The severance was an unexpected parting gift for retirees and a welcome several hundred grand for most. Will you keep it, invest or spend it? Ours is invested since November and already up 25% which nearly covers the income tax withheld. We will take it out and spoil ourselves in the next year or two with home upgrades and high furniture.
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We are saving it for first class travel as soon as the virus abates!
Uncle Al did his crew right.
We are putting it into the college fund kitty. My first of three starts this fall so the check writing will be ongoing for a decade. I could use a second severance!!
But Exxon pays significantly higher salaries and only employs the cream of the crop.
Exxon folks got very little, next to nothing. I am retirement eligible, would have gotten about 4 months pay to leave. I’m still working.
Yes @2jxn, Peace of mind. Have you ever felt that or crave that feeling as much as possible? I already have a substantial retirement account balance to manage which continues to grow. I haven’t touched a penny of it since retiring 5 years ago. My wife and I pull in a high Social Security benefits each month. What’s more, I took the pension annuity instead of the lump sum when I retired. Why? For the same reason I paid off my mortgage with half of my severance pay.... Peace of mind. Maybe you’re too young still to appreciate that life is meant to enjoy. You can use your youth to live in the fast lane, take risks and try to amass wealth. Once you get to 65 like me, and you’ve already “been there, done that” you’ll know it’s time to slow down some and count your blessings. Peace of mind is something just as valuable as money. Some may argue it’s worth more.
I also paid off my mortgage. No, it did not really make financial sense, but it felt good nonetheless. The balance was less that 6 figures, so not a huge outlay anyway, and I will be moving soon enough to retire to greener pastures, so one less party at the closing table when I sell. I may well take out a new loan on my projected new property, because interest rates are still quite low (even if up from the bottom). Despite everything that is money “smart” for maximizing potential profits, there are times in life it just enjoyable to sit back with all your books completely devoid of red ink. That said, ya to each his (her) own.
@ 1jqo. Peace of mind??? Why would you be concerned if you have a balance of $X in your mortgage while you have that same amount or more invested? You can pay it whenever you want. Unless you don't have self control and having access to the money will make you spend it, i do not see why that is a smart move...if thats the case you have some other issues to work on.
I got a box of maple sugar on my birthday
In March I got a grey mackinaw
And Once I got some grapefruit from Tampa
Montgom'ry Ward sent me a bathtub and a cross cut saw
All I did was bought a bottle of JB. Then invested 10% ETF, 25% in mutual funds, 30% Stocks, 40% bonds and 60% in crypto (I borrowed some % from my imaginary friend just to make the math right).
I had a steak dinner and pecan pie.
I suggest www.Reddit.com/r/amitheasshole
The perfect board for all this!
I bought some crypto with my saving in lieu and made 345% on it
I withdrew mine in cash and rolled around naked in it. It was awesome!!!
Why don’t you people go insult and argue on Reddit? Sign up with a fake username: Reddit.com/r/i’maloser
Went to Vegas and put it all on Red.....Winner! That’s how you make a lot of money fast!!!
@1sen, you sure make wholesale assumptions with little verifiable information. Is that the way you run your life too? Please don’t dispense financial advise to others unless you have ALL the information at hand. By the way, paying off a mortgage provides peace of mind and one major worry less. That in itself has a major intangible value to many. You now have a roof that’s all yours.
It all depends on your situation, do you still have kids to support? Any upcoming medical bills related to surgery, etc? Are you going to have other source of income to ensure same quality of life prior to leaving Chevron? Are you expecting to get a job or not? Are you planning to stay in US or retire and live overseas?
Depending on all the above people might take different logical decisions, as long as you can invest even portion of that money wisely you should be fine.
@1mmf; paid off a mortgage loan??? WHY???? didn't you have the money before the severance cash, stocks or other assets) to pay it and chose not too? That money would have earned much more than the 2.5-3% you were being charged....
I guess the last big severance money grab was at the Texaco merger, but that was 20 years ago when salaries were a third of what they are today. The change of control gave the Texaco guys a pretty sweet deal, at the time. A lot of people were able to retire in their 40s.
@1pde, so I guess your friend and his wife have an easy come, easy go attitude. Childish splurge, I’d say.
A buddy of mine gave half to his wife and spent the rest on a gently used Bentley convertible. Very cool car and I guess he earned after more than 20 years.
I bought GameStop, Tesla and Bitcoin and now it’s all to the moon baby .... to.the.moon!!!! Pass me the hookah dude...
We paid off our house!! Woo hoo! Felt great.
I attempted to use mine to acquire ExxonMobil, but I was a few bucks short.
I'm sure that the older retirees got a much bigger severance than you can dream of, but don't let facts spoil your little party, it's all good, lol!
I’m sensing jealousy from some of the older retirees who didn’t get a giant severance....
Give these ratfuckers enough grass and they will keep blowing smoke up their asses
This is the weirdest funniest most pathetic smoke n mirrors board I’ve ever seen. I love it.
Bought a cinder block of hash.
H00kers & bl0w
You arrogant t–d...
Wow, "home upgrades and high furniture", I'm just green and dripping with envy.
WTF is "high furniture" anyway? Either way, my home is excellent. I don't sit around pining for anything. didn't before and don't now.
Smart thinking with this large windfall!
@bon what a boring life
I got the whole one-year salary as my severance check. I used just under half of it to pay off my remaining mortgage balance. With the remaining Doekept half in my bank savings for additional cash liquidity and the remainder went into my traditional IRA account at Edward Jones for investment.
Troll .. run your poll somewhere else.
Blah blah blah! Oh for Pete’s Sake, who gives a rats @ss!!
Sad sad sad!!