I was laid off in 2015 after 35 years with the company. I received six months of unemployment after the layoff. Because I am now sixty-four years old I have not been able to get another job. Will Chevron approve another six months of unemployment payments?
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Good for you, hanging in there! I congratulate you for posting the one comment in the last few years on this site which is actually related to layoffs, the supposed central topic of this entire forum.
Hanging in there.
Most of the hatred is derived from jealousy of those who live better in retirement because they are financially wiser about how to turn savings into large income streams.
@4gek, people like you end up unhappy and on welfare well before you expect. Enjoy blowing your retirement income. Outliving your money is not a pretty world. But like you said, “To each his own”.
I didn't slave away at the corporate life to live like a rat. I happen to enjoy golf. My golf club membership including all the fees runs me a bit under $60K/yr. I also like to travel more than a week per year. I prefer 4-6 weeks per year to Europe or Asia. That runs up the bills a bit too. To each his own.
You can never be surprised, more likely you may feel insouciant, that there are some who know the price of everything but the value of nothing....more about buying this little widget, or that, and less about the anomaly of numerus clausus.
You know something @2ofy? When I was a working stiff, I also spent more than $61,000 annually. But, up until the month I paid off my house mortgage about 10 years ago, I have been able to live to the same high standard for far less money. I don’t have that expensive mortgage anymore. I don’t have any monthly debts. I don’t owe anything on my two recent model year vehicles either. All the money I need now is to cover my annual federal taxes, property taxes, groceries, and an annual vacation away somewhere for a week or 10 days. The remaining small expenses like utilities and insurance are a cinch. I actually have money left over to bank with my $61,000 annual income from the pension annuity and social security. So, the point you were trying to make about your office secretary, I really don’t understand. Maybe it’s more a reflection of your own shortcomings that were coming out?
Chevron is a brutal place to work. People have become greedy, selfish and numb to their fellow human beings. You will retire from this company with superficial friendships and a wasted life
My Chevron secretary spends more than $61k per year. She doesn’t live too well either, it is barely above theLiving Wage for Houston.
@2npp, My spouse and I have no children at home anymore, all grown up and self reliant. We are debt and mortgage free. I draw a Chevron pension annuity of $2,790 per month and collect $2,320 per month in social security. Just on that alone, we have an annual income of $61,320. I can assure you that’s more than enough money to live on. Like you said, we dress well, eat well, replace the vehicle every few years and take a nice vacation each year. Life is great. We haven’t touched any of the $1.47MM in retirement savings, nor need to until RMD starts at age 70. Reducing or taming future income taxes is my main concern, not running out of money.
For a family of 2 with no mortgage or debt, i find it hard to keep my spending under about $40k per year. Tack on a new car every few years and a nice vacation once a year, and that easily goes up to $50k a year. With no or low income, you casn see how your resources could easily be depleted.
Jri (in the posting below) is naïve, I knew some 5 others good petroleum engineers who are in the early 60s that they had been trying everyday to land a job in their field for the last 4 years but was not successful. Oil companies prefer to hire younger cheaper salary engineers.
The math is 0% * 24000 + 10% * $19000 + 12% * $57000 = 0 + $1900 + $6840 = $8740 tax due or 8.7%.
Taxes are not for the mathematically or arithmetically challenged. Did you actually work at Chevron?? If you don't know how deductions and marginal tax rates work, check any online tax estimator. You will find $100k married filing jointly owe well under $10K in taxes.
What @1kxi meant to say is that he has an effective brain smarts quotient less than 10%.
No, not quite @1kxi. Your math is wrong. Just do a search for 2019 federal tax brackets or better yet, go see H&R Block next year about your taxes. The 10% marginal tax bracket is for taxable income up to $19,400. The next tax bracket is 12% for taxable income between $19,401 and $78,950. So, there is no way anyone’s effective tax rate will be less than 10% with an income of $100,000.
The standard deduction for married filing jointly is $24,400. Even at $100,000 income your effective tax rate will be less than 10%.
OP, after having worked 35 years for Chevron, if you haven’t saved up enough money to retire well, then just hang it up buddy. Forget about the unemployment benefits. You already received your 6 months worth. Start collecting social security ASAP. You can always get a part time job doing anything for extra pocket change, so long as you don’t earn more than $17,460 in 2019. The IRS will start taxing you additionally if you go over that amount.
Jri, not everyone who tries gets a job, especially in this climate.
Not likely. Unemployment extensions normally are only put forward during long-term, broad-based recessions. The rest of the economy has been booming. Anyway, if you got 30 years in this industry it is hard to believe that unemployment payments will make a rats a– of a difference: it is only a few tens of k dollars. Not enough to have any fundamental impact on my retirement savings.
You can get a job if you try. I know a couple guys in mid 60s who are back at Chevron as contractors on very generous terms.
Unemployment is paid by the state (although funded by employers). Therefore the state sets the rules and there is a maximum number of weeks eligible. Go to your states unemployment website. My guess is you long ago met that limit. You can always start drawing your social security.
No, I don't think so. I would just resign yourself to retirement.