Thread regarding ExxonMobil Corp. layoffs

Aah, I remember when I was that young thinking that I wanted to work until I was 65. Life will happen to you young grasshopper. You will hopefully gain fulfillment outside of XOM and realize that giving your best retirement years to work longer is not the best choice. Go to YouTube, search for Nick Maher and watch some of his videos. Plan for 55...

thank you all i am the @op - some good tips here. it's appreciated.

This board is full of uninformed and overly pessimistic people. Not useful feedback. The 4% rule already includes the inevitable inflation and volatility. Including social security is an obvious miss that makes your retirement much easier to achieve, and simple math shows that although a haircut may occur, most of SS will remain. maybe assume 80% collection. SS Phased-out is a radical and unlikeley outcome.

I would encourage seeing how early you can retire w bigger contributions. You don't want to work longer than needed for retirement u less you love the work and hate retirement.

Easier math is to calculate how much you need in today dollars and multiply by 25 years...then you have social security and pension lump sum as gravy. You need 2.5 million in todays dollars...so escalate for 30 years inflation at whatever you think inflation to inflate 2.5 million to money of the day when you retire...expect it to double because of inflation...you will need 5 million. plus tax rate will be higher in 30 years...

You need to improve your planning and modeling capabilities or you will be pip’d long before you reach age 65.

My advice, skip the modeling at this point. Save 15% of your pretax income if you want to retire average EM rich. Save 25% if you want to retire fabulous EM rich. Put as much of that in Roth as you’re allowed as long as you don’t exceed 24% tax bracket. That’s all the plan you need.

Put the data into chatGPT and it will tell you exactly what you need.

In 40 years, $100K will barely pay for your healthcare. You should not plan on Social Security or Gov provided health benefits, that's all going to be phased out.

So if you assume a 3% annual inflation, the equivalent of $100K today would be just about $350K and that's what you need to add to your calculator/AI planner. Then repeat the same thing for other assumed inflation values. You'd get something like: at 2% inflation your equivalent is $250K, 4% will give you $500K, @ 5% you are looking at $700K+