Retire from Occidental Petroleum (Oxy)
We help Occidental Petroleum employees transition to retirement.
Retiring after decades of service in the energy sector can present its own unique set of challenges. Highly appreciated and/or large concentrations of company stock, periods of rapidly changing commodity prices, and decisions regarding when and how to take pensions are all factors that can drastically impact your long-term financial security in retirement.
That’s where we come in.
Located just minutes from Occidental Petroleum’s headquarters, we’ve helped many clients retire from Occidental Petroleum and many other companies in the energy sector. Given this experience, we understand the unique challenges and opportunities you face in your industry.
Whether you are a current Occidental Petroleum employee trying to determine how to maximize your Oxy retirement benefits or already retired and looking for help with diversifying your Oxy stock, we can provide you with highly customized solutions to help you maximize retirement.
We have extensive experience helping our clients navigate these types of uncertainties during their retirements.
Because of our experience managing retirement portfolios for energy executives and their families, we are able to offer our clients highly customized financial strategies tailored to their specific needs.
Here are the ways we may be able to help you:
We develop a comprehensive financial plan for your retirement decision that gives careful consideration to your specific spending goals and unique industry and company-specific risks you may face retiring from the Occidental Petroleum. In addition to your Oxy Retirement Plan, Oxy Savings Plan, Supplemental Retirement Plan, and Oxy Deferred Compensation Plan, we include any other benefits you may have from previous employers.
We carefully review your Oxy Savings Plan to look at pre-tax, Roth, and after-tax buckets to determine how to maximize your rollover. Additionally, we factor in NUA opportunities for appreciated Oxy Stock. We can help reduce the time your retirement savings are un-invested during the rollover process and help you maintain your current allocation to the stock market.
Net Unrealized Appreciation
A commonly overlooked and one-time only opportunity for soon-to-be Occidental Petroleum retirees with highly appreciated OXY stock within a 401(k) is NUA. Not using NUA can cost investors a bundle in taxes if executed incorrectly. We can help you determine if NUA makes sense for you and, with the help of an independent CPA, work through fully maximizing this opportunity.
Tax Planning for Oxy Deferred Compensation & NUA
If you participate in the Oxy Deferred Compensation Plan and/or have a concentration of Oxy Stock, you may face some complicated tax planning when facing retirement. We can coordinate with your CPA or tax professional for Net Unrealized Appreciation Analysis(NUA) for your concentrated OXY Stock, ways to reduce tax implications from your deferred compensation, as well as Roth Conversion strategies where appropriate.
Estate & Other Tax Issues
We know that the issues surrounding retirement aren’t just limited to navigating your Oxy retirement benefits. It’s important to look at the bigger picture regarding your goals, especially if you have a complex estate and/or extensive tax issues. With this in mind, we can assist in building a qualified team of independent financial, tax, and legal advisors. We believe keeping tax, legal, and investment advice separate reduces potential conflicts of interest.
Tax Efficient Cash Flow Planning
Once you’ve decided to retire, it may be difficult to grasp how you’ll meet your monthly spending needs no longer having consistent income from Oxy. Through careful planning, we can help you develop an optimal withdrawal and cash flow strategy to potentially minimize taxes during retirement. Determining the optimal cash flow strategy can greatly impact the probably of not outliving your assets.
Diversification Strategies for Concentrated Positions
If you have a concentrated OXY Stock position in your OXY 401(k) Savings Plan, we can develop and implement retirement income and diversification strategies that seek to reduce your commodity and company-specific risks over time.
Oxy Retirement Plan & Supplemental Retirement Plan Pension Analysis
Lump sum versus monthly payments. We can help you maximize the full potential of your Oxy Retirement Plan and/or your Oxy Supplemental Retirement Plan to optimize your income during retirement.
As a fully independent Registered Investment Advisor and fiduciary with over 25 years of experience, we have a legal obligation to put your interests first. Our fee-only model seeks to provide objective advice without the conflicts of interest commonly seen with banks, brokerage firms and mutual fund companies.
We do not sell any financial products and work directly for you. In our experience, Oxy employees who have spent their careers subjected to the price swings in oil and gas deserve nothing less.
- We believe advice that is truly independent and objective is the only advice you can trust.
- To eliminate the conflicts of interest commonly seen with advisors employed by banks, brokerage firms and mutual fund companies, we work directly for 100% of our clients on a fee-only basis.
- We do not receive any fees or commissions from any financial products or from any transactions whatsoever.
- Should you need tax or legal advice, we can introduce you to independent CPAs and estate attorneys.
- While we would coordinate our services and strategies with these other advisors, they would work directly for you on a fee-only basis.
- To eliminate potential conflicts of interest, your tax and legal advisors would not be employed or controlled by our firm, nor would we have any fee sharing arrangements with them.
The Goff Financial Group is a Five Minute Walk from Occidental Petroleum Corp Headquarters
Find Out If An Independent Advisor Is Right For YouIf you would like us to contact you about any of the issues mentioned above, please fill out the form below and one of our Financial Advisors will contact you shortly.
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