I am not, this year was brutal.
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I’m 55; I have enough; and I’ve had enough. :)
You all have enough money to qualify for a golden type of visa to one of the Western European countries. Cost of living is much less than in the USA, surrendered by rich culture, beautiful nature and architecture. Buy into universal healthcare for less than 2k a year with 0 worries to get bankrupt b/c of serious illnesses. All needed is an open mind and willingness to assimilate into a new culture and do not expect that culture to change for you.
@1umh Location: Houston but not by the campus. Property went up a lot since I bought it at 775k the taxes eat you up a lot at the evaluation tax price of 1.2M. Me and my wife both work in O&G. Both very thrifty and the House was a splurge when we got it. Knowing what I know today I would have sold it 3 years ago and downsized. If O&G goes south more and stays south the value will more then likely fall hard. Our retirement age goal is 55 but obviously will work for the numbers when we get there just want to be capable of being financially independent at 55.
It took a long time for compounding interest to make impact on my savings but when it kicks in - wow!
Advice to younger folks - be aggressive in your portfolio. I was way too conservatively balanced in cash and bonds and common assets in my youth. That is an old guy’s game.
At 50, I now have over 7 figures in 401k, same in pension plan (if lump sum), and house paid for ($500k). I hesitate to share this data because these comparisons can cause jealousy or depression, but I hope it provides relief. All of our circumstances are different. The real key is to build a retirement budget, and then look at your situation. A wise man once told me that you are only ready for retirement “if you have enough, and if you have had enough.”
Company has pension calculator in intranet. Run several cases at 55, 60 and 65 to test outcomes.
I gave the results of this calculator plus my 401k statement to financial planner, and they ran Monte Carlo scenarios to develop 4 potential cases (most likely case, and three scenarios). It will give you some comfort in your life goals. There are plenty of planners out there hoping to score XOM employees with their pension plans (Goldman Sachs, UBS, Morgan Stanley) - just call any of them and they will have group dedicated to XOM, who will be happy to run a retirement plan for you.
Weird format and number from my phone see if this works.
40&41 married 2 kids. 3.8M NW, 1.2M house paid for, 1M 401k and Roth, 1.4M trading accounts. Didn’t include pensions as they are not real until you have them in your hand.
40 & 41 married 2 kids
- 8M NW
- 2M house paid off
1M 401k and Roth
- 4M trading account
200k cash
Paid for cars, boat and weekend toy car but no real value there as the ones that are of value would never be sold.
@1eoc - Thanks! I'm not celebrating though, this money was made on the backs of the worst economic disaster since the Great Depression. Praying for those not so wise/lucky. As for my portfolio.... Initial gains were from long-dated treasuries bought in 2019. Sold those during the peak in early March, then put the vast majority of my NW into gold/silver in March-April. Sitting on over $300k of gold today.
Well done, young man!
I’m an index fund disciple myself, but what exactly did you do this year to yield 40% YTD? I tried to rebalance asset classes a bit during the COVID roller coaster, but pretty much just came out even with the performance of a large cap index fund so far.
Late-20s single no-kids here, interesting to see perspectives from fellow coworkers farther along in their career. Seems like savings rate really drops off after kids and mortgage.
For reference, 3 years with XOM, annual income $150k (about $120k after tax), annual expenses are about $30-40k. Net worth $420k, started from $50k three years ago. Annual investment returns about 10%, this year being a notable exception (something like +40% YTD).
@pxa that's the way to roll man - keep the chin up and push forward
not sure if i am doing good but here is my balance sheet:
49 yo male
- 2 kids, divorced, solo right now and will keep it that way
- condo + small lake house
- very nice cars and boat, yep, leased :-)
- 500k in house equity
- 500k in 401k
- 200k in other savings
- will work through 65, given family history it'll be miracle if i live past 75
48 years old, $100K salary, 2 kids, one is severely autistic, and requires special care so not economical for wife to work. 26 years with the company. Was always ranked high until now. I made the mistake in May of saying that I was worried about coming back into the office and bringing Covid home to the family (wife has diabetes and son autistic). I was told that my attitude suddenly changed, and I am now bringing the group's morale down, which the company will have no tolerance for in this economic environment. I'm just paying the bills and feeding the family. Not a lavish lifestyle at all. Now, it looks like medical insurance is going to be yanked right before flu season/Covid increases. We will make it somehow, no matter how difficult it is. Of course retirement is looking pretty bad now. But my primary concern is finding another job quickly to have medical coverage again to cover my son's therapy. I'm not asking for sympathy. Just answering your question.
Early 40’s, roughly $0.75M net worth. Grad school took a while, and although I was never irresponsible, I didn’t start maxing our retirement accounts until my mid thirties.
Although I wouldn’t say I regret my path, I’d tell kids in college that if they want the option to retire early that grad school is a detriment (provided you can find a good job right out of undergrad), and to max out all possible tax advantages retirement accounts (401k and Roth) from Day 1.
Rent vs own has a lot of variables to consider ... but it looks as if several folks in here have amassed quite a bit of real estate equity.
$550k in real estate, $1.7M in savings, est. $1.3M in lump sum
58 YO. Retire in 2 years.
2 kids, grown, no boat
Yes. My performance was always in the top third. Wish everybody the best both in retirement savings and career.
@qic+16JLsOlB $260k salary?? You mention MBA so I’m assuming you aren’t in the business? Has your performance generally been in the upper third?
Thanks. Saved from day 1 and never held XOM stock for very long. Wife worked for a few years but not a major factor (maybe 300k NW impact but certainly helped avoid childcare costs and improve work life balance). Just saved, invested, and lived under my means.
I have been very fortunate with a salary ~270K (for now and I realize that's a big factor). I was top of my class/MBA and started day 1 out of school at XOM. Sad to see where things are now but no sense venting about that here. Worst decisions - trying to invest in individual stocks. Best decision: Didn't buy a boat.
Breakdown:
Home Equity: 850K (paid off)
pension value today ~680 (approx PV of full pension)
401k: 1.1M (all in cash as of a year ago)
Other stocks: 600k (poorly invested if you ask me)
Other thingers (cars and cash on hand): 200K
I don't value in physical assets other than cars and house in NW.
$3.5M at 44 is pretty incredible. Is your wife/husband also a high earner? Start right after undergrad with the company and move up quickly? Either way, congrats!
No one can really tell you if you’ve saved enough because it depends what your expenses will be like post retirement. Some retire comfortably on $1m, others need $10m to retire.
As long as you max your retirement accounts and let compounding interest take over, you should be good.
Meh, I don't mind sharing. 44, net worth of $3.5M. Manager level employee (not close to executive). Have saved well since day 1 and factoring for PV of pension.
Sorry, my question about net worth came across wrong. I am not a salesperson. XOM employee just like. Just don’t know if I have done a good enough job saving for retirement. Was trying to figure out if I am in the same ballpark others or way behind.
Non-management level employees in this age range are most brutally affected. These employees typically have 20-30 years of loyal service and are being separated with no real severance package. Retirement eligible, you at least get your medical insurance and pension lump sum option, although you may still have to find a contract or part-time job. It may not be ideal, but there is at least some kind of safety net if you cannot find full time employment. New hires - your ego will be hurt, but you are still young, healthy, no kids yet, no mortgage yet, still have ability to relocate, etc.
Is this going to turn into a sales pitch?
Why would anyone fish for information like this on a lay-off board?
This is a strange post to me. Why are you wanting "real examples from XOM world"? There are too many factors involved in one's own financial situation for it to be deemed "XOM world." What is this???
Not “Go”. I meant “For”.
Go those in early 50s and on track, what is your family’s (you and spouse) net worth?i have seen calculators online but trying to get some real examples from XOM world.
Mind telling us why you arent on track? As an XOM employee, you make over 4-5x an average american.
Are you trying to keep up with the jones?
Divorces?
Or buying a car/house that you cant afford?
I am on track. Although I would like to reach 55 to retire so I can get the insurance. Health is my biggest concern for me. Otherwise, I have been fairly frugal with my life so if I have to I am sure I will be alright.