Thread regarding ExxonMobil Corp. layoffs

RETIREMENT: Need help from folks who are planning to retire or have recently retired

Hi All - I need help from folks who are planning to retire or that went through the retirement process. Here is a thread on Chevron's page, it's customized I hope we can put together something similar to help our folks as well: https://www.thelayoff.com/t/1kmrb08g5 or @OP+1kmrb08g5 "So, you've started thinking about RETIREMENT"

If you have time chime in with bits or pieces and, after a week or two I will consolidate everything into a long master post named "Exxon: Retirement Planning Considerations".

I am sure I am missing some key points but here is what comes to mind right now:

  1. Ret. eligibility details (thresholds, yrs, pts)
  2. Key milestone impcts (what changes materially)
  3. Equity / vesting rules (RSUs, timing)
  4. Bonus treatment after one leaves
  5. Pre-65 healthcare costs (monthly premiums, coverage)
  6. Post-65 healthcare reality (medcare, supplements, totals)
  7. Company contribution levels (amts, caps, trends)
  8. COBRA transition experience (costs, surprises)
  9. Retiree vs employee benefits (what gets better or worse)
  10. Out-of-pocket expectations (deductibles, exposure)
  11. Real monthly cost examples (individual??? family?)
  12. Financial planning lessons (mistakes, what mattered most to u)
  13. Longterm benefit risks (changes, reductions, uncertainty)
  14. Timeline considerations (when staying longer helps)
  15. Anything you wish known (critical hindsight insights)

Add what you can. Specific details are most useful.

#Retirement #Benefits #Gold #Healthcare
by Anonymous
| 11 views | | 5 replies (last March 31) | Reply
Post ID: @OP+1kn00k1dn
Comment! It's anonymous!

5 replies (most recent on top)

Take the late career financial retirement class and get your free financial planner from EY

by Anonymous
| | Reply
Post ID: @et+1kn00k1dn

There's a course called "Late Career Financial Planning" that you'll find useful. You can find the slides on the E&Y website.

by Anonymous
| | Reply
Post ID: @ds+1kn00k1dn

I know it's risky to download Excel files from the internets, but this was shared with me by a fellow employee when I was preparing to retire. It's a good starting point of a checklist.

https: //safenote. co/r/69cbd2b320e463@40242526

(remove the spaces after the colon and the period)

by Retired
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Post ID: @dn+1kn00k1dn

Join facebook group “Exxonmobil Retire in Five”

by Anonymous
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Post ID: @ac+1kn00k1dn

See if any of this helps, I hope others contribute too:

Eligibility : 15 years and at least 55 years old

Pension formula: 1.6% x years of pension service x final average pensionable pay - Social Security offset. Pension as vested after 5 years

Milestones: retiree at 55 = 75%, retiree at 60 = 100%, if terminated #s drop sharply

Pre-65 HealthCare: If you miss 15/55, you will need your own insurance and it is expensive and it su-ks

Retiree vs employee benefits: People will need to chime in (e.g., Delta is useless – for sure for sure)

Slalary/career planning: Be conservative as you estimate your salary and as you get closer to retirement. look at lower tiers of salary bands (lower third?) – maybe assume that, once u hit 50, all that you are getting is ‘maybe’ adjusting for inflation. It’s kind of "u peak in your early 40's" and flatten or decline as retirement approaches.

Equity/vesting: 50%-after-5-years and the rest at the later of 10 years or retirement.

Financial-planning: …interest rates matter for lump-sum value, consider rolling up pension and 401k money into IRAs… run real scenarios, it may help figure it out – prep data for ai, let it run scenarios for ya.

NRE: No NRE protection (since this year) – not sure if true... others can clarify

by Anonymous
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Post ID: @a6+1kn00k1dn

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