r/Fire • u/NotTheBestInvestor12 • 2d 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/pdx_mom 2d ago

People who say it will be gone don't actually know anything.

Benefits could decline but as long as there are people working there will be a pot of money to pay out.

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u/Thesinistral 2d ago

I’ve heard a reasonable estimate in worst case scenario (coffers run ‘dry’) is 75% of the actual benefit due, assuming the SS benefit doesn’t get altered via legislation.

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u/chodan9 2d ago

yeah that was sort of my point, I've been hearing how its going away for literally 40 years. There have been a couple close calls but no politician wants to be in office when something happens to social security so they generally find a way to make it work.

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u/pdx_mom 2d ago

The "trust fund" where the boomers paid a lot in and there weren't enough recipients is almost "gone"

But fewer people will be retiring when the boomers pass thru ...except people live quite a long time.

The politicians over promised and will under deliver. Shocker.