The Best Budgeting Strategies for People Nearing Retirement

By: Geoff Williams Publish: November 18, 2013
http://money.usnews.com/money/personal-finance/articles/2013/11/18/the-best-budgeting-strategies-for-people-nearing-retirement

Summary: 
A couple ages 59 and 60 were looking forward to their early retirement before the great recession hit.  Both were hard working and earn a goof bit of money and invested a large portion of their savings into their 401K and stocks.  The husband sold his company and went into semi-retirement and the wife left her job to pursue he hobby of breeding terriers.  Life was comfortable.  But in a few years they watched as their savings were dwindling down to nothing.  They know the dream of early retirement was far out of their reach at this point.  The couple decided to start up a business to help their retirement.  The wife became a veterinary assistant, an animal behaviorist and a professional dog trainer.  The couple decided to open up a dog park, training and grooming center. Their business generates income for them and continues to do so until they decided to sell or whatever but some months its making a profit, loss or just breaking even.  Based on this story here is a couple tips based on this couples experience for those newly retired or nearing retirement.  First is to look at your investments if you have any and if so shift them to more conservative investments this will supply a fairly reliable steady stream of income.  Second is to hold off on collecting your social security benefits if possible, this will generate more money when you do collect and you can get more out of it.  It'll maximize income. If your married also try to hold back from receiving your social security benefits, by holding off you maximize your and your partner's benefits.  Third you should plan to get sick, which may not sound good but this way you can be prepared by purchasing long term health insurance. Benefits are all different, be sure you find the one that is best fit for you.
Opinion:
I feel horrible for these people but the economy is never a for sure thing.  It's really good that they are making their experience into a way to help others by getting their story out there. They mentioned that their business's income changes which shows that their business is elastic.  They probably should have tried to enter a more certain market. I think that the tips provided are good ones.  Investments shouldn't be as risky if your retirement is riding on them. One must consider the opportunity cost of holding off on collecting their benefits.  You could have the money right away but then you won't maximize what you get out of it.  this article really brings up some good points and I thing everyone should really weight the benefits of each one of their options before moving forward with whatever they choose.   

Same-Sex Couples Are Urged to Apply for Social Security Spousal Benefits

Publish September 17, 2013  By: Ann Carrns
http://www.nytimes.com/2013/09/17/your-money/same-sex-couples-are-urged-to-apply-for-social-security-spousal-benefits.html?ref=socialsecurityus&_r=0

Summary:
The IRS decided that same sex couples regardless of where they live, if the pay income tax, married means married so they recognized same-sex marriage.  Social security hasn't come to the some conclusion concerning benefits.  With that being said they are urging same-sex couples to apply for social security even if the state in which they live doesn't recognized their marriage.  They aren't just urging couples with a same-sex marriage but also other legal partnerships such as civil unions and domestic partnerships.  These couples are advised to apply asap because they are eligible they can receive benefits that are retroactive to the filing out date.  Social security offers a range of benefits to families like filing for retirement based on your spouses work record. There's also the surviving spouse benefits if the other passes.  Social security's website saying its processing same spousal claims and will pay them when due, however social security uses " place of residence" when deciding the benefits and that maybe tricky if the marriage isn't recognized in the state which the same-sex couples lives.  Even of the couple is denied for the surviving spouse they can still fight it in court. 
Opinion:
I think that if a same-sex couple's relationship is recognized by any legal form they should be allowed to collect the same benefits a straight couple does.  If we preach equal right I don't know why there is still such a fight for same-sex couples. They work just as hard as everyone else they deserve benefits.  Plus being homosexual isn't a choice.  No one woke up one day and was like hmmm today I'll be a homosexual.  I don't know why some people have such an issue with this. I really hope that they do get the same benefits as straight couples. They deserve it.  Plus since the demand for social security is going up that'll be more money circulated through the economy which is ultimately a good thing.         

The Payoff in Waiting to Collect Social Security

Publish November 15, 2013 by Tara Siegel Bernard
 http://www.nytimes.com/2013/11/16/your-money/the-payoff-in-waiting-to-collect-social-security.html?ref=socialsecurityus&_r=0

Summary:
Instead of  collecting some of your social security benefits at age of 62 it actually pays to collect benefits at a later age.  The extra money you earn you while working means you'll get more money in benefits later when you get social security.  This means more income for retirement.  Depending how long you delay receiving your benefits you can save 6% or more of the saving used to produce that income.  You would get the income raising with inflation, for no risk.  Delaying the benefits requires leaving a lot of money on the table, which for some people is too much to resist or they just need it to live.  People with health problems though should start collecting right away.  Consider this example, if a 65 year old man collects $12,000 but if he would wait until he is 66 to start collecting social security he would receive $12,860 instead.  If he had to buy his extra $860 in income he would have to pay $22,500.  This way he is guaranteed a 6.7% return on his "investment" by waiting a year to collect his benefits. Now if this same man could afford to wait until he is 70, those five years would generate $17,000, which is $5,000 more then if he collected right away.  Waiting is even better for married couples because if one passes the other will get those benefits.  So waiting to collect your social security if you can will be better in the long run.
Opinion: 
I feel that waiting to collect social security is the smart thing to do if the returns are really that much higher.  It really would be worth while.  However I can see why people would want to collect right away, they feel if they paid into the system they want their money.  Elderly people may not be able to save and wait to collect either though with health problems because medical expenses are very high.  The cost of living is high as well so they may have to collect to live comfortably.  But considering that couples have a larger payoff by waiting is a good point.  The benefits for your loved ones would be much greater as well.  I think that waiting to collect your benefits is a good thing as long as you can afford to do so.  the opportunity costs must be weighed before the people choose what  they would like to do because they may need the money or want if right away but if they wait they maximize income.