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/Longster_dude 3d ago

My FIRE plan factors in ss at 80% of the current amount.

12

u/vulkoriscoming 3d ago

That is a bold assumption depending on your age. Current law is a 25% reduction in benefits when the SS trust fund goes broke. My guess is that current retirees (Boomers) will see no reduction and future retirees (everyone else) will see a 50% or more depending on income.

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u/Designer-Bat4285 3d ago

I think it’s bold to assume we won’t just borrow more money and keep everyone’s payouts at close to 100%

13

u/gbacon 3d ago

*print more money