MERIDEN — The Meriden Public Library is hosting a Comprehensive Retirement Planning Workshop next week.
The workshop will take place on Wednesday, Nov. 30 from 6 to 7:30 p.m. at the library’s temporary location at the Meriden Mall.
Lou and Jessica Pelletier of Pelletier Senior Planning Academy in Farmington will be instructing the workshop.
Jerry Maust, head of reference services at the Meriden Public Library, organized the event. “Something we’ve been working towards over the past few years is addressing the needs of the community,” he said.
Maust explained that the library has been doing research and talking to local businesses to see what they could provide for the community. “We realized that we could give patrons information and access to recourses,” Maust said.
According to Lou Pelletier, the workshop usually draws in people who are 65 and older, but many children accompany their parents for a better understanding of the information.
“We want people to know and understand their options,” he said. “Some people are just learning this for the first time and we want to make sure we answer their questions.”
The father and daughter duo will be teaching the attendees about social security planning, 401(k)/403B, Registered Investment Advisor (RIA), as well laws that may affect them.
“The Secure Act and COVID-19 Cares Act were two new laws that were passed recently and it’s important for those who are planning retirement to understand how it affects them,” Pelletier said.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was passed by former President Donald Trump. According to Congress, the act changed retirement plans and the bill included raising the minimum age for required minimum distributions from 70 and a half years of age to 72 years of age, making it easier for 401(k) plan administrators to offer annuities.
According to the U.S. Department of Treasury, the COVID-19 CARES Act was signed into law in 2020 and provided fast economic assistance for American workers, industries, families, and small businesses.
The Pelletier duo also goes into how someone can protect their assets from a nursing home. Wills, power of attorney, and medical power of attorney will be also included in the workshop. “Life insurance and mortgages, basically everything that is important when retiring.” Pelletier explained. “Half the people I meet during the workshops don’t have a will.”
Prior to this event, Pelletier Senior Planning Academy had another event at the Meriden Public Library but no one showed up. “It was a Saturday morning at 11 in the morning and not one person showed,” Pelletier said. “It was on Medicare, which is important.”Pelletier SeniorPlanning Academy
“I have been teaching these workshops for many years,” Pelletier said. “About 10 years ago is when my daughter joined me. Prior to that I was solo.”
The pair goes around the state to hold workshops in public libraries.
Their businesses focus on Medicare and Medicaid Planning, Social Security planning/ Secure Act, reviewing legal documents, home, auto, umbrella insurance, life insurance, long term care insurance, investment planning, income planning and protecting assets from critical illness events.
“I do this because I think that much of this information is being taught or shared correctly,” he said. “The industry has gotten to be so specialized for seniors. Medicare products, income planning and asset protection planning aren't dealt with as they should be.”
To register for the event, visit https://meriden.librarycalendar.com/event/comprehensive-retirement-planning-workshop. For more information, visit https://pelletierseniorplanning.com/.