Retiring from Chevron
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    We are commonly asked about certain Chevron benefits, and how they affect retirement:

    • Employee Savings Investment Plan (ESIP)
    • Employee Savings Restoration Plan (ESIP RP)
    • Chevron Incentive Plan (CIP)
    • LTIP Stock Options
    • Stock Options (ISO) and Non-Qualified Stock Options (NQSO)
    • LTIP Performance Shares
    • LTIP Restricted Stock Units
    • The Chevron Retirement Plan (CRP)
    • Chevron Retirement Restoration Plan (RRP)

    We are also often asked…

    • Can I really afford to retire?
    • Can I retire before 59½ and avoid penalties?
    • How long will my money last?
    • When is the best time to start taking my social security?
    • Should I take monthly payments or the “lump sum” option from my pension?
    • What strategies can help me save on taxes?
    • What are the costs of long-term health care?

    Sample Retirement situation that we help with:

    • Sally Saver is looking to retire, she has $300,000 of CVX in her ESIP account plus around $400,000 of mutual funds.
    • The CVX stock has a basis of $71,000
    • Sally has a few options to move the funds out of the company 401k plan, as mentioned there are some tax saving strategies available.
    • Sally can distribute her ESOP Chevron shares into a brokerage account, the $71,000 would be taxable at ordinary income rates in the current year but the difference $229,000 ($300,000 CVX value – $71,000 cost basis) would have the option to be taxed at long term capital gains rate in accordance with tax law.
    • Sally would then roll the $400,000 of mutual funds over to an IRA, and take distributions as needed with the understanding that any money coming from the IRA account is taxed as ordinary income.

     

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