-8byg, In that case, the next time you play with yourself, don't stretch it!!
147 replies (most recent on top)
-8bcl, I'm not even rich enough to have a cable reel table and I don't get brand-name beer - LOL!
PSG-24??? Is that meant to impress us. We know at Chevron that your PSG is not the measure of a person by any stretch.
The trailer trash redneck is probably knocking back 6 packs of Rolling Rock with his unemployed next door neighbor at the empty wooden cable reel he uses as a front yard table.
My net worth is about 1.5 Million including home. I am a PSG 24 paygrade. I feel I am doing fine. I have not blown much money on anything crazy. I also get a pension. I should be able to retire easily in a few years. I hope to soon. Time is way more valuable than money. What are you guys thinking? I have watched 5 friends die in the last couple of years, two of them co-workers. Value the remaining years of your life, not your money and your silly irrelevant(perceived) prestigious location and silly HOA rules. I would never live in one of them. Seriously? I can afford not to, that's why I don't.
Ok then, 8gag. I'm not familiar with trailer park living, but am aware that many people do live in places like that, some by choice or otherwise. Don't be obtuse, you know exactly what benefits come with living in a Master Planned Community and it has nothing to do with being better than others or acting like snobs. As far as "the better schools" comment and how that relates to a retiree? You should also know the answer. It has everything to do with maintaining property values.
-8xds,, So Glad I don't live in Houston, then. What are "better neighbors"? I have awesome neighbors whom are all very polite and courteous to one another and obey all rules and laws. We also have great schools in our area although I fail to see how that applies to a retiree? Are you and your neighbors better than everyone else because of their income level? Wow. So happy I don't live there. I'm not better than anyone else. "Master Planned Communities" Sounds quite pretentious. I guess I am not part of the "Master Race" so I would not fit in there although I'm sure that I have the financial assets. I am happy with my normal modest community. We all get along just fine and there's no competition with the so-called "Joneses". Never had any problems so far.
@8cda, Master Planned Community = Better neighbors abiding by the rules, Uniformity, Common areas are well maintained, More amenities, Best schools (most inside the community), Home value preservation. All for under $100 a month, I see it as an investment in quality living.
The way I see things in Houston, all the better places to live are in Master Planned Communities. You can hardly escape from one, unless you live rurally or in an old community of which most are not as desirable. Either way, I concur that $30,000 a year is very doable to retire on in Houston and surrounding suburbs if you are debt-free, have no mortgage or kids in school. Congrats to you retiring content like me. It's the reward we all wish for.
-8yig, no that is not impossible to believe at all if you are that close to receiving SS and Medicare benefits. You need much less to retire on the older you get. Simple math. You are closer to SS, Medicare, and you also have less years left to support. Retiring Early (like the 54 y/o poster below) is a much greater challenge, but with his/her savings & pension, it appears they are also well set to ER.
$30K per year , is what I meant, thanks in advance if you caught that. thanks for reading!
-8yig LOL! glad I am not paying to live in a "master planned community" with HOA fees, etc. Sounds snobbish and expensive! I live off of $30 per year average in my beautiful, safe, modest 2500 sq ft home with nice yard and go on ~4 vacations a year including a couple flying & Cruise, with quite a bit of good food and fine dining tacked on!!! I don't consider my lifestyle Frugal at all! We also have 2 late model paid off cars.
I own everything I have free and clear, including my 4 bedroom home in a master planned community. I have $850,000 in my 401k and about $100,000 in bank savings. But I'm able to live off my Chevron annuity of $29,600 per year just fine. It covers all my budget expenses, including my property taxes, HOA dues and meager federal tax liability. I'm able to purchase all the groceries I like and can maintain my two cars Including gas and insurance. Social Security will kick in 3 years from now, which will put me over the top for a longer time. I live a frugal, but comfortable life. For those of you who haven't retired yet, I know this sounds impossible. I even thought it would be difficult. But if you carefully plan for retirement and know exactly what all your monthly expense items are, you can retire with less than you think.
-8sqb ; "800k in savings, 600K in 401 and 80K pa annuity pension for life in two and a half years. "
Sounds like you are doing great - congrats! I could easily live on $80k annually after taxes and have savings left. Your savings is good to get you there, keep as much invested as possible and keep spending down for 2.5 years, then you can let the rest grow after you get your pension to offset unforeseen expenses, inflation, etc. (all depending on your budget, of course) What is a "pa annuity pension" and how did you get it? Is it COLAed? I know that the CVX pension is not.
6czw...where the hell do you live with LCOL at 30 k ? I wanna move ! I got laid off in April at 54 yrs old. Have been struggling mentally whether I'm ok or not if I never work again. Have 800k in savings, 600K in 401 and 80K pa annuity pension for life in two and a half years. Plus SS in due course. I have no debt , cars and house paid off, some futur college expenses. Iknow it seems good but I worry whether I should retire now or stress out looking for work that exists in restaurants rather than the non existent oilfield jobs. This whole layoff thing puts huge stress on the family and CVX blows it off as a business decision with no compassion. Im not a butt hurt loser.
-6tqx, Congrats, I am a PSG 23 about to retire and have about the same - $1.12 million + pension. Thought I was doing pretty good. Who posted that table below, someone without a clue or someone who lives in a shack down by the river?
PSG 19-20 here. Put in 24 years with Chevron, so far. Have $1.2MM in 401k, lump value to date $412k, bank savings $110k and $224k single family home paid off. I earn a salary of $102,700 for which I'm thankful. Good luck to everyone.
PSG 22 here - About 1 million in invested assets + home paid up. 54 yo My pension is small. I thought I was doing fine and figured I can retire soon or when they cut me, no problem. Did the math. My budget is ~ $30-40k annually. I live in a LCOL area. I guess from that chart I'm in the lower percentile of savers and investors. I really don't give a rat's butt. I work to live, I don't live to work!!!!! Cheers!
I am Operations and have a little over 450K in savings. would like to to retire soon, but probably can't. Made good decisions, did not over spend, saved, Paid for the kids school, got them what they needed. I have everything I need, though. I believe also that the post with the table below is way off, from talking everyone at Chevron that I know. that's maybe for people without kids and who don't have any normal expenses like health care, or were born with a silver spoon and did not have to support themselves from the time they were out of high school like many.
I am O&M and have about $650K in savings and a small pension. Hope to retire soon, Did all the right things, saved, Sent the kids to school, got them what they needed. I have everything I need never wanted for anything. The chart below is way off, from talking to the people that I know. that's maybe for people without kids and who don't have many expenses.
@JsmKvm0-5bxt, Thanks for getting on anonymously and bragging about your success and displaying your arrogance without giving us any details like the OP requested. Hope it made you feel like you got in your "arrogant "dig" at others, because it certainly did not provide any useful info other than letting people know that you are a self-validating jerk who doesn't get along with others.
My kids all got their college degrees without getting into trouble. That is how I measure my net worth over 35 yrs of service. Oh yea, I have a few million bucks but honestly the success of the kids makes me happier. And I never worked in a "hardship" craphole location. I'm not in the frat with the scotch drinkers. I reached a very nice PSG without being part of the incrowd. I don't have a lake house in the Texas hill country or anything like that.
My plan was to keep priorities straight.
Your mileage may vary.
-2vtf: sounds to me like you did very well indeed.
Amen, 2vtf. You and I think alike.
I'm a PSG 23 and my net worth is about 1.25 million. Have to support Wife & kids. I saved as much as I could and did not splurge on any needless extravagances. I did not deny my kids what they needed. though. Headed toward retirement in a year or so, Last kid finishing college. Don't care about money as much as you guys, I can assure you. It's not the key to life as long as you have enough to survive. I don't "want" anything that I don't already have. And the older I get, the less I want or need other than decent health care.
-2rrz: More like what one could have if they did everything more or less correctly ... 25 yr. plus and no big financial mistakes. Sure folks could have more if very frugal or lucky in investments, but also could have a lot less if they made any number of common mistakes (including, as you mentioned, divorce; but also medical issues, bad investment choices, etc.). I would say your number might be the p25%-p75%.
-2rom, That's a neat list, but does not give one an idea of "Average", like the OP asked. The average would have to include the number of people or at least approx. If there are more PSG-25's than O&M's then the average would be closer to the higher number, and vice versa. And does that include the lump sum value, or just savings? Many who plan on taking the annuity do not generally think about that lump sum as their savings equivalent, but more of a safety net, a form of insurance that they conservatively ignore for planning purposes, like SS.
Either way - thanks for the info. nice job!
@2rom, those numbers may be a rule of thumb, but nothing scientific for sure. I was a non-degreed office employee in the PSG 19 range most of my 26 year career and ended up in the midrange of your O&M bracket. By personal observations and well sourced reading, it's well known that higher paid employees accumulate costlier things and endulge themselves more in life. They may tend to afford bigger homes, own nicer cars, take lavish vacations, spoil their kids. All that, but in the end when the gravy train stops, their retirement savings often is not as high as you would think. The retirement style of living for these higher paids is not always a linear correlation with their working career pay.
-2rom......Good post, you nailed me correctly @ PSG 24 with 30 years and retired.....checked the EOI box in April.
A lot of variables like divorce, did you take money out to buy a Harley or maybe bounced loans high and buy back stock low swings before they shut us down, but here is a realist range for Chevron net worth in 401K and retirement dollars.
O&M - 1 million to 1.5 million
PSG 21 1.5 million to 2.0 million
PSG 22 2.2 million to 2.5 million
PSG 23 - 2.5 million to 2.8 million
PSG 24 - 2.7 million to 3.2 million
PSG 25 - 3.4 million to 4.2 million
-2mlu, not a bad start for a 44 year old. A $400,000 home is alot of home IMO and the $200,000 balance will take a good number of years and real cash (and interest) to pay off. Maybe you can consider downsizing to a nice but modest home in the $250,000 range? In going that, you will only $50,000 from owning it outright. The rest of your career can be focused on building serious wealth. Take advantage of the great pay you can get at Chevron over the next 10 years. After that, you begin to run the risk of falling victim to a layoff.
49yo, $170k in 401k, $230k house 30% paid off... that's my story and I'm not afraid to tell it!... Was not born with a silver spoon in my mouth like some............
44yo, 200k in 401k, 400k house 50% paid off... that's it...
-1zkh, That type of calculation is often shot down right away on retirement forums because people's budgets are apples and oranges. There are people who make 5 times your salary with only half of your savings because of their lifestyle and COL.
Almost Retired, 32 years with Chevron, 58 years old, net worth approximately $900k. I do hope to never work again though as I am in poor shape.
For a very rough approximation, take your final PSG (21-29), subtract 20, multiply by years of service and then by $25,000.
E.g. PSG21, 20 yrs = 1x20x25000=$500,000
PSG28, 30 yrs = 8x30x25000=Col. Steve Austin
I'm laughing back at you, 1afh, who hadn't a clue about profiling. I know I'm sitting quite nice and I don't really care about anyone else's situation, starting with yours.
Who cares what the average is. Not me for sure. All i care about is mine.
@1pei, I'm sure your not one of those who are thrilled to tears, but rather than one who is reduced to tears knowing you did yourself poorly all these years. Right?
Retired 30 years with Chevron, 62 years old, net worth approximately 3 Million. I do hope to work again though as I am in good shape.
@JsmKvm0-1lcj, I'm sure everyone reading this thread is just thrilled to tears about you bragging anonymously about your self-perceived success, which no one can prove is BS or not, but what doe's that have to do with the subject - "How much is the Net Worth of an average chevron Retiree"?
Remember the average net worth is not the highest or the lowest.