Hgwx..thanks for that vote of confidence. Kinda what I was thinking. The annuity is a uk pension scheme. To be honest I don't know if it's inflation protected. I know I'm in good shape but I had planned for better. But really, what is better? I'm feeling pretty good just now !
70 replies (most recent on top)
-9rmh, "remember this bust next time"? This bust isn't over and you are most likely we one that we "overstaffed" on and a nice fat piece of "Deadwood" ripe for the chopping block!! 20 years?? meh. You haven't been through any serious "Busts". Pack your bags, junior and be prepared. We will pray for you and your family, but you can afford it, if what you claim is true, so who gives a flip?
I entered the company workforce 20 years ago wth college debts. Spouse hasn't worked but we didn't have kids so the budget was never too strained. We like saving money and seem to have piled up over $5 million somehow, if I include the current lump sum value and some home equity. Feel like I should retire and give the chair to someone who needs it more than I do, but the work is still fun every day. Has certainly been very enlightening to work through my first major downturn. As a frugal sort, I like reigning in the waste and regret that we hired a lot of good people we really didn't need and ultimately couldn't afford. Let's remember this bust next time and not staff up so recklessly.
Those of you out of work at the moment should take stock of your blessings. Nobody on this board is going to be homeless or hungry, that's for sure. Most of you never need to work again if you can get your expenses under control. Tighten your belt just like Chevron!
I was an engineer (drilling) with 35 years experience when I retired last March. I worked the rigs in some of the worst sh!t holes around the world. I was never more than a company rig supervisor. My base when I retired was was $225K/yr plus uplift for working international rotational sh!t holes. My wife was a teacher in the Houston District at $49K. She retired when I did. Our house is paid for. No debts. The kids have been released. Not counting the value of our home, our net worth is $2.8M (in cash for me, job changes were the norm. If you're getting laid off, don't lose hope! I'm an average 'joe', nothing special ... if I did it then there is a good chance that you can as well. Good luck, keep safe!!
Castrated at 46 with $100k. Yes it's true, they took my nuts.
Retired at 61 with $0.8mm total
Laidoff at 57 with $45mm total as a butthurt loser
Retired at 54 with $6mm total
Retired at 56 with $4mm total
-8bcl, I am black and an operator and I live in a very nice trailer. My invested assets are $1.87 million including 401k and after tax savings but not including my fully paid for double wide and lot that it's on. I save every penny that I can. I do not consider myself a "redneck" in any way but I do love a six-pack of craft brews or even cheap stuff like Shiner occasionally. Some of my friends here would probably consider themselves rednecks but they are certainly not trashy and many earn more than me. Thanks for making that totally off-the-wall racist comment as an anonymous coward though. It truly shows just who you are, a piece of the trash that you know so much about.
, There's nothing wrong with being an operator. All jobs are needed at Chevron, particularly the employees who show pride and professionalism on the job. I am , the PSG 19-20 employee who previously posted a few comments down in this thread. If I can retire financially well, so can you and most employees. Keep up your good work and never lose sight of your plan.
-8byg, I'm sure that she/he, as everyone else was posting and giving their pay grade, commented based on the table below which indicated net worth based on pay grade. Why did you not make that comment about all of the other posters who gave their Pay grade or O&M? Your net worth AND paygrade would seem more valuable to the OP and the thread readers. It tells you that there is no direct relationship between income and savings all the time. It's not how much you make, it's how much you save, is the lesson. I am an operator and no where near a net worth what anyone else listed here but it's good to read and I have goals to reach that I know are reachable.
-8byg, In that case, the next time you play with yourself, don't stretch it!!
-8bcl, I'm not even rich enough to have a cable reel table and I don't get brand-name beer - LOL!
PSG-24??? Is that meant to impress us. We know at Chevron that your PSG is not the measure of a person by any stretch.
The trailer trash redneck is probably knocking back 6 packs of Rolling Rock with his unemployed next door neighbor at the empty wooden cable reel he uses as a front yard table.
My net worth is about 1.5 Million including home. I am a PSG 24 paygrade. I feel I am doing fine. I have not blown much money on anything crazy. I also get a pension. I should be able to retire easily in a few years. I hope to soon. Time is way more valuable than money. What are you guys thinking? I have watched 5 friends die in the last couple of years, two of them co-workers. Value the remaining years of your life, not your money and your silly irrelevant(perceived) prestigious location and silly HOA rules. I would never live in one of them. Seriously? I can afford not to, that's why I don't.
Ok then, 8gag. I'm not familiar with trailer park living, but am aware that many people do live in places like that, some by choice or otherwise. Don't be obtuse, you know exactly what benefits come with living in a Master Planned Community and it has nothing to do with being better than others or acting like snobs. As far as "the better schools" comment and how that relates to a retiree? You should also know the answer. It has everything to do with maintaining property values.
-8xds,, So Glad I don't live in Houston, then. What are "better neighbors"? I have awesome neighbors whom are all very polite and courteous to one another and obey all rules and laws. We also have great schools in our area although I fail to see how that applies to a retiree? Are you and your neighbors better than everyone else because of their income level? Wow. So happy I don't live there. I'm not better than anyone else. "Master Planned Communities" Sounds quite pretentious. I guess I am not part of the "Master Race" so I would not fit in there although I'm sure that I have the financial assets. I am happy with my normal modest community. We all get along just fine and there's no competition with the so-called "Joneses". Never had any problems so far.
, Master Planned Community = Better neighbors abiding by the rules, Uniformity, Common areas are well maintained, More amenities, Best schools (most inside the community), Home value preservation. All for under $100 a month, I see it as an investment in quality living.
The way I see things in Houston, all the better places to live are in Master Planned Communities. You can hardly escape from one, unless you live rurally or in an old community of which most are not as desirable. Either way, I concur that $30,000 a year is very doable to retire on in Houston and surrounding suburbs if you are debt-free, have no mortgage or kids in school. Congrats to you retiring content like me. It's the reward we all wish for.
-8yig, no that is not impossible to believe at all if you are that close to receiving SS and Medicare benefits. You need much less to retire on the older you get. Simple math. You are closer to SS, Medicare, and you also have less years left to support. Retiring Early (like the 54 y/o poster below) is a much greater challenge, but with his/her savings & pension, it appears they are also well set to ER.
$30K per year, is what I meant, thanks in advance if you caught that. thanks for reading!
-8yig LOL! glad I am not paying to live in a "master planned community" with HOA fees, etc. Sounds snobbish and expensive! I live off of $30 per year average in my beautiful, safe, modest 2500 sq ft home with nice yard and go on ~4 vacations a year including a couple flying & Cruise, with quite a bit of good food and fine dining tacked on!!! I don't consider my lifestyle Frugal at all! We also have 2 late model paid off cars.
I own everything I have free and clear, including my 4 bedroom home in a master planned community. I have $850,000 in my 401k and about $100,000 in bank savings. But I'm able to live off my Chevron annuity of $29,600 per year just fine. It covers all my budget expenses, including my property taxes, HOA dues and meager federal tax liability. I'm able to purchase all the groceries I like and can maintain my two cars Including gas and insurance. Social Security will kick in 3 years from now, which will put me over the top for a longer time. I live a frugal, but comfortable life. For those of you who haven't retired yet, I know this sounds impossible. I even thought it would be difficult. But if you carefully plan for retirement and know exactly what all your monthly expense items are, you can retire with less than you think.
-8sqb ; "800k in savings, 600K in 401 and 80K pa annuity pension for life in two and a half years. "
Sounds like you are doing great - congrats! I could easily live on $80k annually after taxes and have savings left. Your savings is good to get you there, keep as much invested as possible and keep spending down for 2.5 years, then you can let the rest grow after you get your pension to offset unforeseen expenses, inflation, etc. (all depending on your budget, of course) What is a "pa annuity pension" and how did you get it? Is it COLAed? I know that the CVX pension is not.
6czw...where the hell do you live with LCOL at 30 k ? I wanna move ! I got laid off in April at 54 yrs old. Have been struggling mentally whether I'm ok or not if I never work again. Have 800k in savings, 600K in 401 and 80K pa annuity pension for life in two and a half years. Plus SS in due course. I have no debt, cars and house paid off, some futur college expenses. Iknow it seems good but I worry whether I should retire now or stress out looking for work that exists in restaurants rather than the non existent oilfield jobs. This whole layoff thing puts huge stress on the family and CVX blows it off as a business decision with no compassion. Im not a butt hurt loser.
-6tqx, Congrats, I am a PSG 23 about to retire and have about the same - $1.12 million + pension. Thought I was doing pretty good. Who posted that table below, someone without a clue or someone who lives in a shack down by the river?
PSG 19-20 here. Put in 24 years with Chevron, so far. Have $1.2MM in 401k, lump value to date $412k, bank savings $110k and $224k single family home paid off. I earn a salary of $102,700 for which I'm thankful. Good luck to everyone.
PSG 22 here - About 1 million in invested assets + home paid up. 54 yo My pension is small. I thought I was doing fine and figured I can retire soon or when they cut me, no problem. Did the math. My budget is ~ $30-40k annually. I live in a LCOL area. I guess from that chart I'm in the lower percentile of savers and investors. I really don't give a rat's butt. I work to live, I don't live to work!!!!! Cheers!
I am Operations and have a little over 450K in savings. would like to to retire soon, but probably can't. Made good decisions, did not over spend, saved, Paid for the kids school, got them what they needed. I have everything I need, though. I believe also that the post with the table below is way off, from talking everyone at Chevron that I know. that's maybe for people without kids and who don't have any normal expenses like health care, or were born with a silver spoon and did not have to support themselves from the time they were out of high school like many.
I am O&M and have about $650K in savings and a small pension. Hope to retire soon, Did all the right things, saved, Sent the kids to school, got them what they needed. I have everything I need never wanted for anything. The chart below is way off, from talking to the people that I know. that's maybe for people without kids and who don't have many expenses.
, Thanks for getting on anonymously and bragging about your success and displaying your arrogance without giving us any details like the OP requested. Hope it made you feel like you got in your "arrogant "dig" at others, because it certainly did not provide any useful info other than letting people know that you are a self-validating jerk who doesn't get along with others.
My kids all got their college degrees without getting into trouble. That is how I measure my net worth over 35 yrs of service. Oh yea, I have a few million bucks but honestly the success of the kids makes me happier. And I never worked in a "hardship" craphole location. I'm not in the frat with the scotch drinkers. I reached a very nice PSG without being part of the incrowd. I don't have a lake house in the Texas hill country or anything like that.
My plan was to keep priorities straight.
Your mileage may vary.
-2vtf: sounds to me like you did very well indeed.
Amen, 2vtf. You and I think alike.
I'm a PSG 23 and my net worth is about 1.25 million. Have to support Wife & kids. I saved as much as I could and did not splurge on any needless extravagances. I did not deny my kids what they needed. though. Headed toward retirement in a year or so, Last kid finishing college. Don't care about money as much as you guys, I can assure you. It's not the key to life as long as you have enough to survive. I don't "want" anything that I don't already have. And the older I get, the less I want or need other than decent health care.
-2rrz: More like what one could have if they did everything more or less correctly ... 25 yr. plus and no big financial mistakes. Sure folks could have more if very frugal or lucky in investments, but also could have a lot less if they made any number of common mistakes (including, as you mentioned, divorce; but also medical issues, bad investment choices, etc.). I would say your number might be the p25%-p75%.
-2rom, That's a neat list, but does not give one an idea of "Average", like the OP asked. The average would have to include the number of people or at least approx. If there are more PSG-25's than O&M's then the average would be closer to the higher number, and vice versa. And does that include the lump sum value, or just savings? Many who plan on taking the annuity do not generally think about that lump sum as their savings equivalent, but more of a safety net, a form of insurance that they conservatively ignore for planning purposes, like SS.
Either way - thanks for the info. nice job!