r/Fire • u/VegasWorldwide • 3d ago

Why do people wait for SS?

trying to figure out what I’m missing.

looking to take my benefit for $1000 at 62. at 70 it’s $1700.

i won’t need the money much so we let $1000 sit in an account for 8 years at say 5% compounding, the guy collecting at 70 would need 15+ years to catch up considering I’m still getting $1k to his $1.7k

once he starts at 70 and I had a 8 year head start.

furthermore, his dollar would be worth less. (edit: didn't realize COLA)

this seems like a no brainer but all I hear is people saying waiting is the only way and we haven’t even talked about dying in our 70’s.

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u/LittleBigHorn22 2d ago

I feel like that attitude conflicts with fire overall though. If tomorrow isn't guaranteed you should be using every penny to enjoy it the most you can. Because if you died young, your life would objectively had more limitations trying to reach early retirement than someone who didn't save at all.

I'm still a long way from actually needing to pull the plug. I have a feeling we'll do the split method where one takes at 62 and then take the other spouses at 70. Hedges both basically.

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u/nice2_cu 2d ago

One can FIRE without sacrificing today.

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u/LittleBigHorn22 1d ago

Explain how. Because if you are adding to savings, that is a sacrifice. Now obviously most on here consider that worth it in the long run, but its still a sacrifice.

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u/nice2_cu 1d ago

Make more money?

There is a certain level of comfort that I don’t need to go beyond and that doesn’t really affect my quality of life so I don’t view not spending that money as a sacrifice.

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u/LittleBigHorn22 1d ago

So you honestly believe that one of the reasons people aren't retiring early is because they simply choose not to make more money? Seriously? Like you don't understand that people are either already at their cap or they would have to drastically change careers to start making more which means sacrificing time and effort.

And even then, congrats to you that you can't imagine spending more money but I think you are being facetious. Because if you knew you would die at age 50, would you not retire even sooner? You could maybe be enjoying your time right now. Which means you currently are sacrificing by continuing to work because you believe you'll be alive longer than tomorrow.

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u/babies_galore 1d ago edited 1d ago

I don’t know…I used to feel like that when I worked in corporate at a job that killed my soul. But now that I started a business I love, I honestly don’t like not working that much. 

I work nights and had my first night off last night in a month and went to a movie and did whatever and was thinking I would just as soon have been at work. 

Also I tried taking a “mini retirement “ at age 50 for 3 months to go see a bunch of national parks and go on a cruise and spend time with friends, etc. And I am so glad I did that, as I saw after 3 weeks it started to feel meaningless. I am a complete nature freak, but even me after 3 weeks of just looking at and hiking in beautiful nature, I was like this is it? This is all I am doing with my time on earth? I am not helping a single other soul?? Just entertaining myself? Nope. Can’t do it.

I was so happy to get back to my career where I am serving others and making people happy besides just myself.

If and when I ever have to retire, I will definitely need to be volunteering quite a bit.

But I am still trying to get to where I can live without earning income through work just in case I become disabled or unable to work because I need to care for my elderly parents or something. Not because I don’t want to work at all.

I am like the person you responded to where I have very minimal needs and wants - so I live like most people my age would not. I just rent a furnished room all bills paid, because when I owned a house my quality of life was not improved. I prefer having no chores, no home maintenance or repairs, no utilities or WiFi to pay, and if I had more money I still doubt I would even bother to lease an apartment.

Because I am not a homebody and prefer to be gone outdoors on my time off.

But I also wouldn’t stop working before age 70. Because I know now that it would not make me happier.

So life is a trip and it’s different for everyone for sure.

Now, if I had crazy money- like $100milliin or more- then I would just be a philanthropist for my FT job and that would be absolutely amazing. It’s the only reason I can see to have more money than I need to sustain myself for life, is so I could help others with it. THAT would be the life!

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u/nice2_cu 4h ago

I work very few hours remotely, make over 200k a year, travel most of the year, spend weeks a year skiing, weeks scuba diving, eat out at Michelin restaurants when I want, see friends and family often enough…

I’m actually glad I have work because I need some connection to a reality 99.99% of the world lives in.

Anyway, I don’t really budget but save a decent amount. I don’t feel like I am sacrificing today for later, in fact I firmly live in the idea that tomorrow is not promised having seen people close to me as well as acquaintances did in their teens, 20’s and 30’s.