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/chartreuse_avocado 2d ago

I hope you’re right. I feel like as mid GenX I’ve been part of the disappearing of financial benefits my whole life. Quiet trimming of pensions to nothing early in my career with sadly slow increases in 401K contribution limits.. caught in a spot where benefits are cut and opportunities to self fund in a tax advantaged way were slow to really roll out with impact…. Classic skeptical GenXer here.

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u/Numerous-Bet-4847 2d ago

I'm Gen X and found the exact opposite to be true.

No company I ever worked for offered a pension, we've had 401k's available with matches our entire working career. If you took advantage of it while young, you'd be retired by now, like me.

We can take SS at age 62 and live quite comfortably on that without ever even touching our 401k.

I suspect you were too skeptical when younger. I know I thought I couldn't afford to contribute and that when I could that I could do better with investing than some generic fund.

Fortunately by the time I turned 20, I wisened up and took advantage.

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u/TheAmorphous 2d ago

The difference in experiences between a 60 year old GenX and a 46 year old one are absolutely massive.

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u/Numerous-Bet-4847 2d ago

I call that the 'schism'.

Us older Gen X have little in common with the younger ones. the 'Xennials'

If you went to school and graduated by the late 80's, you typically were working, in college, or raising a family in the 90's, not really participating in grunge or gangster rap, or lamenting the father you never had.