15 years with CVX. Late 40s. $700K in 401K. No pension. I will have to work at Walmart if I get laid off next round as I will be in 50s and no one hires old people in tech.
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Depends on when you came in. 12 years service, 23 PSG but only $280k pension. Doesn’t make a dent in retirement
$2.2MM 401(k)
$1.1MM pension lump sum
About 13 yrs with company, psg 23. I am also net worth about $1.8M.
Anyone who worked for 25 +/- years. Would like to know the 401k and pension separately. Thank you.
@d0 Thats about right in my case
My little retirement estimator has me at 77x my current salary. But it’s not my only income
Worked 30 years. 53 years old. Highest PSG 23. Currently over $4 million in 401K and pension as a sole bread winner for a family 5 with kids grown and house paid. Targeting to retire after 55 and agree your savings should be in alignment with when you want to retire and how much are targeting to withdraw each year at retirement.
I am aiming 20x - 25x times the annual salary I want to withdraw annually when I retire at 60 to cover both my spouse and I. I agree minimum target should be at least 10. That’s just my opinion and guidance based on your personal factors and desired quality of life.
Minimum 10 x the salary you want to retire with. Good number to aim for is 20x.
I have been with Chevron for 13 yrs, current psg 23, mid-career now. Net worth $1.6mm.
An uncle told me he was an engineer, worked at CVX for 35 years and had millions in retirement. This was about 10 years ago. It’s very possible
Yes that is a real number you would hit. Congratulations!
PSG 23 / 35 years of service / contributed the max to the 401K. With pension lump sum $5 million. That’s a real number.
- dolllar cost average
- keep a cool head and double down in downturns
- we have hit a lucky streak in sp500 between 2009 to now (16 years average 10% returns), I don’t think that is repeateable
Wow. I thought you were joking. What was your / portfolio strategy to hit those numbers?
PSG 24, 25 years service (12 with service companies)
Spouse PSG 24, 18 years (all with chevron)
Both late 40’s
7-9 MM (depending on how you count it)
Technically I would say FI, but we are both under this great stress this year (I made it) spouse is round 2.
Don’t want to live with this sword over our heads, but don’t want to ki-l the golden goose (yeah it’s pathetic)
A reasonable personal savings ballpark is your salary+bonus times your years of service. E.g. with 5 years and $100K current gross you ought to have half million invested; 20 years and $200K would be $4 million.
It depends on many variables: year worked + total family work income + other sources of income minus spending plus investment returns. Could be anything from negative net worth to eight figures.
@c9, this is a good ballpark for mid careers. Need > $2.5M to be lean FI and $4M to be FI. Not there yet. Getting left standing would really hurt. Need 5-10 more good years.
when people say $3M do they include the spouse? if not, that'd be $6M.
33 years with the company, started with 30k in red, at 4M net worth now . modest spender, will be fine.
PSG 24... 18 years. $2 M (401K + Pension)
@bs post is about savings
it really depends on which pension plan youre on. the one before Aug 2008 is super sweet.
@a3, $8MM is not enough? I'd comfortably be FI on half that supporting a family.
Lol lot's people working way past comfortable living. Glad I'm not under the delusion of needing 3+mil to retire "comfortably". House paid, no loans, getting by over here with an international trip or two a year just fine.
21 PSG and early 50s
- 9MM in 401k
- 2MM in CDs
- 1MM in Investments (which went badly and was $1.0 at one point)
6M, 30 years working, highest PSG 25
as a VP I have about $8M invested and I am 45. Still a few years to go until I can retire comfortably