I didn't end up divorced and made out like a bandit with 6 relocations during my 26 year career. I was ultimately thrown under the bus by Chevron at age 58, but by then I had enough of being moved from one place to another. That kind life is not for everyone, especially if you have kids, it can be rough. But the reward is definitely financial. Chevron compensated me very well and I took advantage of all the perks and benefits. My wife and I retired early and we're living the dream right now.
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In reality the CVX top performers were moved around from beautiful Bakersfield to Midland and Kazakstan. Many ended up divorced with no home equity. Then, thrown under the bus at age 50.
Pat: you are way off is talking about average. The only ones coming in at those kinds of numbers with only 25 years are the engineers or geo's who had a rocket up their but.
My Invested assets are just below $1MM and I have a paid for modest house, cars and boat. I live in a relatively low cost of living area. I have done many calculations, talked to financial advisers and determined that I will be fine with my tiny pension and Social security and can even take it at 70, which makes sense since my family has a longer than average typical lifespan. However, that is only achieved since I live frugally and always have. I do drink very good wine and eat well. What do you guys blow your money on that you need to amass such huge fortunes? It always astonishes me how a 2 income family can earn well over $200k a year and still be in debt.
-1avv, Although SS pays out more than it receives currently (since 2010), people such as you are not and most likely will never be on any sort of government "Nipple". You work and for every dollar you earn 6.2% goes to SS. Your company also pays 6.2% for a total of 12.4% contribution. It can easily be justified to say you earned that entire 12.4% in most cases. That finances the SS program and it is distributed to many workers and non-workers. If it would have been properly invested pension-like in the past, instead of being the straight-through sieve that it is today, perhaps the amount distributed would match the amount earned in growth by the program but that's a different topic. You are not "S---ing on any nipple" by participating in the program that your hard work is funding or has funded in it's entirety. In contrast, many receive benefits who do not pay into the system. The list is lengthy and complex. They, in contrast, are INDEED svcking on YOUR nipple -1avv, to be perfectly clear, since the government or SS admin, does not and never did earn any money. Their only revenue is your tax dollars or OASDI payments (the 12.4% of your paycheck). They are svcking on YOUR tit, -1avv. Since when did the federal government or the Social security administration earn revenue on it's own?
Good points 1grb. You forgot to mention the fact that the social security funds were "borrowed" to balance the budget many years ago and never repaid.
-Pat I am guessing your inferred average is for engineers and petro-tech types. The Houston office may be full of those types, but there are certainly a lot of chevron employees at lower pay grades who will bring that "average" way down.
The question also included a reading comprehension test which all of you failed. It asked for the Average, not your own personal net worth. Nobody knows the average, not even HR. Non-exec net worth based on earnings alone likely ranges from large negative figures to tens of millions.
A typical US payroll employee with 25 years is looking at about $2MM lump sum plus 401k. Add in a house at $500k and you get $2.5MM if they were typical consumers. If they were frugal you could double it. I suggest p10-50-90 of $1-2.5-5MM
-Pat
-1bfu: I also want to live s long heathy life before getting hit by a bus. The basic problem is there is always reason to hope, all they way to the point where you have lost personal control. In most states it not legal to have a loved one help you load the gun, even if those were your wishes.
-1grb: what we would probably agree on is the SS system has been well know to be out of balance for a very long time and thus the baby boomers should not be too surprised if the next generations at some point become uninterested in continuing full payouts of what many will consider to have been promised. How to fix the balance will have to be addressed at some point, and not everyone will be happy. At that point assigning blame will be rather beside the point... spilt water and all that. All I can say is the baby boomer generation (of which I am a member) can hardly say we were not been told it was coming. When that push comes to shove I expect the "obvious" solution will be to means test folks like me off the nipple, which is why I am not planning for much from SS in retirement. I will leave to to you to figure out who to blame, but as far as I can tell that and a nickel no loner buys you a cigar.
I hope to live a long life in retirement. I can easily make it living frugally, but not if I fall ill. If Alzheimers is to take my mind, my plan is to grab my gun and go off into a field to put myself down. God help me if that time comes, I don't forget to put bullets in the gun.
The 491k taxes comment is a good one, I have an issue where my most of my net worth other than my house is in my 401k, still trying to figure out how to plan out my withdrawals so I pay the lowest taxes possible
My wife and me are early 40's, both at CVX. I maintain a spreadsheet and compute NW end of each month.
Last month was 2.6, not including any NPV of pension or SS
A thing to remember about 401K , IRA and other pre tax balances is that you have to subtract taxes to give a more exact net worth . So, if you have 2 million, it is really about 1.5 or even less if you are in a high tax bracket
-1qjb: Just one easy to digest question: Are you a moron or just play one on tv?
Well as long as we are dropping pants (anonymously), so to speak: I am 57, still working at Chevron, grade 24: have 2M in hand (401k & brokerage) plus a modest house inner-loop Houston mostly paid off. Small lump sum heading my way when I retire (or when laid off, whichever comes first), reflecting only 8 yr at Chevron. Modest needs for the most part, so I figure I could just about handle retirement now. That said, I can not see how baby boomers (like me) can expect the next generations to pay for our Soc Sec over many decades: given that we have know we underfunded that system for 30 years. I fully expect to be mostly means tested out of payment from that. I also have a parent with end-stage Alzheimer's, so am fully aware of how high the costs of end of life care can be. All in all I decided my goal to retire is 3M... but I also have had fiends, only slight older than I, who had more than enough to retire but kept working "a few more years to be sure"...up to basically the point they died. I have an eye on the horizon hoping to not make the same mistake. There is a lot I still want to do!
Gollum says no money. That's why I'm Soending all mine on wine and women. That way I get something out of it before the new world order comes.
Don't feed the idiot Brain-Dead anti-American Nutjob troll. He has no balls and is a coward.
I certainly hope that the person posting about $600k in a savings account for 40 years is talking smack. Because if he is not, that has got to be the most ignorant investment decision in history. What's the rule, money doubles every 14.4 years in the market? Let's be extremely conservative and say it takes 20 years to double. That $600k should be worth $2.4 Million with not much heavy lifting or risky investments at all today. On the other hand if it has been sitting in a savings account it is losing value to inflation and has been for years. Happy about your tall tale now?
-1nyq, The earlier that you retire, the more that you need. It's all in the math. Don't take my word for it, research it yourself. Not that your $2MM is not exceptional and more than many would need in certain LCOL areas with certain lifestyles.
My net worth counting home value, etc. is approx. $7.89 million. My wealth is primarily comprised of (in the following order): All of my After-Tax portfolio's, Tax-advantaged 401k and Rollover 401k balances, real estate holdings, current value of my home, savings account cash balances, no small items like Cars, RVs' Boats, ATV's Jet-skis, Motorcycles, etc. that I have. I am totally debt-free. I do not count things like Social Security and pensions, although they could be included in some present value fashion. I do not plan to take the lump sum, however.
Damn -1ogg, not bad at all, but keep a close eye on that wife of yours from now on. She hid $600k from you over 40 years. Not cool. What else is she hiding from you? Maybe a $1 million life policy? Be careful she doesn't own a gun or bottle of cyanide.
After 35 years I finally retired several months ago. Worth is $2.5 million. But that does not count our SS and two pensions. Also this does not count $600,000 that my wife has hid away in a side savings account over the last 40 years. House is paid off, no debts and the kids have been released. Heath is all good. Ready to have fun! Every day is a weekend. Every night is a friday night. But, we started with nothing and worked our bloody asses off for years to get to this place in life. Life is good!!
I retired early. My net worth is $2 million. Nowhere near the $875 million that John has (I assume that is JW). I figure if you can retire at 60 with a net worth of $3 million that should afford a comfortable lifestyle, or retire early with investments that you could grow to $3 million over time by age 60.
Mine is $875,000,000. John
OP, I'm sure the responses you receive on this thread will be as varied as every CVX employee out there. Since my reply is anonymous and doesn't identify me specifically, I'll indulge your request and honestly answer your inquiry. I know my exact net worth, since I took the time to compute this value last year when the talk of layoffs were in everyone's mouth. First let me lay some basic information on you for reference.
I retired at 58 years of age after 26 years with Chevron. I was always an office employee. Half my career was on the hourly pay scale and the remaining years at salary, mostly at PSG 19-20. The last 18 months was at PSG 21.
My net worth (hard assets minus liabilities) and NOT counting the value of life insurance is $2.85 million. My wealth is primarily comprised of (in the following order): My 401k balance, lump sum pension payout, market value of my home, bank account balances, value of 2 late model vehicles. I am totally debt-free.
None of your business troll.