The city hosted the first of its financial workshops for its seniors Wednesday and Pearson found out, there are a lot of options even after retirement.
A lot of focus is placed on preparing for retirement. Estate planners say it’s just as important to keep planning even after you've retired. That's why the city of Valdosta is sponsoring several financial workshops at the Senior Center on Park Avenue.
"I think a lot of us seniors are very much interested in our welfare for the future and we look at what assets we have and also those we might be entitled to with new federal programs," says Edwin Griffis, a retiree.
Estate planners say planning early for things like long term care is essential, especially if you want to pass your belongings on to family.
"Most seniors will find they have to spend assets down to below poverty level in order to qualify for other government entitlements like Medicaid, so planning is very important to do that, to make sure before that event occurs, we have things in place to protect what we've worked a lifetime for," says David Polatis, estate planner.
Experts say it usually takes less than an hour to put a plan together. In addition to planning for your retirement years, estate planners say planning what happens to your belongings after you pass away is very important.
“Let’s face it, it was your estate, your assets, you worked a lifetime accumulating. Then wouldn't it make sense to control those assets they way you see fit?"
There will be two more of these financial workshops in Valdosta. They will take place at 10 a.m. on January 28, and February 4 at the Senior Center.