Retire from Oxy (Occidental Petroleum)
As an independent advisor, we help Occidental Petroleum employees transition to retirement.
After decades of service in the volatile energy sector, retirement presents its unique challenges. Highly appreciated and large concentrations of company stock, periods of rapidly changing commodity prices, and decisions regarding when and how to take your pension are all factors that can drastically impact the long-term financial security during your retirement.
That’s where we come in.
Located just minutes from Occidental Petroleum’s headquarters, we’ve helped many clients retire from Oxy and other companies in the energy sector. Given this experience, we understand the unique challenges and opportunities you face as an energy professional approaching retirement.
Whether you are a current employee at Oxy looking to maximize your Oxy retirement benefits or retired and need help diversifying your Oxy stock, we provide 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 can offer our clients highly customized financial strategies tailored to their specific needs.
Here are the ways we can help you:
Retirement Planning
We develop a comprehensive financial plan for your retirement decision, carefully considering the unique industry and company-specific risks you face retiring from 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 in your personalized retirement plan.
401(k) Rollovers
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. As a result, we will ensure that your potential tax benefits are preserved during the rollover process and throughout retirement.
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. Unfortunately, NUA can cost investors a bundle in taxes if executed incorrectly. Therefore, we conduct an NUA analysis with the help of an independent CPA, ensuring you maximize this opportunity.
Tax Planning for Oxy Deferred Compensation & NUA
If you participate in the Oxy Deferred Compensation Plan, have concentrated Oxy Stock, or both, you may face complications with tax planning in retirement. Fortunately, we can coordinate with your tax professional to uncover ways to potentially reduce your taxes through Net Unrealized Appreciation(NUA), deferred compensation, and Roth Conversion strategies where appropriate.
Estate & Other Tax Issues
Issues surrounding retirement aren’t just limited to navigating your Oxy retirement benefits. So. it’s important to look at the bigger picture regarding your goals, especially if you have a complex estate and extensive tax issues. With this in mind, we can assist in building a qualified team of independent financial, tax, and legal advisors. 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. We’ll help you develop an optimal withdrawal and cash flow strategy, potentially minimizing taxes during retirement. Determining the optimal cash flow strategy can greatly impact the probability of not outliving your assets.
Diversification Strategies for Concentrated Positions
If you have a significant OXY Stock position in your OXY 401(k) Savings Plan, we’ll develop and implement retirement income and diversification strategies 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 maximize the full potential of your Oxy Retirement Plan or your Oxy Supplemental Retirement Plan, optimizing your income and taxes 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. Accordingly, our fee-only model seeks to provide objective advice without the conflicts of interest commonly seen with banks, brokerage firms, and mutual fund companies.
With fiduciary responsibility, we have your best interest in mind. We do not sell any financial products and work directly for you. As an employee at Oxy, subjected to years of oil and gas price swings, you deserve nothing less.
- We believe genuinely independent and objective advice is the only advice you can trust.
- To eliminate conflicts of interest commonly seen with other advisors, we work directly for you on a fee-only basis.
- We do not receive any commissions from any financial products or transactions whatsoever.
- We can introduce you to independent and vetted CPAs and estate attorneys if you need tax or legal advice.
- While we coordinate our services and strategies with your tax and legal advisors, they would work directly for you.
- Lastly, We do not use fee-sharing arrangements with tax or legal advisors to eliminate potential conflicts of interest.
The Goff Financial Group is a Five Minute Walk from Occidental Petroleum’s Headquarters
Find Out If An Independent Advisor Is Right For You
If 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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Helpful Resources:
Information on Oxy Retiree Medical and Dental Plans
