster below just mentioned, this site , which I assume is primarily Chevron personnel, sure has a a lot of immature, "low intelligence" people. Someone posting unintelligible gibberish such as "You must of been on here longer" is a tell-tale sign of illiteracy. Please go to school and pass at least the 5th grade before applying again. Thanks!

@agbr, the reason stems from a lack of hiring the very best people, lack of accountability on the part of management to correct deficiencies and prompt firing of unproductive employees. There is also a destructive ‘friends and family’ network and an HR system that cares more about Affirmative Action quotas than hiring on the basis of education and real talent.

Chevron seem to have a high percentage of immature people. What exactly is the reason for this? Low intelligence?

@6pig, I visit here once in a while and boy, do I see you posting here all the time. The repeated words and phrases is a dead giveaway. You must of been on here longer than anyone and with nothing positive or worthwhile to say. You’re the pathetic one. What a loser.

5lnv, No, I enjoy playing with pathetic little depraved girls like you. No sorrow or disappointment at all. Interesting choice of words and concepts for an obvious bitter and disgruntled loser trolling on a lay-offs site. Says a lot about you. Not a word was mentioned or brought up about any of that until you did, with the help of your therapist, obviously. Keep it up though, it's entertaining. I'll get some popcorn. ROTFLMAO!

-5jgf, I was right. You are harboring too much sorrow, bitterness and disappointment. Go seek yourself some professional help, son. If not, it will consume you alive. My advise is to start your path to recovery by getting off this site.

4coz, You obviously don't understand the post or basic investing, little girl. Come back when you grow up. LOL!

What gave you been reaping -4bfk? Sorrow, bitterness, disappointment? Change that crappy attitude, son.

If you turds spent as much time with your work as you do whining on here you might still be employed instead of being a washed nobody who's been left behind.

2fiq, "reaped gains" lol! That's probably because you are only invested in S&P 500 index funds or ETFS and the like. Others did much better. You don't even want to know what others did if you think 15 & 20% for the last 2 years is something to brag about online. That's what the old geezers with retirement level asset allocations did. Just the facts.

@RLQlxM4-4ilw, what comment in God's name are you referring to, simpleton? Please put the bottle away, dude, you need a break from the intoxication and hallucinations. LMAO!!!

That bitter old barren lady who runs around telling people to limit their comments to layoff topics probably spends her spare time calling the local homeowner's association to report neighbors who left their garage door open or have a weed growing on their sidewalk.

-3zoo, All advice is nothing but opinion. Why not ask others from Chevron on this site what they did or what they think of something? We all have something in common, we all worked for the same company and went through the same process. Just because someone is laid off, it means they are worthless. I value and respect all input. I will ultimately do what’s in my own interest. And here you are spewing your crap. You add no value, so get lost, you worthless moron.

You're asking these clowns on here for financial advice? If I was your advisor I would see an opportunity to fleece you and take you to the cleaners.

@2fdy, Yet in the last decade you would have averaged an 8% return in the US broad market. Sure there have been setbacks and that possibility will continue. But in any one year, you see less than 5% returns, even negative return, that is the year you tighten your belt and eat spaghetti only twice a day. If you surrender to making 5% in your investments, you will not outlive your savings.

Over the last 30 years you would have earned less than 5% in the overall market 8 different years or nearly one third of the time.

@2ctn, 5% guaranteed beats the current inflation rate, so it’s not too bad. But, I’ve reaped gains of 15 and 20% invested the S&P 500 each year for the last 2 years. Of course, past performance is no guarantee of future gains, but come on... you should be able to exceed 5% a year practically all the time.

A guaranteed 5% increase in a particular year is pretty hard to do in the market. You may get a lot more than 5% in the stock market or you might lose money.

@2qrf, I don’t mean to ridicule, but it’s “NUA”, not UNA. Also, if you’re waiting to NUA your way out of your 401k, that leaves me with the thought you’re 100% in CVX stock. Whether or not is the case and you are only partially invested in CVX, allow me tell you the net tax savings that Net Unrealized Appreciation will provide you won’t be as big a deal as most think. Chevron touts the NUA as a benefit only to keep its employees invested in its stock. If you would have moved the money in your company stock back and forth into and out of other funds, including reinvestment in CVX, rather than just hold it all your career, your 401k balance would now be larger and the NUA net savings on taxes would be much smaller in comparison. In any case, good luck in your retirement. You have done very well, better than most Americans. You can thank Chevron and your hard work.

-1sfx I am the 60 year old agreeing that $90k is not an unexpected year cost of living with kids in college, a house mortgage, health insurance, healthcare expenses, and everyday living expenses like I have. I just have not chosen to pay my mortgage off with savings because I think I am better off keeping it invested earning more than the mortgage interest paid. I also was not complaining that I could not make ends meet. My 1 year salary of severance pay has paid the expenses for nearly 2 years and now earnings on my savings and lump sum can take over quite nicely. I still have my 401k at Fidelity waiting for the right time to UNA it out. Good luck OP,

@1ypw, the Bay area of San Francisco is beautiful, but expensive. If you are able to consider selling your property and moving to a State with lower overall taxes, including no sales tax on food & medicine (like Texas or Florida), your Dollars in retirement will stretch a country mile. I know that quality of life is important to us all, but some sacrifices and practical living has its upside. I love south Texas and find many positives in Houston.

Good topic.....absent a mortgage in the San Francisco Bay Area, how much would it take for a CVX retiree to live comfortably (not lavishly) in Bay Area---- I'm going to estimate $120K to $140K. Large variables include helping kids with down payment or college tuitions. Still have $$$ for some leisure travel. Lower cost states make sense but some of us are native Californians and are going to put up (for now) with the high cost of living, traffic, screwy politics and state income taxes.

-1xxn, I'm sure you meant $35k and $90k and I totally agree. Houston is not a bad area at all, all things considered. Wanna really get sick, go over to the reddit financial independence threads where the high-paid millennial software engineers and coders congregate. They pay as much for their homes on the west coast as many of us save up all of our lives for retirement. Not my cup of tea, but interesting to look at and read about!

I agree that most retirees with their own home and no debt can get by quite nicely with a budget in the neighborhood of $35 in average and low COL areas. Houston would be one. However, the comment about needing $90k being too high or off the mark for Houston is 100% incorrect.

Everyone's budget, lifestyle and needs are different.

Everyone's savings, assets and SWR are unique.

Houston is not an area where $90k would normally not be enough, on average. (not a HCOL area like West/East coast)

A person or couple with decent Savings, Investments, Pensions, SS in any combination could easily net $90 annually after taxes. Our's can without SS or pensions and we do not need near that much.

There are millions of people with $100k + budgets, many retired. Many plan to live large in retirement, fly business class, etc. and budget for that. Can't take it with you. Why is that so surprising knowing what an average CVX professional makes, and what the average pension is?

I agree with @RLQlxM4-1sxf. Maybe $35k is a bit thin, but it is doable for sure. But $90k is off the charts too high. My spouse and I are retired empty nesters with no mortgage and no credit card debt. We more than get by with $35,000. Last year, I only spent $28,000 with property taxes and HOA assessment dues. Living well and taking one vacation trip every year. I’m grateful to Chevron for the years of employment and the great colleagues I worked with. Today, I’m solidly retired and enjoying life in good health.

Anyone who needs to live on $90,000 a year in Houston, better forget about retirement. You’ll go broke before you kick the bucket. Go get a job of any kind and cut back on discretionary expenses. When you are able to make ends meet and still live comfortably at $35,000, then you are truly ready for retirement.

Is there anyone who would question why the poster with this comment thinks $90k per year is an unbelievable amount of money?

"Your asking these retards..............How u making 90 k... your full of it"

I didn't think so....

It makes the most sense to me to wait to take your pension until you get the maximum, AND ALSO, reduce expenses in the meantime to the minimum, dipping into savings as little as possible. After all, you just got laid off. did you expect business as usual and to continue the lush life? Seriously. The commonly oft repeated advice from those much more financially astute than you or me is that the pension increase is guaranteed- Then it is set for life. The stock market is not and is a much greater risk.

@1tbr, I can sympathize with your predicament. At 58 with a mortgage balance and kids in college is not uncommon. I hope things smooth out for you. Hang in there and good luck. BTW, I also feared the inflation factor, but still chose the guaranteed annuity. The way I figure it is that Social Security will add to my monthly income and cancel out any inflation worries. Just need to live within one’s means. Works for me.

OP's annual expenses are not outlandish. I was laid off 2 years ago at 58 and still had a mortgage and two kids in college, so my expenses were 80k immediately after being laid off then went to 90k per year when I had to start paying for retiree health insurance. One kid just graduated and transitioned off of my "payroll" so hopefully the burden will lighten up some. But still have all of the other living expenses. Unfortunately I was transferred to Houston about 13 years ago so I still have a lot more time on the mortgage. I took the Lump Sum at end of 2016 when interest rates began to increase and I am glad I did since I figured I made at least 8-9 percent and am better off. The pension annuity is OK but without inflation increases in it I was not comfortable with it.

I think buzz off prick is a immature comment

Buzz off prick @fvf. This thread is for constructive discussion, not immature comments and insults.

Your asking these retards for financial advice ? How u making 90 k... your full of it.

Very wise points, -nrp. Thanks.

There is already good advice from other responders on this thread but, let me comment:

• most CVX retirees rollover their 401(k) and lump sum pensions tax free into IRAs

• as mentioned in previous post, rising interest rates will have significant impact on your annuity or lump sum

• the 5% discount removed each year in your 50s is significant for most of us (postpone receiving your pension until 60 is a "play" between 5% discount and rising interest rates (though the 2 month lag on interest rates impacting pension calculation provides you some important info.)

good luck and enjoy that retirement that you worked hard to earn

I started my pension annuity two years ago. Interest rates were still low back then and had not started to increase. Take everything into account before deciding how to take your pension. I didn’t particularly like the idea of having to invest all my retirement savings plus pension in the stock market. But everyone’s financial situation is different.

You need to factor in interest rate increase(s) and see how it impacts your pension. They will happen. You can input different rates but .50% increase will get your attention and a 1% increase really hurts the back pocket. It is a minefield out there. Suggest you get a good CPA to walk you through this.

OP, I retired at 57, but held off until I was 58 to start my retirement. My spouse and I decided to take the 100% J&S Annuity instead of the lump sum pension. Our mortgage and other debts were already paid off. We also had two newer vehicles which were paid for and our kids were out of college and had their own jobs and home. Our monthly annuity is only $3800, but for us, that amount is sufficient to live comfortably on. We have around $200k in bank savings to draw from when needed. That will last well enough until we start drawing social security at 62 or 63. I’m not sure about your case, but we have $2MM in 401k and IRA retirement accounts. We travel and live comfortably. After Texas property taxes and household expenses, clothing and food, we are doing well. Retirement is a big change. It took us a year to get comfortable with our new lifestyle and expenses. I will advise you to take things very slow. Do not make any large purchases or commitments. Pay off your debts. Most of all, seek professional advise from trusted financial advisors. I manage my own investments. The advise I got from so many CFAs was no different than I already knew. Don’t feel frustrated or afraid. If you feel you have enough money to live on at your age, it’s very likely you do. Things will work out.

You will be getting 90k a year in pension from Chevron? That is more than most people at Chevron make in yearly income. If your expenses are 90k, then sell that mansion in River Oaks and cut out the exotic vacations.

Why not cut your annual expenses to $85k and not worry about it? Spending $90K per year in retirement sounds reckless and financially irresponsible.