Thread regarding Chevron Corp. layoffs

Hi OP:

Kudos on saving so early in your career!

I can just hear the anguish in your post about possibly being laid off, and I would like to offer a little bit of positivity.

Many of us have gone through multiple layoffs over the years & made it through, and you will, too. Try to take a deep breath and just repeat to yourself that you will be all right, no matter what.

If you haven’t already, schedule a consultation with a Fidelity financial planner. Come prepared with info about all your financials (CVX & other company 401(k), CVX pension plan (run a few scenarios), personal savings, external investments, IRAs, mortgage, etc.)

They will help you map out your current state and then can go through different scenarios. I find that, even when the news is bad, it helps me to manage my anxiety if I have data and can think of different options.

Also, if you are feeling really anxious, please reach out to EAP. I cannot emphasize how helpful they were to me in the past.

Hang in there … we will get through this!!

First thing I will tell you is do not be afraid. Uncertainty is a part of life and being laid off from companies will happen during your life. I have been laid off at least 4 times in my career and yes, I was afraid, but every time I fell down I got back up and found another job. Sometimes at half the pay but I found another job.
Best thing to do is always live below your income. I know that may not be easy, but do your best to spend less than you earn.
Second, have a family when you are ready because the most important thing you can have in life is a family. Children will provide more reward to you than anything else in life. Children cost money but they do not need as many material things that parents think they need. They need love and companionship and they will be fine. At the end of your life, you will be fulfilled if you have children and they love you.

As someone who has had 401ks from many companies, it’s good to look at your options to keep in the company or roll it into an IRA. Some people feel it’s better to roll over to an IRA to consolidate.
Good question on ESIP but I think it is treated similarly to the 401k - keep in place or rollover.
Good job on investing in the 401k early.

OP,

If you're young max out and take advantage of Fidelity's managed 401k while you can. Don't touch your 401k no matter what. If you have to move in with your parents, do it.

It’s yours to keep. 401k is vested. Just know there’s a penalty for any withdrawals from the 401k. Income tax, and 10% penalty on top of that.

401k is yours to keep. Company match vests immediately. There's a penalty if you withdraw before 59.5 unless you did Roth 401k. In that case, you could withdraw the contributions but would not recommend giving away tax free future returns.

If you’re laid off, pull up your pants and find a new position.

You get to keep your 401k. You can keep it at Chevron, or roll it over to another plan like an IRA or a new 401k. You will get paperwork on how this works, so read it carefully.