Thread regarding ExxonMobil Corp. layoffs

Congratulations on saving so much money. Good for you. Enjoy retirement. You have earned it!

Nothing. You are all set and good to go.

I was asked to leaVe at 53 due unpassable pip. I did not worry though because I had over 2 million in 401k and pension. Exxon sc--wed me with the medical but I am using my wife's. I really did not care if I passed or not but I was trying to make it to 55. They really put the sc--ws to me during the pip. Now I travel play with trains and relax. I could not stand working at exxon in the end.

yes.

@OP I retired at 56. Best decision of my life. My cholesterol and sugar levels have improved dramatically, in addition to my overall health being better. What's the point of torturing yourself at a toxic job? How many people on their deathbed would say, "Boy, I wish I would've spent more time at work"?

Yes probably -

Are you in good health? If so, consider the annuity and pull your social security early. Does this cover your living expenses? If so, good to go and the $1.5 ends up as the fun/travel money.

If not and you find yourself doing lump sum speculative investment math to make the cash flow work then reconsider… in all honesty $1.5-$2.5 isn’t a huge pile and you're relatively exposed in buffer and sequence of returns risk.

@ar if you’re afraid to be PIP’d you can’t stay and cause maximum disruption, discord, and mayhem. If you stay until they show you the door you can absolutely disrupt, derail, and insert doubt all the way out. Fear no PIP, and take the PIL when they finally come for you.

In most if not all of the fifty states, your former spouse gets 50% of your pension in the divorce settlement.

Have you factored your divorce and the financial implications into your future retirement plans?

@OP When you mention that you're divorced and your kids are gown and have jobs, it sounds like you're listing liabilities that you've eliminated. I'm wondering, have you examined why your marriage ended, what your relationship with your children looked like, and what kind of relationships you want going forward? Are you planning to date or have a girlfriend or get married again? I mean, your financial planning seems solid, what about your personal life? I think you've overlooked that area.

Get out of here.

Hee hee sounds like a dating app profile! Good luck dude!

I’ve known many who died shortly after retiring. If your finances support retiring why keep working?!

@aq PIP is an insult . You don’t mind ?

Dude - ride the wave until you get pip-ed.

That’s my plan.

I’m working and doing my part but I’m also going down milking system as much as possible.

Retiring at 58 is the dream. You don’t have to stop working….just stop working at ExxonMobil. Follow a passion! Or greet people at Walmart. Some days even that sounds like fun.

Between savings and pension, sounds like you should be fine. I'd definitely retire earlier while your health is still good. Free time is precious.

How much is your pension lump sum projection ? Assuming you get smoother $1.5m there so you have $3M total . 4% rule you will get $120k per year income . Is that enough for you ? Also if your work environment is toxic you better leave it is not good for your health.

Hold on til 60 if you can.
Cash out/Rollover pension if rates are lower then.
Kids out of college next year - they'll be transitioning and will need some back-up.
Nice to have the real cash flow rather than tapping the new well.

These are the things I did just earlier this year. I'm 61.

Talk to a financial advisor, compare your actual annual expenses to what your income would be between pension and investment returns. Then decide if you have enough to retire, or if you want to tough it out, or go find another better (not necessarily more money) job.

Go for it, life is short. I did it at 56, love the fresh vegetables I now I have time to grow.