In the past two weeks we (me and my co-workers—day job) received some very good information via our daily web page. It was good information for anyone who is saving for retirement and who might be looking for a way to take care of themselves in their golden years.  

The first piece of news we received was notification that we could contribute to a Roth IRA as well as our 401K.  This was great information, allowing us to contribute after tax dollars, so when you take the funds out you don’t have to pay that federal tax back. Just a reminder that 401K funds are pretax dollars, since I am over 59 ? I can now withdraw from my 401K without penalty or taking a loan but you have to pay back the federal tax that you did not pay when you contributed the money.

The other piece of information we received was a 5 percent discount on a long-term care policy. Since my mom went into a nursing home I have been strongly considering such a policy. They are not the easiest to find, at least for me it was not. I called one person about it and she wanted me to read her book about it. She emailed me a copy of the book and then kept calling to see if I had read the book. I thought this would be like buying any other type of insurance. I give you information about myself and you tell me what the monthly premium will be.

Finally the company that we partnered with worked like I thought it would. I was so happy with what I received that I went to share it with several co-workers who are in the same age range as me. They looked at me like I was speaking a foreign language. One person purposely ignores anything that has to do with the company home page. Duh, this is the company that signs your check and in her case has done so for the last 20 years. When I told her about these two items she was very grateful. She was trying to figure out how to pay for a large repair at her home and did not have the funds but the money was sitting right in her 401K and she is officially over 59 ?. She was ecstatic.  We talked about the long-term care policy and she felt she could not afford it. The policies are not cheap but the older you get the more they cost and once you have seen your parents’ lifelong savings disappear in a matter of months you will consider the premium as a minor inconvenience. You can cut back on your cable, eat out less or change your cell phone plan and cover the cost.

This is something you should strongly consider especially if you don’t have children or someone to take care of you later in life. Even if you do, there are no guarantees. So read people read, the information may change your life.

(Email the columnist at deb­


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