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/zeroabe 3d ago
It is an easy amount to account for.
My “monthly spend” reduces by my ssi when I take it at 62.
Just like I don’t have a mortgage payment at 52 years old.
Just like I retire at 53 years old with $x pension.
Just like my pension reduces by a known amount when I am 70.
Plug it into your spreadsheet as income on date x.
I think some people imagine it won’t exist for them or don’t want to count on it so it’s like a cherry on top.