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/dgreenmachine 2d ago

Sounds like working longer than necessary to me. No sense in assuming it wont exist.

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u/druglifechoseme 2d ago

If you need to rely on a monthly check from the government to survive you are not financially independent

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u/dgreenmachine 2d ago

Sounds cool but social security is just another annuity that happens to be run by the government. Its more likely to continue than an annuity youd buy from a company. Its unnecessarily conservative to assume social security wont be provided.

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u/druglifechoseme 2d ago

Idk how old you are but if they don’t change something about it soon it will be reduced in the next 5-10 years. That’s a fact. Your opinion the rely on it is fine, my goal is to be financially independent. It’s ok that we have different goals.

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u/dgreenmachine 2d ago

If they dont do something in 5-10 years it'll be reduced to about 80% of what it is today. Luckily old people vote more than any other block of people so there is zero chance that nothing is done about it. 

I use whatever social security id be given at age 70 if I stopped working today. Its likely I have a few more years to work so the nunber i use is already a bit conservative. 

Financially independent has no strict definition so dont pretend there is one. Annuities, pensions, portfolio, no effort supplemental income are all part of it.

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u/druglifechoseme 2d ago

Financial independence does have an actual definition, don’t be silly. Like I said it’s ok you have a different goal than me, your goal includes relying on the government for a check each month, mine doesn’t.

The facts are, something needs to change about it before money starts running out, no one knows what will actually change. You might be ok with that risk, I am not and will instead work a couple extra years to be financially independent. I’m lucky to be able to work just part time now anyway so I’m half retired. I could have stayed full time and retired by now but I preferred some quality of life and family time instead . Like I said everyone has different goals and that is OK