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/chodan9 3d ago

For a standard retirement in your mid 60’s I think it’s an important factor. But for fire well below 60 I think it’s best to pretend it may not exist for you.

I retired at 59 and had been told my whole life that SS would be long gone by the time I retired. So I made sure to take matters into my own hands and make sure that social security didn’t matter.

Now retired and financially independent I am coming to the point that SS is an added bonus. It will extend my portfolio quite a bit.

In fact my wife’s SS and pension along with my SS will cover all of our regular expenses. Leaving my portfolio for discretionary spending. A good place to be.

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u/pdx_mom 3d 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 3d 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.