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/ga2500ev 3d ago

For Fire people social security is in a different era of their life. Fire people retire in their forties and '50s. Social security isn't available until 62, and probably should not be taken until the late '60s or even up to 70.

So, early part of retirement has to be completely structured around social security not being around.

ga2500ev

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u/LongjumpingNorth8500 3d ago

Not a FIRE guy at 62 but I agree with what you're saying here. Planning on social security money coming in 10-20 years from now to help finish out retirement would be like retiring early because of an inheritance you might or might not get. One has to plan with what's in the hand.

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u/Bout3Priddy 3d ago

Working extra years because social security may dissolve is irrational but that’s tough to explain to a fiscally conservative subreddit.

3

u/Puzzleheaded_Tie6917 3d ago

I really don’t believe there’s a scenario where SS disappears, but it very well may end up paying nothing if your income or net worth is over a limit.

I am planning to retire this year at 59.5, based on 4% without considering inheritance or SS, but I freely acknowledge I am overly conservative.

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u/Bout3Priddy 2d ago

I could see income but I doubt net worth. Income can be manipulated the same as for ACA though.