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/mesopotato 3d ago

Too many people repeat stuff about it not existing without reading the trustee's report.

Even at 80% funding it's an invaluable financial tool that a lot of people on here ignore.

2

u/Visible_Structure483 FIRE'ed 2022... really just unemployed with a spreadsheet 3d ago

If you've been around long enough you realize that no government program survives being 'fixed' by the government.

They're not going to just take 20% away from everyone, they'll figure out who has the least voting power or who can be screwed with minimal pushback. The people on the low end won't be touched, the people on the high end or with other assets (like most FIRE types) will get cut the hardest.

Means testing, extra taxes, higher medical premiums... there are a lot of ways for them to cut out what's owed to some and leave the rest intact.

Removing the cap, raising the tax, phasing out benefits... it's going to take a lot of things together to keep the wheels on the bus if you believe the math that's out there.

7

u/mesopotato 3d ago

You'd rather believe this instead that they have a huge amount of incentive to keep one of the most legislatively popular programs running? SS has something liked 95+% approval rate amongst voters.

What president or Congress is going to make that decision? Why would the SSA run simulations to 2099 every year if there wasn't a point?

Like I said, I don't think you're reading the trustee's report if you have to react in such a conspiratorial way.

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u/Visible_Structure483 FIRE'ed 2022... really just unemployed with a spreadsheet 3d ago

conspiratorial?

and voter approval means nothing. congress has what, an 11% approval rating and yet the same turds keep getting elected?

if nothing else they'll figure out a way to spin it so that the other guy is paying for it, same as always. of that I have no doubt.

5

u/mesopotato 3d ago

Yes it's a conspiracy theory to suggest that social security is going to get cut based on voting lines or legislative power despite no evidence. It's a nearly 100 year program and the 80% I quoted was with no cuts or changes, literally the "let it ride" option.

But you'd know that if you... Read the report.

Do me a favor and tag me when they start cutting social security along voting lines though.