Thread regarding ExxonMobil Corp. layoffs

Would you walk away from Exxon: 58 with $1.5M saved

I'm 58, divorced, two kids finishing college next year (both will have jobs come July). Been with Exxon for years, currently a Well Performance Technologist. Have about $1.5M between my 401k and savings, house is paid off and worth around $600k. No loans or other debt, healthy (as far as I know :-).

I'm getting tired of the grind and don't see myself doing this for another 5-7 years.

Always wanted to teach and thinking about finding something part time, not really for the money but because I think I'd actually enjoy it.

I don't spend much and don't need a fancy lifestyle.

Just wondering if I'm crazy to walk away at 58.

Any folks here who retired around this age? Did you regret it? What am I overlooking?


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| 346 views | | 20 replies (last 11 days ago) | Reply
Post ID: @OP+1m67f12s9

20 replies (most recent on top)

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

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Post ID: @hd+1m67f12s9

Nothing. You are all set and good to go.

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Post ID: @f9+1m67f12s9

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.

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Post ID: @ey+1m67f12s9

yes.

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Post ID: @e2+1m67f12s9

@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"?

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Post ID: @d2+1m67f12s9

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.

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Post ID: @cn+1m67f12s9

@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.

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Post ID: @cg+1m67f12s9

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?

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Post ID: @bw+1m67f12s9

@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.

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Post ID: @bc+1m67f12s9

Get out of here.

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Post ID: @b2+1m67f12s9

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

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Post ID: @b1+1m67f12s9

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

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Post ID: @aw+1m67f12s9

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

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Post ID: @ar+1m67f12s9

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.

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Post ID: @aq+1m67f12s9

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.

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Post ID: @ak+1m67f12s9

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.

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Post ID: @ae+1m67f12s9

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.

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Post ID: @ab+1m67f12s9

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.

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Post ID: @a5+1m67f12s9

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.

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Post ID: @a2+1m67f12s9

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

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Post ID: @a1+1m67f12s9

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