Everyday Cheapskate: Honey, I Shrunk Your Sweater

Dear Cheapskate: Thank you for your many helpful articles. In a past column you wrote about how to unshrink a wool sweater. All I can remember is that it involved baby shampoo. Could you print the instructions again? Thanks! -- Linda

Dear Linda: Sure, here it is: Mix a solution of 1 gallon lukewarm water and 2 tablespoons baby shampoo. Soak the garment for about 10 minutes. Now the important part: Don't rinse! Simply blot out all the excess water with a dry towel, and very gently lay it flat on a fresh towel. Reshape slowly and carefully stretch it back to its original size. Dry out of direct sunlight or heat. This technique will work provided the fibers have not become permanently damaged due to repeated washing and/or machine drying

Dear Mary: Will I get my husband's pension, 401(k) and IRA if he dies? -- Riley

Dear Riley: Yes, provided your husband has named you as the sole beneficiary of those plans.

Most plans have a stipulation that if the beneficiary is anyone other than the spouse, the husband or wife must consent in writing.

Upon your husband's death, the rules that applied to him for getting his pension, 401(k) and IRA will then apply to his beneficiary.

For example, if your husband dies before the minimum withdrawal date (age 59 and a half), you will have to wait until that date to withdraw funds without a penalty, regardless of your age.

Every plan has an administrator who will be able to answer all your questions. He can contact his HR department at work to find out how the two of you contact the administrator.

Dear Mary: Thank you for making our world a better place with your common-sense advice. I would like to explain why I think our daughter may inspire you. Stephanie was born with cerebral palsy and spina bifida at a premature birth weight of 2 pounds, 4 ounces. She was tiny but very bright and beautiful.

Although Stephanie experiences lower paralysis and has never walked, she has never let her physical limitations disable her ability to live a productive and happy life.

Her early life was dominated by multiple surgeries to improve balance and muscle tightness, yet her determination to achieve self-reliance and independence grew.

She graduated from high school, went on to receive a bachelor's degree from Oakland University and a master's from both Michigan State University and the University of South Florida.

Stephanie is currently a licensed mental health counselor in Florida and has worked for a faith-based homeless shelter in Tampa Bay for the past eight years. She enjoys her work very much and works with wonderful people. She contributes faithfully to her employer's 401(k) program.

Last year she underwent a risky lower back surgery to relieve muscle tightness and almost constant pain. It was successful but we worried about what would happen to her if she ever lost her limited mobility. Would you consider advising her on how to plan for her financial future? She is a very hard worker who I believe makes our world a brighter place. At 36, she is not thinking about life at 66, so good advice about now could prove to be priceless later. -- Gary

Dear Gary: What an inspiring story. Stephanie sounds like an amazing young woman. Contributing to her employer's retirement plan from a young age is giving her a great start on planning for retirement.

Watch your mailbox, as I have sent Stephanie a copy of my book "The Smart Woman's Guide to Planning for Retirement." It's an easy read and will introduce her to the six simple strategies every woman, no matter her age or marital status, needs to understand and begin working on today. I know Stephanie is going to love this book because, in a way, it feels like perhaps I wrote it just for her.

Dear Mary: I am a 70-year-old single male with a decent income who faced the stark reality of bankruptcy. I have spent my entire life doing everything wrong when it comes to finances. While rearing my family, we lived well but also in stupid debt. I have never saved, seldom invested wisely -- though at times very unwisely -- nor given consistently. My poor awareness of the proper way to handle money left an old man groping for a way out.

With a debt load of over $36,000 on a fixed income, I entered a consumer credit counseling service debt management program (NFCC.org). Shortly after, I saw an advertisement for your book "Debt-Proof Living." I bought it and have read and reread it. I wish I could have been exposed to this wisdom as a young man.

To know that "money is not to spend, but to manage" has changed my life. If God allows me to live long enough, I will be debt-free in 44 months. I can't begin to express to you my gratitude. Thank you for giving me hope and God bless. -- Billy

Dear Billy: You have no idea how much you have encouraged me. You affirm what I so strongly believe: that there's always hope and a way out. I think you'll be debt-free sooner than you think.

My only concern is what I will do with all the letters I get from 70-year-old single females who want your address.

========

Mary invites you to visit her at EverydayCheapskate.com, where this column is archived complete with links and resources for all recommended products and services. Mary invites questions and comments at https://www.everydaycheapskate.com/contact/, "Ask Mary." This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of EverydayCheapskate.com, a frugal living blog, and the author of the book "Debt-Proof Living."