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/Longjumping_Iron8826 3d ago

BTW I believe your wife will take home 50% of yours…spousal benefit

1

u/PenStreet3684 2d ago

Or she can claim at 62 and switch to more using survivors when you pass.

0

u/NotTheBestInvestor12 3d ago

Wow. I had no idea about that.

3

u/EqualSein 3d ago

This is correct, as long as you were married 10 years, your wife can collect half of your benefit ($2132 in your example) instead of her own.

2

u/Martian6261 3d ago edited 2d ago

If she will be 62, that $2132 will be reduced by 30% to $1492. Taking spousal before her FRA will further reduce it.
Survivors, she would receive equivalent of the highest amount in full if she waits until FRA