When I started my career at Chevron in mid 00’s it was common to see the end of (technical) career look like this: retire in late 50’s/early 60’s with 2-3 expat assignments and the last 5-10 years at grade 26.
Now we are faced with a layoff (or forced out EOI) in early/mid-50’s with much fewer having made it to grade 26. Much fewer expat opportunities.
The lifetime earnings impact of this is over $1 million
@h0 Keep living a simple and peaceful life. People like us can retire with 1.4 m (401k & pension), especially in TX.
OP
Woah is you…. :)
You’ve got to be kidding me
@br it's not that I'm doing something so great, it's that I'm keeping my expenses low in relation to our income. My partner and I don't spend more than 65-70k/yr between us, which means we don't need more than 2 million combined to retire before 50.
@fy if you are always redoing work of 24 and 25s under you, you are likely a micromanager, or perhaps a narcissist who thinks no one is as smart or capable. Know a few older technical guys at Chevron like that, but realistically their own work output isn’t equivalent to their inflated psg either.
A lot of good technical 26s, but a lot of dead weight too.
Most ending career salaries are zero
Petroleum engineering is the most difficult profession
@cj apparently it is rocket science to some bc as a 26 I’m regularly mentoring, reviewing work and redoing work that 24s and 25s do. There’s a lot of talkers and place holders in this company that need to go but all technical guys I know at 26-28 level are super sharp and experts that can work circles around others in this company.
@cj agree, saying 26 for 10yrs was common place is bonkers
@ch the entitlement and narcissism in the posts on this thread is not surprising but very reassuring that you bunch of nepo-babies are tone deaf to the state of the country and your privilege. Whining about how many millions of dollars your going to retire with is disgusting. Just because your an "engineer" and you do your job well doesn't mean you deserve doctor money. Be grateful you little entitled oil brats. Hope you get the ax.
@bv Sure, have a few technical people at that level, but the idea that 26 was common for petroleum engineers is crazy. They aren't adding enough value to justify that across the board.
What they do isn't rocket science...
@br It's all about your expenses. If you're invested in index funds your 401k should be 2mil at that point. So 3.1 total at 52, 4% rule gives 124k a year based on that. So if your expenses are or can be less than that, you can retire and never work again.
Why not? I certainly add more value as a technical expert at grade 26 than some f$$$ing paper pushing manager.
@ad I hear a lot of people at CVX talk about how rich their retirement is. That’s awesome for them. I never ask deeper questions though. I feel I must be way behind and doing something wrong. Been with the company over 20 years, approaching 50. 401k is at 1.775M and projected lump sum value of pension at 52 is 1.1M. Feels like there’s no way I can retire with that. What am I doing wrong and what are yall doing great?
PSG 26 as an individual contributor. That's insane...No wonder the company need to cut so many.
@ae actually the recent years are already the good years for the industry but it didn’t trickle down to the employee. The overall outlook is bearish
Welcome to Gen X, we've been perpetually effed and long will that continue
“The technical career ladders now go to PSG28 so hang in there”
Haha, thanks for that laugh
You are thinking in fiat money terms. That’s antiquated thinking. You need to think in bitcoin terms, sound money. And your whole paradigm shifts. Pay attention.
The technical career ladders now go to PSG28 so hang in there.
It’s cyclical. The 80s and early 90s were similar to today. Those that worked hard eventually were able to take advantage of the opportunities when things turned around.
Just live below your means and save/invest your money in low cost ETFs. Then you won't have to really worry about making it passed 50 at Chevron because then you can retire early.
@OP This is true for all careers at Chevron. Retirement at CVX in the US will not be possible for most of us.