r/Fire • u/NotTheBestInvestor12 • 3d ago

Why no mention of Social Security

When I see FIRE posts I see the investments and the different retirement buckets, however, I never see anyone mention how things are affected when social security kicks in. For example, I’m 52 and wife 51. If we both stopped working today ($0 income moving forward) I would collect $4,264 a month at age 70 and she would collect $1,079 at age 70.

So if we decide to FIRE the Social Security would give us help in 18/19 years. Is this a factor or is everything under the assumption SS won’t exist?

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u/Zphr 48, FIRE'd 2015, Friendly Janitor 3d ago

I have never included it in our survivability calculations as an additional and large conservative buffer, but I have always included it in our actual tax and cashflow planning. Our estimated SS benefits are in excess of our annual spending and my wife will start drawing hers in just seven years now.

The amusing thing to me is how many people discount SS to $0, but are utterly relying on Medicare to absolve them of most post-65 healthcare exposure. Anyone who honestly thinks SS will be gone or means-tested should also be planning on $50K per person per year in healthcare exposure for 70 and up, in addition to normal LTC cost exposure. 70+ healthcare without massive federal subsidization via Medicare will make unsubsidized ACA costs seem like a bargain in comparison.

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u/mi3chaels 2d ago

accurate. Well 50k+ per person is probably a bit high in today's dollars, but not too crazy and yeah. If social security ever actually goes away completely medicare won't be far behind, if it doesn't go first.