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Five Financial Considerations Chevron Employees Need to Know
In recent months, Chevron has announced major restructuring plans, including significant workforce reductions around the globe to occur through 2026.1 While the potential for downsizing is an unfortunate reality as businesses evolve, the financial and career disruption is rarely easy for affected employees and their families.
If you’re a Chevron employee or know someone who has been impacted by these recent layoffs, Quotient Wealth Partners is here to help. We’ve helped many Chevron employees navigate through this complicated and often overwhelming financial situation. Whether you’ve already received notice of an upcoming layoff or want to prepare for what news may come, some advance planning can go a long way toward protecting your financial security. Consider the following tips to assess your current financial standing, maximize your employee benefits, and navigate the transition ahead.
1. Estimate your post-layoff income.
As you approach a period of potential unemployment, it’s important to have a clear picture of what financial resources you’ll have available. Take time to understand the terms of your severance package (if available)and your projected pension payouts (available through Chevron’s benefitconnect website). You may also qualify for state unemployment benefits, which can replace a portion of your paycheck for a limited time. Estimating these numbers in advance will help you and your financial advisor anticipate your post-Chevron income and plan accordingly.
2. Research replacement benefits.
Maintaining health insurance is probably the number one priority for most families, so start exploring your options now. Those might include continuing coverage through COBRA, applying for Medicare, moving to a spouse’s employer-sponsored plan, or finding a new policy on your own. Beyond major medical, also make plans to continue other important coverages you may receive through Chevron, such as life insurance, long-term care, dependent care, disability and others.
3. Plan your next move.
If you’re planning to retire upon leaving Chevron, work with a professional to conduct a thorough review of your retirement accounts, other savings and investments, and Social Security strategy, to ensure your plans are still viable. If you’ll be looking for another job, don’t underestimate how long the search might take. Update your resume and LinkedIn, tap into your network, and start exploring realistic options now, which could include a career change, relocating or starting your own business.
4. Make the most of retirement accounts.
Regardless of whether you’re retiring next month or 20 years from now, take full advantage of Chevron’s Employee Savings Incentive Plan (ESIP) while you still have it. Provided you won’t need the money for living expenses, maxing out your annual contribution before you leave will secure the full company match to give your savings a boost. As your employment ends, look into the best ongoing option for those funds, which could mean leaving them in the Chevron plan, moving them to a new employer’s plan, or rolling them to a traditional or Roth IRA.
5. Rein in discretionary spending.
If you expect the layoff to place a financial strain on your family while you’re out of work, don’t wait to make some changes. Review your monthly expenses and debt obligations, and start finding places to cutback on non-essentials. It may be easier than you think to live (at least temporarily) without a housekeeper, lawn service, or premium TV package. You might also want to forgo any major purchases, home renovations or expensive vacations until your finances are back on solid ground.
Going through a company layoff can be a stressful and confusing time for people at any salary level. A qualified financial advisor can help you anticipate the challenges ahead and develop a plan to make the transition as painless as possible. To schedule a no-cost, no obligation consultation with Quotient Wealth Partners, please call (888) 895-4797.
1. https://edition.cnn.com/2025/02/12/business/chevron-global-layoffs
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