SML Planning Minute

New York City’s Pied-à-Terre Tax Episode 397 – Affluent individuals owning real estate in New York City may now be subject to a “wealth” tax. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 397 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: New York City’s Pied-à-Terre Tax. Affluent individuals owning real estate in New York City may now be subject to a “wealth” tax. If you own a second home in New York City, perhaps because you reside permanently in a different state but love the city in the spring or fall, or if you’re a real estate investor or reverse snowbird, then you may be in for a surprise. On July 1, 2026, a new law commonly referred to as the NYC Pied-à-Terre surtax became effective.[1] According to the Merriam-Webster dictionary, the phrase pied-à-terre is a French phrase that means “a temporary or second lodging.”[2] Final rules were published on July 14, 2026.[3] The new law covers one to three family homes (“Class One” properties) and residential condominiums and co-ops (“Class Two” properties) which are not the primary residence of an individual. Individuals who own one of these types of properties are subject to an annual tax surcharge. If the property is owned by multiple individuals, or through a business entity such as a corporation or limited liability company, the person holding the majority interest is assessed the surcharge. If the property is owned by a trust, the responsible individual is the trust’s beneficial owner, provided the owner is the sole beneficiary of the trust. An exemption applies if it can be shown that as of January 5 immediately before the relevant year at issue, the property was occupied as a primary residence for a period of at least one year by the individual or an immediate family member. The final rules provide some clarity on the application of this new law, but questions remain, particularly if: there are multiple trust beneficiaries; it is difficult to determine who holds a majority interest; there is ownership of multiple properties; exemptions may apply; the resident may be temporarily confined to a medical or care facility; etc. The NYC Department of Finance (“DOF”) determines if the surtax applies each year. There are two valuation methods and taxes that are used. Phase One lasts through June 30, 2028, and Phase Two begins on July 1, 2028. During Phase One, the market value of Class One properties must be valued at $5 million or above but for Class Two properties, the valuation minimum is $1 million. For Class One properties, the tax ranges from 0.8% to 1.3% of market value depending upon various valuation breakpoints. For Class Two properties, the tax ranges from 4.0% to 6.5% of market value again depending upon various valuation breakpoints. The large differences in valuation and tax are due to the way the DOF currently values condos and co-ops for real property tax purposes. In Phase Two, a single minimum $5 million valuation and only one rate schedule will apply to all properties after changes to the valuation process. The DOF has commenced sending out notices, notifying homeowners that the DOF believes their property is subject to the surtax and the projected amount. The DOF is supposed to complete these notices no later than August 30, 2026. The appeals process generally starts 30 days after the notice is transmitted, NOT when it is received. Since the law is new and there are many issues left unclear, the DOF has created a dedicated page on its website with frequently asked questions and other information at https://www.nyc.gov/site/finance/property/non-primary-residence-surcharge.page. The new law is complicated, with questions remaining unanswered. Therefore, anybody who owns a second home in New York City that may have market valuations exceeding those mentioned should immediately consult with a tax professional or real estate attorney in New York to determine if they may be subject to the new wealth surtax. Owners must ensure that their contact information with the DOF is accurate since the appeals process is not dependent upon receipt of a notice. Note also that this wealth tax is applied against the entire market valuation of the residence and not just the portion exceeding the minimums. [1] N.Y. Tax law Section 1350; N.Y.C. Admin. Code Section 11-3202. [2] Merriam-Webster. “Definition: pied-à-terre.” Merriam-Webster.com. https://www.merriam-webster.com/dictionary/pied-%C3%A0-terre (accessed July 31, 2026) [3] 19 RCNY Chapter 62 More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraby EmailTuneInDeezerRSSMore Subscribe Options

Talking About Money with Your Kids Episode 396 – When is the best time to start talking with your kids about money? At an early age, of course. But if you haven’t gotten around to it yet, here are some ideas on how to get started. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 396 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: why don’t people talk about money with their kids? The statistics are startling. For wealthy families, studies indicate that 70 percent will lose that wealth by the second generation, and 90 percent will lose it by the third generation.[1] Is there something you can do to avoid being one of those people? Maybe part of the problem is that, according to other survey data, 90 percent of wealthy parents don’t even talk to their kids about money.[2] The reasons vary. Some parents are simply waiting for their kids to get older and hopefully more mature. Others haven’t talked about it because they’re still not sure what they’re going to do with their money. Still others don’t want their children to anticipate receiving money that might not be there in the future. And some have decided it’s none of their kids’ business.[3] There are other factors. One part of the problem may be socioeconomic status. In a recent article at Wealthmanagement.com, author John Knowlton, co-founder of Credent Wealth Management and a retired Registered Investment Advisor, argues that, in his experience, lower income homeowners who have already saved something for retirement tend to be fearful that their children will ask them for money. They don’t want to become what Knowlton refers to as a “community bank.”[4] When it comes to higher income families, Knowlton argues that some parents worry that their children will become “trust fund babies,” and they’ll be expecting a big inheritance. He also states that other parents don’t want to start the discussion because they might be overwhelmed with personal appeals for money. This causes some to focus, perhaps excessively, on privacy issues, even with their own children. Furthermore, parents may simply be worried that their children will share family financial details with friends which could hit the proverbial gossip trail. This is because some parents choose to maintain a public facing image that is either greater than or less than their actual financial picture. Regardless of the situation, there’s no doubt that the process can be stressful. According to a recent study by the CFP Board, 57 percent of Americans believe that money has created stress for someone they know well.[5] But is it better to avoid talking about it? Probably not. Avoiding the topic doesn’t make it go away. In fact, it could make the stress level even worse. It could also result in resentment from your kids, a lack of trust, or someone making a poor decision simply because they don’t have all the information they need. Worse still, you might miss out on something that could help build rapport with your family, like seeking input from your loved ones and working toward a shared goal. When’s the best time to get started? If you haven’t already started, now might be a good time to begin. But exactly how do you begin? That all depends on the age of your children. If your kids are still young, it’s a great time to introduce some of the most basic concepts, such as what money is used for, how to earn it, and how much things cost.[6] Your children can actually learn some valuable lessons at the supermarket. Among other things, that’s where you can teach young kids the difference between what you need and what you want. You need things like milk and eggs; you want candy and toys. They need to understand what comes first. A little bit later, you may want to introduce the concept of an allowance for doing certain chores around the house. You can even delineate the chores based upon their value, paying the child more for certain (more important) chores than others. Things shift when you’ve got teenagers. This is the point where they need to learn more about how to earn and save money. This is also the time when (hopefully) your child will get their first job, maybe pay some taxes, and hopefully begin investing some of their take-home pay. It might also be a good time to get kids interested in long-term investments. Nowadays it’s easier than ever to set up a small mutual fund, ETF, or stock account for them. If you have young adults, this is where—assuming they are working and still living at home—it might be a good idea to start charging some rent. Just a token amount is often sufficient. It doesn’t need to be expensive; it just needs to make a point about money. It’s also a good time to start talking to them about a budget. The process changes when you have mature adults. If you haven’t talked much about money yet, here’s one interesting way to get things started. How about if, sometime around the holidays, you gave a token sum of money to each of your children with a specific instruction: they have to give the money away to someone who needs it. They get to choose who—or what—that is.[7] The hope is that such a gesture will get them thinking about their values and charitable goals. And maybe in a year or two you could increase the amount, coupled with a group discussion about the best place for the money to go. Also, by talking to your children about money, you have a chance to do something more. You can also teach your kids a thing or two about your own money philosophy, and some of the habits that might have helped you get to where you are today. It’s also a good chance to talk about some of the values that are dear to you. Your experience and wisdom are of value to others. Don’t let them go to waste. When your children become adults, you might also be able to move from talking to your kids about money to talking about their legacy. If you frame the discussion properly, it might shift their focus from a sense of entitlement to a sense of responsibility. One final thought: just talking to your kids about their future is a step in the right direction. But you’re probably going to need something more than that. You’re also going to need to make some difficult decisions, preferably together. But at least now you can do it with everyone onboard. Being open is usually the best policy. If you’re unsure where or how to start the discussion, perhaps a Security Mutual Life insurance agent can help. Your Security Mutual Life insurance agent can help assemble your financial team and coordinate with your attorneys and tax professionals to review your situation and to determine the insurance plan that will best suit your needs and objectives. [1] CFA Institute. “How real is the third-generation curse, and how can financial advisors tackle it?” Cfainstitute.org. https://www.cfainstitute.org/insights/articles/third-generation-wealth-curse-advisor-solutions (accessed July 30, 2026). [2] Bloom, Ester. “The unexpected reasons 90% of wealthy parents don’t tell their kids what they’ll inherit” CNBC.com. https://www.cnbc.com/amp/2017/06/26/90-percent-of-wealthy-parents-dont-tell-their-kids-what-theyll-inherit.html (accessed July 31, 2026). [3] Heath, Thomas. “A how-to guide from the ultra-rich: What to tell your kids about money.” WashingtonPost.com. https://www.washingtonpost.com/business/economy/a-how-to-guide-from-the-ultra-rich-what-to-tell-your-kids-about-money/2017/06/16/cbbd03a0-505d-11e7-b064-828ba60fbb98_story.html (accessed July 31, 2026). [4] Knowlton, John. “Why Families Don’t Talk About Money.” WealthManagement.com. https://www.wealthmanagement.com/high-net-worth/why-families-don-t-talk-about-money (accessed July 31, 2026). [5] Zuckerman, David. “Why Americans Are Afraid to Talk About Money – And How to Change That.” letsmakeaplan.org.org. https://www.letsmakeaplan.org/financial-topics/articles/family-finances/why-americans-are-afraid-to-talk-about-money-and-how-to-change-that (accessed July 30, 2026). [6] Epperson, Sharon. “10 smart ways to teach kids about money through the years.” CNBC.com. https://www.cnbc.com/2023/04/24/10-smart-ways-to-teach-kids-about-money-through-the-years.html  (accessed July 31, 2026). [7] Id. More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraby EmailTuneInDeezerRSSMore Subscribe Options

Is a Health Savings Account Right for You? Episode 395 – A Health Savings Account, or HSA, is one of very few financial vehicles considered “triple tax advantaged.” You can get a deduction going in, the money grows tax-free, and the money also comes out tax-free. But they’re not for everybody as there are some major caveats. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 395 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: is a Health Savings Account right for you? What would you say if someone told you about an investment vehicle where you get a tax deduction going in, the money in the account grows tax-free, and the withdrawals are tax-free when they come out? Such a product exists, but it’s not quite that simple. An Individual Retirement Account or IRA doesn’t work that way. You get a deduction going in, but you pay income tax when you take the money out. A Roth IRA lets you take the money out tax-free (with certain qualifications), but you don’t get a deduction when you put the money in. A Health Savings Account, or HSA, is one of very few financial vehicles considered “triple tax advantaged.”[1] You can get a deduction on monies going in, the money grows tax-free, and the money also comes out tax-free. But there are some major caveats to understand. HSAs don’t work for everyone. Only certain people can contribute, and when you take the money out, there are some conditions that need to be met if you want to take full advantage of the tax incentives. Here’s how an HSA works. To contribute, you need to be part of what the Internal Revenue Service or IRS calls a “High-Deductible Health Plan.” The IRS defines a high-deductible health plan as one that requires an annual deductible. A deductible is the amount one must pay out-of-pocket for healthcare before health insurance coverage will share in the costs. In 2026, the minimum deductibles for a high deductible HSA health plan are set at $1,700 for coverage on yourself only, and $3,400 if the coverage includes your family.[2] Also, the out-of-pocket maximum cannot be higher than $8,500 for self-only coverage and $17,000 for family coverage. There are more rules. To contribute to an HSA, you can’t be enrolled in another plan that is not considered HSA-eligible, nor can you be someone claimed as a dependent on someone else’s tax return. If you’re not sure whether your plan qualifies, you will need to ask either the benefits administrator where you work or the plan provider. And for the record, Medicare does not count as a high-deductible medical plan. So, you can’t participate in an HSA if you’re covered by Medicare. As with almost any tax-advantaged investment vehicle, there are contribution limits. For 2026, you can contribute up to $4,400 for yourself, or $8,750 if your high-deductible plan covers your family.[3] And much like a 401(k), your employer can match your HSA contribution. In fact, in 2024 approximately 84 percent of employees covered by a qualified HSA health plan also received a contribution from their employers.[4] Note that the limits above are overall limits that include both the employee and, if applicable, employer contributions. Then there’s the issue of distributions from the account. Distributions can be tax-free, but with some significant restrictions. To be tax-free, the distributions must be used for what the IRS calls “qualified medical expenses.” And what are qualified medical expenses? These might include hospital care, ambulance services, hearing aids, lab fees, dental and vision care, and other things. You can even use an HSA for health-care-related travel, massage therapy and substance abuse treatment.[5] [6] An HSA can be used for expenses both big and small. If your distribution doesn’t meet the qualifications, any withdrawals after age 65 are considered fully taxable, like a traditional IRA or 401(k). Before age 65 there is also a 20 percent early withdrawal penalty. This means that, if necessary, you could treat an HSA as a secondary retirement plan. But of course, if you have qualified medical expenses that need to be paid, the taxation incentive would make them a better option. When it comes time to withdraw money as needed, you can either pay the provider directly from the HSA account (many providers offer the use of a debit card tied to the account) or pay the provider yourself and get reimbursed from the account.[7] Note that an HSA is different from a Flexible Spending Account or FSA. An FSA is another, albeit generally less popular, type of account designed to help with medical expenses. The employer generally owns an FSA, whereas the employee owns an HSA. But an FSA is also, in most cases, a “use it or lose it” type of account. At the end of the year (plus an optional grace period), you lose any money that’s left over in your FSA.[8] Also note that in most circumstances, you can have a general-purpose FSA or HSA, but not both.[9] An HSA has no such restriction when it comes to how long it takes to use it. If you don’t spend the money, it rolls over within the account. It belongs to you forever, even if you switch jobs. Of course, these sums, invested over several decades, can amount to a significant amount of money by the time you use them. Compounding plays a role here just like most other investment vehicles, only this time it may all be potentially tax-free. One final thought about HSAs. As we’ve mentioned before, the cost of health care for seniors can be staggering. According to Fidelity, a 65-year-old individual may need an after-tax total of $172,500 to cover the cost of health care expenses in retirement.[10] In the right circumstances, an HSA can be a tax-efficient way to fund some of those costs. [1] Fidelity Learn. “What is an HSA, and how does it work?” Fidelity.com. https://www.fidelity.com/learning-center/smart-money/what-is-an-hsa (accessed July 23, 2026). [2] Fidelity Learn. “HSA contribution limits and eligibility rules for 2026 and 2027.” Fidelity.com. https://www.fidelity.com/learning-center/smart-money/hsa-contribution-limits (accessed July 23, 2026). [3] Id. [4] Fidelity Learn. “What is an HSA, and how does it work?” Fidelity.com. https://www.fidelity.com/learning-center/smart-money/what-is-an-hsa (accessed July 23, 2026). [5] MetLife. “What Can I Use My HSA for in 2026?” MetLife.com. https://www.metlife.com/stories/benefits/hsa-qualified-expenses/ (accessed July 23, 2026). [6] Miller, Kathryn. “What clients miss about HSAs — and how advisors can help.” Financial-Planning.com. https://www.financial-planning.com/news/what-clients-miss-about-hsas-and-how-advisors-can-help (accessed July 23, 2026). [7] Fidelity Learn. “Spending with your HSA.” Fidelity.com. https://www.fidelity.com/go/hsa/how-to-spend (accessed July 23, 2026). [8] Healthcare.gov. “Using a Flexible Spending Account (FSA).” Healthcare.gov. https://www.healthcare.gov/have-job-based-coverage/flexible-spending-accounts/ (accessed July 23, 2026). [9] Fidelity Learn. “HSA contribution limits and eligibility rules for 2026 and 2027.” Fidelity.com. https://www.fidelity.com/learning-center/smart-money/hsa-contribution-limits (accessed July 23, 2026). [10] Fidelity Learn. “What is an HSA, and how does it work?” Fidelity.com. https://www.fidelity.com/learning-center/smart-money/what-is-an-hsa (accessed July 23, 2026). More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraby EmailTuneInDeezerRSSMore Subscribe Options

What is the “Time Value of Money?” Episode 394 – The time value of money is one of the most important financial concepts there is to understand. It comes into play in almost every financial decision. You don’t need to understand the arithmetic, but you should have some sense of where and how the math applies. Doing so may be able to improve the quality of your financial life. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 394 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: what is the “time value of money”? Simple question: what is worth more: a dollar you earn today, or a dollar you earn next year? Most people instinctively know that a dollar earned today is worth more. After all, that’s an extra dollar you can spend now on whatever you want. But understanding why is a critical financial concept that few people really understand, and one that applies to pretty much everything when you talk about personal finance. The concept is generally known as the “time value of money.” It’s an idea that runs through almost every decision a business or financially sophisticated individual makes. According to the Harvard Business School, the time value of money means that “a sum of money’s value depends on how long you wait to use it; the sooner you use it, the more valuable it is.”[1] In other words, the money you have today is worth more than the same amount that you receive in the future because you have the opportunity to invest that money right now and earn a return on it. Figuring it all out in detail involves a rather complicated series of formulas. We won’t get into the formulas here, but Microsoft Excel has tools to help make the calculation process easier. The basic idea is that, if nothing else, you can take the dollar you earn today and invest it. At the end of the year, that dollar will be worth more than the new one you receive at the start of the next year. If your assumed interest rate is six (6) percent, that first dollar will be worth $1.06 by the time the second one arrives. I know it doesn’t seem like much of a difference. But after 20 years, the value of that dollar at the same 6% would be $3.21. And remember, we’re generally talking about much bigger sums. And compounding, that is, repeating this process over an extended period of time, can make the impact much more significant as the years go by. And when you’re considering a regular payment, such as a mortgage or an annuity, the difference adds up even more. Compounding is something we touched on in two recent episodes, one about reverse mortgages and the other about Trump Accounts. As Albert Einstein is alleged to have said, compound interest is “the most powerful force in the universe.”[2] Whether he actually uttered those exact words or not, many present and future retirees understand the value of saving early. The math is equally important but gets more awkward when you want to reverse the process. What is that dollar you’re going to get a year from now worth today? This is where a spreadsheet can help. The answer is just over 94 cents. If it’s two years, it’s about 88 cents. In five years, just under 75 cents. As you might suspect, inflation is a key consideration when it comes to the time value of money. There’s another reason a dollar earned today is worth more than a dollar earned in the future. Your money will likely be able to buy less in the future than it does today, simply because prices of most goods and services tend to go up over time. Uncertainty also plays a role. Assume someone owes you money, but the payment is due a year from now. The problem is that things could change over the next year. They might move away, or declare bankruptcy, or decide they don’t like you anymore. Nothing is certain until you actually have the money in hand. Note that if there’s additional risk that you’re not going to get the money in time, or at all, many financial pros will try to handle this using a higher assumed interest rate, or “discount rate.” There are some other areas where the time value of money is a key consideration. One often overlooked example is deciding on whether to make a home improvement that adds to the value of your house. Another might be weighing the pros and cons of buying vs. leasing a car. Yet another might be your decision on when to collect Social Security. Another concept that comes into play—and one that many people rarely consider—is opportunity cost. Once you understand the time value of money, opportunity cost becomes much easier to recognize. There are tradeoffs in any financial decision. Opportunity cost can be defined as the value of what you give up when you forgo one choice in favor of another.[3] Opportunity cost comes along more often than most people realize. The truth is that you finance every major purchase you make, even if you’re using cash. If you buy a new car and use your available cash, it will save some money. Since there’s no loan, there’s no cost to you in terms of interest payments. But there is still opportunity cost. By paying cash, you’ve given up the opportunity to invest that money elsewhere and earn interest and/or dividends on it. This is a concept few people think through thoroughly. To put it another way, if you want something, you must give up something else. It’s just not always easy to see. You don’t need to understand the complicated mathematical formulas behind the time value of money. You just need to understand the concept. It can—and should—help you make some of your most important financial decisions. Confused about things like the time value of money or opportunity cost? Your Security Mutual Life insurance agent can help. Your Security Mutual Life insurance agent can augment or help assemble your financial team and coordinate with your attorneys and tax professionals to review your situation and to determine the insurance plan that will best suit your needs and objectives. [1] Cote, Catherine. “Time Value of Money (TVM): A Primer.” HBS.org. https://online.hbs.edu/blog/post/time-value-of-money (accessed July 14, 2026). [2] Schleckser, Jim. “Why Einstein Considered Compound Interest the Most Powerful Force in the Universe.” Inc.com. https://www.inc.com/jim-schleckser/why-einstein-considered-compound-interest-most-powerful-force-in-universe.html (accessed July 14, 2026). [3] Munsey, Bobbie Anne. “8 Opportunity Cost Examples (Plus Definition and Uses).” Indeed.com. https://www.indeed.com/career-advice/career-development/opportunity-cost-examples (accessed July 13, 2026). More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraby EmailTuneInDeezerRSSMore Subscribe Options

The Strange Case of Rob, Michele and Nick Reiner Episode 393 – It came as a shock when Rob and Michele Reiner were murdered late last year. Now, their son Nick, accused of the murders, is trying to fund his defense using money in a trust fund provided by his parents. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 393 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: the strange case of Rob, Michele & Nick Reiner. World-famous movie director Rob Reiner and his wife Michele were both stabbed to death in their home in the early hours of December 14, 2025. Their son, Nick, was arrested soon afterward and charged with first-degree murder. No conviction has occurred, and Nick Reiner is entitled to the presumption of innocence while proceedings occur. Nick had gotten into a heated argument with his parents the previous evening, during a party at the home of Conan O’Brien, a well-known television talk show host.[1] Upon his arrest, Nick hired a well-known defense attorney named Alan Jackson, who had previously represented Kevin Spacey and Harvey Weinstein, but Jackson eventually withdrew from the case. Jackson at first refused to specifically state why he withdrew, but it is believed that money was a main issue.[2] Reiner is currently represented by Los Angeles County Public Defender Kimberly Greene, but according to a petition filed on his behalf, Jackson is willing to come back to assist with the case. Reiner would like to rehire Jackson, but he needs to find a way to pay him.[3] Nick apparently has no current source of income, but he does have a trust fund, set up by his parents, which is estimated to be at least $1.5 million. Through his attorney, Nick is petitioning the court for access to the trust fund to help finance his defense.[4] In other words, he would like to use some of the money his parents gave him to help defend himself against the murder charges. The terms of the trust are specific: half of the funds were supposed to be distributed when he reached age 30 in 2023, with the other half to be distributed when he turns 35. The 2023 distribution apparently did not happen.[5] As for the second payment, due in 2028, the outcome is in doubt. If convicted, Nick would likely be prohibited from collecting it due to California’s “slayer statute.”[6] Most U.S. states have a slayer statute. This type of law first gained attention in 1989 when the Menendez brothers were accused of killing their parents in Beverly Hills, CA. The brothers were convicted of murder and prohibited from collecting their inheritance from their parents’ estate. In California, the statute states that someone who murders someone else cannot inherit assets or gain any financial profit as a result. The burden of proof varies, with some states requiring a criminal conviction to void a disposition, and other states requiring only civil liability.[7] In Nick’s case, if the statute is ruled applicable, it would result in Nick being treated as if he had predeceased his parents.[8] A big part of the issue is the unmade trust distribution from 2023, which was scheduled before the crime was committed. The trustee apparently denied the payment due to Nick’s history of substance abuse, and his alleged inability to manage the trust assets on his own.[9] [10] For his part, Nick’s attorney classifies this as a subjective opinion, which, in his view, is not a valid reason to hold back the money.[11] But things get even more complicated from there. Nick’s side has also argued that the assets in question are not assets of his deceased parents’ estate, but assets of a trust that had already been funded before the crimes occurred. The argument is that once the assets went into the trust, they were no longer part of Rob and Michele Reiner’s estates. [12] Then there’s the issue of legal competence. The counterargument offered by Nick’s lawyer is that the trustee has the authorization to make payments to a fiduciary, so competency shouldn’t be relevant.[13] Reiner asserted in a court filing that his two siblings, Jake and Romy Reiner, had agreed at first to pay legal fees to retain Alan Jackson, but later changed their minds.[14] Their role in any future trial or litigation remains to be seen. Of course, Nick Reiner is presumed innocent until proven guilty. For now, his trust attorneys claim that by blocking access to what they characterize as his own funds, the trustee is effectively punishing him before he is convicted.[15] There’s still a lot to be determined here. Stay tuned. [1] Comiter, Jordana. “Rob Reiner’s Death: A Timeline of the Investigation and Nick Reiner’s Arrest.” People Magazine. https://people.com/rob-reiner-death-investigation-timeline-11870197 (published December 19, 2025; accessed June 24, 2026). [2] Bagchi, Aysha. “Nick Reiner’s star lawyer stepped down. This could be why.” USA Today. https://www.usatoday.com/story/entertainment/celebrities/2026/01/07/nick-reiner-murder-charges-rob-michele-reiner-lawyer-withdraws/88069146007/ (published January 8, 2026; accessed June 24, 2026). [3] Sulkin Stern, Anna. “Nick Reiner Seeks Access to Trust Fund to Finance His Defense.” Wealthmanagement.com. https://www.wealthmanagement.com/estate-planning/nick-reiner-seeks-access-to-trust-fund-to-finance-his-defense (published June 17, 2026; accessed June 26, 2026). [4] Id. [5] Esquibias, Liza. “Nick Reiner wants his trust fund for his defense. Can he get it?.” USA Today. https://www.usatoday.com/story/entertainment/celebrities/2026/06/12/rob-reiner-son-nick-reiner-family-trust-dispute-inheritance-analysis/90497780007/ (published June 12, 2025; accessed June 25, 2026). [6] Sulkin Stern, Anna. “Nick Reiner Seeks Access to Trust Fund to Finance His Defense.” Wealthmanagement.com. https://www.wealthmanagement.com/estate-planning/nick-reiner-seeks-access-to-trust-fund-to-finance-his-defense (published June 17, 2025; accessed June 24, 2026). [7] Pehush, Tara L. (2005) “Comments: Maryland Is Dying for a Slayer Statute: The Ineffectiveness of the Common Law Slayer Rule in Maryland,” University of Baltimore Law Review: Vol. 35: Iss. 2, Article 7. http://scholarworks.law.ubalt.edu/ublr/vol35/iss2/7 (published 2005; accessed July 17, 2026). [8] Esquibias, Liza. “Nick Reiner wants his trust fund for his defense. Can he get it?.” USA Today. https://www.usatoday.com/story/entertainment/celebrities/2026/06/12/rob-reiner-son-nick-reiner-family-trust-dispute-inheritance-analysis/90497780007/ (published June 12, 2025; accessed June 25, 2026). [9] Sulkin Stern, Anna. “Nick Reiner Seeks Access to Trust Fund to Finance His Defense.” Wealthmanagement.com. https://www.wealthmanagement.com/estate-planning/nick-reiner-seeks-access-to-trust-fund-to-finance-his-defense (published June 17, 2025; accessed June 24, 2026). [10] Esquibias, Liza. “Nick Reiner wants his trust fund for his defense. Can he get it?.” USA Today. https://www.usatoday.com/story/entertainment/celebrities/2026/06/12/rob-reiner-son-nick-reiner-family-trust-dispute-inheritance-analysis/90497780007/ (published June 12, 2025; accessed June 25, 2026). [11] Id. [12] Esquibias, Liza. “Nick Reiner wants his trust fund for his defense. Can he get it?.” USA Today. https://www.usatoday.com/story/entertainment/celebrities/2026/06/12/rob-reiner-son-nick-reiner-family-trust-dispute-inheritance-analysis/90497780007/ (published June 12, 2025; accessed June 25, 2026). [13] Sulkin Stern, Anna. “Nick Reiner Seeks Access to Trust Fund to Finance His Defense.” Wealthmanagement.com. https://www.wealthmanagement.com/estate-planning/nick-reiner-seeks-access-to-trust-fund-to-finance-his-defense (published June 17, 2025; accessed June 24, 2026). [14] Mandell, Sean.. “Nick Reiner Claims His Siblings ‘Reversed’ Their ‘Commitment’ to Fund His Legal Defense.” People Magazine https://people.com/nick-reiner-claims-his-siblings-reversed-their-commitment-to-fund-his-legal-defense-11995526 (published June 11, 2025; accessed June 25, 2026). [15] Sulkin Stern, Anna. “Nick Reiner Seeks Access to Trust Fund to Finance His Defense.” Wealthmanagement.com. https://www.wealthmanagement.com/estate-planning/nick-reiner-seeks-access-to-trust-fund-to-finance-his-defense (published June 17, 2025; accessed June 24, 2026). More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraby EmailTuneInDeezerRSSMore Subscribe Options

When Unmarried Couples Split Up Episode 392 – What happens when unmarried couples split up? Sometimes it can be even more complicated and unpleasant than a divorce. As with many things, it’s probably better to prepare in advance. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 392 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: what happens when unmarried couples split up? We’ve had a couple of episodes over the last few years talking about some of the financial complications that come with divorce. But what happens when an unmarried, but financially-linked, couple splits up? Sometimes it can be even more complicated and unpleasant than a divorce. According to the National Center for Family & Marriage Research, the number of people living together without being legally married has grown to over 20 million, up from 14 million in 2019.[1] And while most people seem to make their best efforts, things don’t always work out. When things go downhill, it’s not just financial accounts that can get messy. It’s personal property, pets, and sometimes child custody or child support issues. When couples get divorced, the rules are generally dictated by state law. This is not always true for a couple that has never legally married.[2] In most cases, there is no automatic legal framework. Without a clearly defined set of legislative principles, some people end up being treated more like roommates and less like spouses. When you’re not legally married, there’s usually no formal process like there is with a divorce. And in most states, there is no spousal support such as alimony, although “palimony”—compensation paid by one member of an unmarried couple to the other after they separate—might be available if there’s “an express or implied contract.”[3] Keep in mind that laws vary widely from state to state. If you’re going through something like this, you will likely need the help of a local family law attorney. Financial considerations can become tricky when an unmarried couple splits up. For example, what happens when you buy a house together, but only one of you ends up on the deed? Despite any informal side agreements, the person whose name is on the deed is in a much stronger position. If both names are on the deed, the presumed split is generally 50-50.[4] Conflict can also arise when one partner may have contributed more financially, such as with the down payment, or may have contributed more time and effort maintaining or fixing up the house. All of this may come up when the house is sold. Sometimes, rather than selling the house to a third party, the two parties will try to work out some sort of negotiated buyout, assuming one of the two wishes to stay.[5] Personal property, such as furniture and sentimental items, can be another sticking point. One proactive financial strategy is to maintain the best records you can on who paid for what. It may come in handy if there’s a disagreement later.[6] Some experts also suggest using what’s called a “cohabitation agreement.” A cohabitation agreement is a document, designed by an attorney, for unmarried couples who either live together or plan to do so. It generally covers things like property ownership, expense sharing, and rights to financial support from each other. It can be similar to a prenuptial agreement.[7] A cohabitation agreement generally covers things like asset ownership, debt and bill payment responsibilities, and financial support. It could also cover pets, which can be an emotionally charged issue, as well as estate planning arrangements.[8] What if you’re in what is known as a “common law marriage?” A common law marriage occurs when two people are considered legally married, even though they haven’t participated in a lawful marriage ceremony or gotten a marriage license. This generally occurs in certain states when a couple lives together for a specific period of time and holds themselves out as intending to be married, or as already married.[9] The rules vary considerably based on where you live, but in some states, a common law marriage can be subject to the same marriage and divorce laws as a regular married couple. As with a divorce, things get much more complicated—and serious—when children are involved. Don’t assume that custody will automatically be 50/50. Parental rights are often decided separately from financial issues. And just like in a divorce, a court will tend to focus on the best interest of the child.[10] Finally, experts recommend that when you actually do complete your breakup, make sure you cover all the bases. That means separating your accounts, changing passwords, and keeping everything documented.[11] It’s also important to review and manage beneficiaries that may have been designated when you were together. The old adage is certainly true: love is blind. But when you build a financial life without marriage, while it may not sound romantic, it might be beneficial to treat things more like a business partnership, which in some ways it can be. A little more preparation and caution today could prevent a ton of headaches later. No one really expects their new or current relationship to fail. When it does, the healing process is difficult enough. It’ll be worse if you don’t plan accordingly. [1] Ebeling, Ashlea. “If You Think Divorce Is Messy, Try Splitting Up When You’re Not Married.” The Wall Street Journal. https://www.wsj.com/personal-finance/divorce-unmarried-cohabitation-laws-24057ac4?mod=author_content_page_1_pos_1 (accessed May 29, 2026). [2] Id. [3] Barrett, Stacy. “How to Divide Property When Unmarried Couples Break Up.” Nolo.com. https://www.nolo.com/legal-encyclopedia/free-books/living-together-book/chapter10-1.html (accessed May 29, 2026). [4] Nolo.com. “Who Gets the House When an Unmarried Couple Splits Up?” Nolo.com. https://www.nolo.com/legal-encyclopedia/free-books/living-together-book/chapter10-7.html (accessed June 1, 2026). [5] Id. [6] Renier Hotopp Law Offices, LLC. “Getting Personal Belongings Back After Breakup or Divorce Wisconsin.” Therhlawoffice.com. https://therhlawoffice.com/getting-personal-belongings-back-after-breakup-or-divorce-wisconsin/ (accessed June 1, 2026). [7] Froment, Liz. “What Is a Cohabitation Agreement, and Should You Have One?” Acg.aaa.com. https://www.acg.aaa.com/connect/blogs/5c/money/what-is-a-cohabitation-agreement (accessed June 1, 2026). [8] Id. [9] The People’s Law Library of Maryland. “Common Law Marriage.” Peoples-law.org. https://www.peoples-law.org/common-law-marriage (accessed June 1, 2026). [10] Custody X Change Research Team. “Unmarried Parents and Child Custody.” Custodyxchange.com. https://www.custodyxchange.com/topics/custody/family-members/unmarried-parents.php (accessed May 29, 2026). [11] Reifman, Arkady. “Should I Change My Passwords When Going Through Divorce?” Resolvingdivorces.com . https://resolvingdivorces.com/should-i-change-my-passwords-when-going-through-divorce/ (accessed June 1, 2026). More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraby EmailTuneInDeezerRSSMore Subscribe Options

Social Security Is in Bad Shape. Does It Still Make Sense to Wait? Episode 391 – The new Social Security Trustees Report is out, and as usual, the news is not good. If the two Trust Funds were combined, they are projected to be insolvent in the third quarter of 2034. Is that enough of a reason to consider collecting earlier? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 391 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: Social Security is in bad shape. Does it still make sense to wait? As you may have heard, the U.S. Department of Treasury released its 2026 Social Security and Medicare Trustees Reports on June 9. Neither program is doing particularly well, but the Social Security Trust Funds seem to be getting the most attention. There are two Social Security Trust Funds: one for retirement and one for disability. According to the 2026 report, the retirement fund, or the “Old-Age and Survivors Insurance Trust Fund,” will run out of money during the fourth quarter of 2032. The other (smaller) fund, the “Disability Insurance Trust Fund,” is in a much stronger position than it was a few years ago. The current report projects that this one will be able to pay 100 percent of total scheduled benefits at least through the year 2100.[1] There’s a certain amount of public confusion over the projected finances of the two funds. The two funds are separate entities and cannot be combined into one without a change in the law. But if they did get combined, and many people assume they eventually will be, the resulting mega-fund is projected to last until the third quarter of 2034. From that point forward, they would only be able to pay approximately 83 percent of the scheduled benefits.[2] There have been a number of proposed “fixes” to the Social Security problem. Right now, there are two approaches that seem to be getting the most attention: raising taxes and reducing benefits. One of the suggested ways of raising taxes is increasing or eliminating the Social Security “cap,” which is $184,500 in 2026.[3] If your wages exceed this amount, the Social Security withholding of 6.2 percent for the employee, plus 6.2 percent for the employer, no longer applies. Above that amount, there is no withholding, nor is there any benefit that would be payable from it. Note that unlike Social Security, Medicare’s withholding of 1.45 percent has no upper limit. When it comes to benefit reductions, the most common suggestion is to increase Full Retirement Age, or FRA. FRA, the age at which you receive your full, unreduced Social Security benefit, is currently age 67. The belief is that, since people are living significantly longer than they were years ago, extending FRA is a sensible way to “fix” the Social Security Trust Funds. It remains unclear which solution will eventually win out. When Congress last took on this issue back in 1983, the result was a combination of both: an increase in withholding taxes and an extension of Full Retirement Age. Either way, the prevailing thought is that they will eventually do something to fix it, one way or the other. Given the popularity of Social Security among America’s seniors, it seems unlikely that they will ever allow that projected 17 percent reduction in benefits to take place.[4] But what if they’re wrong, and the projected drop actually occurs? Should that possibility be a significant factor in your claiming decision? In most cases, no. The logical response seems to be that if Social Security benefits are reduced by 17 percent in 2034, it would be a good reason to claim earlier, correct? In other words, it would make more sense to start collecting as early as possible, say age 62, before the benefit is reduced. Keep in mind how the math works. If you start at 62, you’re collecting five years ahead of schedule, but the tradeoff is a 30 percent lifetime reduction. So, while you get off to a head start, at some point you’ll be better off waiting, assuming you live long enough. A quick analysis indicates that the breakeven occurs around age 79. So, if you live past that age, you’re theoretically better off waiting, although there are some other factors, such as cost-of-living adjustments and the time value of money, that you may want to consider. The same thing applies to delaying when you collect. You have the option of waiting until after Full Retirement Age, possibly as late as age 70. The incentive is an 8 percent per year increase. Survivor benefits can also play a big role in the calculation. For a married couple where both are past FRA, the survivor benefit is basically the higher of the two. So, if I’m collecting $3,000 per month and my wife is collecting $1,000 per month, if something happens to me, she would “step up” to the $3,000 per month benefit. When doing the analysis, this becomes a potential reason for me to delay collecting, especially if she has a longer life expectancy than I do or is at least a few years younger than me. And don’t forget about the Earnings Test. Your benefit could be temporarily reduced if you collect before FRA and continue to work, earning over a certain amount in wages. For 2026, that amount is $24,480, and the benefit reduction is $1 for every $2 over.[5] In some circumstances, that makes it impractical to collect before FRA, even if that’s what you would prefer. Confused yet? Imagine how people feel when they add in the potential 17 percent benefit cut in 2034. How could that potentially impact your decision? There are no simple answers, of course. But just understand that the projected cut, if it happens, would be across the board. In other words, if you wait until age 70, even if your benefit is reduced, it will still be 24 percent higher than it would have been had you collected at 67. So, when it comes to your decision, the effect of a potential insolvency of the Trust Funds is limited. David Blanchette, Head of Retirement Research at Prudential Financial, has studied this issue in detail. His conclusion is that when you assume a potential benefit cut, the math is different, but not very much.[6] Other factors, such as life expectancy, survivor benefits and cost-of-living adjustments, could play a bigger role. Other academic studies have reached a similar conclusion.[7] In many—but not all—cases, whatever works best before what could be called “Social Security doomsday” will still be the best choice afterwards, whether we actually see that day or not. Every case is different, but one possible exception might be someone with a shorter life expectancy.  In that case, collecting as early as possible might make sense. [1] Social Security Administration. “A Summary of the 2026 Annual Reports.” SSA.gov. https://www.ssa.gov/OACT/TRSUM/index.html (accessed June 15, 2026). [2] Id. [3] Social Security Administration. “2026 Social Security Changes.” SSA.gov.  https://www.ssa.gov/news/en/cola/factsheets/2026.html (accessed June 16, 2026). [4] Nuñez, Stephen. “Will Social Security Run Out?” Is the Wrong Question: How Lawmakers Can Protect Beneficiaries and Strengthen OASI.” Rooseveltinstitute.org. https://rooseveltinstitute.org/publications/will-social-security-run-out-is-the-wrong-question/ (accessed June 15, 2026). [5] Social Security Administration. “Exempt Amounts Under the Earnings Test.” SSA.gov.  https://www.ssa.gov/OACT/COLA/rtea.html  (accessed June 15, 2026). [6] Blanchette, David. “The Case for Delaying Social Security–Even if You Think Benefits Will Be Cut.” wsj.com. https://www.wsj.com/articles/the-case-for-delaying-social-securityeven-if-you-think-benefits-will-be-cut-01603298761 (accessed June 15, 2026). [7] Pfau, Wade and Parrish, Steve. “Which Social Security Claiming Strategy Generates the Highest Legacy Value?” FPA.org. https://www.financialplanningassociation.org/learning/publications/journal/JAN23-which-social-security-claiming-strategy-generates-highest-legacy-value-OPEN (accessed June 15, 2026).   More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraby EmailTuneInDeezerRSSMore Subscribe Options

Is It Possible to Spend Too Little in Retirement? Episode 390 – It has been well documented that the biggest fear people have in retirement is running out of money. Incredibly, according to a 2024 survey done by Allianz Life, 63 percent of Americans are more fearful about running out of money than they are about dying. But is it possible to overdo it? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 390 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: is it possible to spend too little in retirement? It has been well documented that the biggest fear people have in retirement is running out of money. Incredibly, according to a 2024 survey by Allianz Life, 63 percent of Americans were more fearful about running out of money than they were about dying.[1] That may be taking things to an extreme, but there’s a valid point. It’s perfectly reasonable to worry about running dry when you’re used to a certain lifestyle and you no longer have a steady paycheck. And mortality tables these days are more favorable than many people realize. For example, the odds are better than 50-50, if you’re a married couple both age 62, that at least one of you is going to live past age 90.[2] So, you may have to figure out a spending plan—without the employment income you’ve become used to—for potentially 30 years or more. Retirement is a huge turning point in most people’s lives. You’re switching from a savings and accumulation mindset to one where you’re living (at least partially) off of those savings. You might have gotten used to seeing your net worth go up considerably over the last few years. But for most of us, those days are over once you make the crossover. It’s a major psychological barrier, so of course you’re going to be concerned about overspending. But how much is too much, or more appropriately, how little is too little? Do you think you might look back during your last years, and feel like you could have done more with your family, and you don’t really need all that money you have now? The risks of overspending, particularly in the early years of retirement, should be obvious. But what exactly are the risks of underspending? According to an article by Greg Iacurci for CNBC, one big risk is “Not living as fulfilling a life as one could have.”[3] This could mean foregoing a big family trip, that could give your children and grandchildren memories to last a lifetime, because you’re afraid you’re going to run out of money years down the road. Then there’s the issue of inheritance. Many parents hope to leave a certain amount of money to their children and grandchildren when they’re gone. That could be a factor in your calculation. Cutting back on your spending now would likely benefit them later on. But is it worth it? But perhaps there’s another way. How about purchasing some additional life insurance? The right amount of life insurance might make you more comfortable with the idea of living the life you’ve already earned. It’s a straightforward idea: the more life insurance you have, the less you need to worry about your kids’ inheritance. There is data to indicate that underspending is more common than people realize.[4] In a recent study by the Employee Benefit Research Institute, 33 percent of retirees still have 100 percent or more of their initial savings amount remaining by the time they get to their mid-80s.[5] Recent medical developments have complicated the equation. Progress against diseases such as cancer, Alzheimer’s and heart disease could extend all of our lives further than we expected. That is, of course, great news. But it could cause some financial complications. Another approach, advanced by some, is that we need to adjust our spending based on what “phase” of retirement we are in. The argument goes that there are three “phases” of retirement: the “go-go,” the “slow-go” and the “no-go” years.[6] You’re certainly less likely to be travelling the world during your declining years, so chances are you’ll be spending less. It could be a way to justify spending more during the early “go-go” years, although you also need to consider the possibility of increased health care costs during your later “no go” years. So why wouldn’t you spend a little extra while you have the opportunity to enjoy it? The truth is that every situation is different, and there’s no one correct answer. It is possible to spend too little during retirement, but the consequences of spending too much can be far more significant. Perhaps the best you can do is focus on time with your family. Quality time creates lasting memories. That could mean a few vacations to exotic places, but it doesn’t have to be that way. Sometimes a simple visit or gesture can go just as far. The transition to retirement is filled with uncertainty. “Have I saved enough?”, “How long will my savings last?”, “Can I afford to live it up a little bit?” Such questions will likely arise, but you don’t need to go it alone. Your Security Mutual Life insurance agent can help. Your Security Mutual Life insurance agent can augment or help assemble your planning team. They’ll help coordinate with your attorney and tax professional to review your situation and to determine the insurance plan that will best suit your needs and objectives. [1] Allianz Life Insurance Company of North America. “Nearly 2 in 3 Americans Worry More about Running Out of Money than Death.” Allianzlife.com. https://www.allianzlife.com/about/newsroom/2024-Press-Releases/Nearly-2-in-3-Americans-Worry-More-about-Running-Out-of-Money-than-Death (accessed June 9, 2026). [2] Wohlner, Roger. “Living Past 90: How to Play the Long Game on Retirement, Tax Planning.” Thinkadvisor.com. https://www.thinkadvisor.com/2025/03/26/how-to-plan-for-clients-who-might-live-to-90-and-beyond/ (accessed June10, 2026). [3] Iacurci, Greg. “Retirement ‘underspending’ is risky, advisor says. Here’s why.” Cnbc.com. https://www.cnbc.com/2026/06/08/retirement-risk-underspending.html (accessed June 9, 2026). [4] Id. [5] “New EBRI Research Finds Guaranteed Income Streams May Help Retirees Preserve Assets Later in Retirement.” Employee Benefit Research Institute.. https://www.ebri.org/retirement/content/summary/new-ebri-research-finds-guaranteed-income-streams-may-help-retirees-preserve-assets-later-in-retirement (accessed June 9, 2026). [6] Dougan, Scott M. “How to Plan for Retirement’s Go-Go, Slow-Go and No-Go Years.” Kiplinger. https://www.kiplinger.com/retirement/plan-for-retirement-go-go-slow-go-and-no-go-years (accessed June 9, 2026). More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraby EmailTuneInDeezerRSSMore Subscribe Options

10 Commonly Misunderstood Insurance Terms Explained Episode 389 – Sometimes people get confused by all the jargon used in the financial services industry. It’s difficult to understand what you’re buying—or what you already have—if you don’t understand the language being used. Here is a quick listing of ten terms, commonly used in the life insurance industry, that you might not fully understand. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 389 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: we explain 10 commonly misunderstood life insurance terms. Sometimes people get confused by all the jargon used in the financial services industry, and life insurance is no exception. It can be difficult to understand what you’re buying—or what you already have—if you don’t understand the language being used. Here is a quick listing of 10 terms, commonly used in the life insurance industry, that are helpful to have a basic understanding of: Underwriting. Before making any sort of offer to you, a life insurance company may need to evaluate your health. For example, life insurance companies generally check to see whether you are a tobacco user or not. A nonsmoker generally has a longer life expectancy than a smoker and thus will often qualify for a better rate and reduce the cost. On the other hand, smoker or not, if you’re in particularly poor health, the company may not be able to offer you coverage at all. Beneficiary. Life insurance policies will usually list a beneficiary. That is the person—or entity—who receives the life insurance policy’s death benefit if the insured dies. Note that any beneficiary designation under a life insurance policy is separate from beneficiary designations in your will. You could leave your entire estate to your children via your will, but if someone else is the beneficiary of your life insurance policy, that person receives the proceeds. The owner of the policy has the right to change the beneficiary (or beneficiaries) as their needs or desires change and it is recommended to review all of your beneficiaries annually or during any change to your planning strategy. Term Life Insurance. Term life insurance is the simplest form of life insurance. You will pay a premium that covers a specific term of years. 10, 20 or 30 years are common terms for one of these policies. If you die during the designated term, your beneficiary will receive the death benefit. It is generally used when you have a temporary need for insurance, such as paying off a mortgage or funding your child’s college education if you’re no longer there. Permanent Life Insurance. Unlike a term policy, permanent life insurance is designed to provide lifetime coverage. With most policies, as long as you pay your premiums, the policy stays in force for life, and the death benefit is guaranteed by the insurance company. It also usually provides a cash value. An example of permanent insurance is whole life insurance. Cash Value. With many permanent life insurance policies such as a whole life insurance policy, part of your premium pays the cost of the death benefit, and part of it goes into an account inside the policy and grows on a tax-deferred basis. As a policyowner, you have the right to access these funds if you wish via loans or withdrawals. The funds could potentially be used for major expenditures or cash emergencies if needed. Dividends. It’s not just your stock portfolio that can pay dividends; your life insurance policy might do so as well. Life insurance dividends are usually associated with mutual life insurance companies such as Security Mutual Life. Dividends are distributed to policyholders from the insurer’s surplus earnings. They are not guaranteed. Grace Period. This is essentially an automatic safety net that exists on every life insurance policy. If you miss a premium payment, you generally have an extra 30 days past the due date before the policy lapses to pay your premium. And, if you die during the grace period, the full death benefit is payable, although there may be a deduction for any missed premium.[1] Paid-Up Additions. Paid-up additions are like miniature life insurance policies within a whole life insurance policy. Each paid-up addition adds a little bit of extra paid-up death benefit and guaranteed cash value to your policy without ongoing premium. Paid-up additions are often created through a whole life policy rider, although if you have a dividend-paying policy, you might be able to choose to take your dividends as paid-up additions. Since paid-up additions are fully paid up portions of death benefit, they can be surrendered for needed cash by the policyowner, or to pay the policy’s premiums, if needed. Doing so will reduce the guaranteed cash value and death benefit.  Accelerated Death Benefit. This allows you to receive a portion of the death benefit while you are still living and is often made available as a rider assigned to specific circumstances such as chronic, critical or terminal illness. It is designed to help provide access to cash for medical bills, nursing care, or other costs associated with the qualifying event. If the advance payout from the life insurance policy is due to terminal illness, it is usually exempt from income taxes.[2],[3] In many circumstances, an accelerated death benefit rider is a simple add-on to a life insurance policy with no separate charge. And finally… Chronic Illness Rider. A chronic illness rider is a type of accelerated death benefit rider that gives you access to part of your death benefit while you are still alive. To take advantage of a chronic illness rider, you need to be certified by a doctor as someone who is ill and not expected to recover. In many cases you will be eligible if you are unable to perform at least two of the six “Activities of Daily Living,” or ADLs, without assistance. These include things like bathing, getting dressed, eating, etc.[4] All these terms can be very confusing. Some may be applicable to you; some may not. The good news is that, if you’re contemplating a new life insurance policy, you don’t need to go it alone. Your Security Mutual Life insurance agent can help. Your Security Mutual Life insurance agent can augment or help assemble your planning team. They’ll coordinate with your attorney and tax professional to review your situation and to determine the insurance plan that will best suit your needs and objectives. [1] Ethos Life. “Understanding the Life Insurance Grace Period.” Ethos.com. https://www.ethos.com/life-insurance/life-insurance-grace-period/ (accessed June 4, 2026). [2] Kagan, Julia. “Understanding Accelerated Benefits in Life Insurance Policies.” Investopedia.com https://www.investopedia.com/terms/a/accelerated-benefits.asp (accessed June 4, 2026). [3] Stimpson, Jeff. “Form 1099-LTC Explained: Long-Term Care and Death Benefits.” https://www.investopedia.com/1099-ltc-form-what-to-know-about-the-1099-ltc-form-4781748 (accessed June 4, 2026). [4] Progressive Insurance. ”What is a life insurance critical or chronic illness rider?” Progressive.com. https://www.progressive.com/answers/critical-chronic-illness-rider/ (accessed June 4, 2026).   More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraby EmailTuneInDeezerRSSMore Subscribe Options

Dealing with the Latest Financial Trend: Spending Your Kids’ Inheritance Episode 388 – Financial trends come and go, but the latest, “SKI,” or Spending Kids’ Inheritance, is likely to have a lasting impact. Are you prepared? There are some ways to learn how to “SKI” without getting hurt. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 388 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, dealing with the latest financial trend: spending your kids’ inheritance. Have you heard of the latest movement in personal finance? It’s called “SKI,” or “Spending Kids’ Inheritance.” Not surprisingly, it can create conflict across generations. It wasn’t that long ago that people commonly followed the same financial plan: save money during your high earning years, spend carefully during retirement, and leave a decent inheritance for your kids so that they can live a better life than you did. But according to a recent article in Kiplinger, those plans are changing. Rather than focusing on what they’ll eventually leave behind, more people are trying to spend their money while they’re still here to enjoy it. Today, new retirees are spending more on experiences, including “bucket list” travel.[1] In many ways, it’s simply recognizing that your health, longevity and energy levels are going to run out someday, and maybe it’s best to experience some fun while you still have the chance. And it’s having an effect on the travel industry. The trend has become noticeable enough that it’s “beginning to reshape how affluent travelers are spending their money on luxury travel.”[2] It’s understandable why this is happening. As we’ve documented in previous episodes, longevity is on the rise. But there’s also evidence to suggest that healthspans aren’t keeping up. Healthspan can be defined as the number of years a person lives a “healthy, active, disease-free life.”[3] Research by the World Health Organization indicates that there’s a growing disparity between lifespan and healthspan. The average gap between lifespan and healthspan is estimated at approximately 12.5 years in the United States, which is 13 percent higher than it was in the year 2000. In other words, over time, people are gaining extra years of life faster than they are gaining years of good health.[4] Perhaps one other reason for the upswing in SKI is that a surprising number of heirs end up wasting their inheritance. According to a recent survey by Texas Tech University and the University of Alabama, a substantial portion of heirs spend all of their inheritance in the first year. By then, a full 42 percent had seen their net worth drop back to or below what it had been before the inheritance.[5] As one of the authors wrote, “This propensity to immediately spend the entire inheritance is high. In fact, it’s higher than with ANY OTHER type of financial windfall (when controlling for windfall size).” There are certainly some risks built into the SKI trend. For one thing, if you’re not careful, you could easily spend your own retirement savings too quickly and be forced to adjust to a lower standard of living. And so many people underestimate the eventual cost of health care and long-term care. Also, it’s easy to let small upgrades in your lifestyle add up to a much bigger problem later on, a phenomenon known as “lifestyle creep.” Kiplinger goes on to suggest some ideas for how to SKI intelligently. First, you need to set a baseline. Not for what you want to spend, but for what you want to keep. This should help maintain some peace of mind for both you and your heirs.[6] Next, they suggest doing some extra budgeting when it comes to travel. Make travel a specific factor in your overall retirement plan. The author also feels that a bucket list trip doesn’t have to be to an exotic place on the other side of the world. It just has to be meaningful. In the long run, a memorable shared experience while you’re living can have a greater impact than a bigger inheritance.[7] And finally, maybe you can still make some gifts to your heirs from time to time. The belief is that a smaller financial gift, at the right time, can have an oversized impact. So can bringing some of your heirs along with you on some of your trips. The memory might end up being more important than the money.[8] An important question remains, however: how to deal with SKI? There’s one potential solution they fail to mention: life insurance. It’s there to provide that extra cushion. If you’ve got enough of it, you can feel free to spend a good chunk of your kids’ inheritance without much guilt. It’s as if you’ve addressed the inheritance part prior to your retirement spending. Purchasing life insurance, and early, can be one of those instances where you really can get the best of both worlds during your working years and in retirement. And as you probably realize, the older you get, the higher life insurance premiums become. So, the sooner you start, the better. Do you have enough life insurance that your heirs will be OK if you decide to go “Skiing?” Your Security Mutual Life insurance agent can help. Your Security Mutual Life insurance agent will augment or assemble your team and coordinate with your attorney and tax professional to review your situation and to determine the insurance plan that will best suit your needs and objectives. [1] Maddox, Choncé. “The SKI Travel Trend Is Reshaping Retirement Spending.” Kiplinger.com. https://www.kiplinger.com/personal-finance/travel/ski-retirement-travel-trend (accessed April 28, 2026). [2] Kompanik, Noreen. “The SKI trend that’s reshaping travel.” GMtoday.com. https://www.gmtoday.com/travel/the-ski-trend-that-s-reshaping-travel/article_07ca7b72-0eb4-43fc-b8ec-e69fef82a694.html (accessed April 29, 2026). [3] Buckles, Susan. “The global divide between longer life and good health.” Mayoclinic.org. https://newsnetwork.mayoclinic.org/discussion/the-global-divide-between-longer-life-and-good-health/ (accessed April 28, 2026). [4] Borst, Heidi. “Longevity In The U.S.: The Gap Between Lifespan and Health Span.” Forbes.com. https://www.forbes.com/health/wellness/longevity-life-expectancy/ (accessed April 28, 2026). [5] Brin, Dinah Wisenberg. “Heirs Beware: 42% Spend Inheritance Within a Year, Study Finds.” Thinkadvisor.com. https://www.thinkadvisor.com/2026/04/07/heirs-beware-42-spend-inheritance-within-a-year-study-finds/ (accessed April 28, 2026). [6] Maddox, Choncé. “The SKI Travel Trend Is Reshaping Retirement Spending.” Kiplinger.com. https://www.kiplinger.com/personal-finance/travel/ski-retirement-travel-trend (accessed April 28, 2026). [7] Id. [8] Id. More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraby EmailTuneInDeezerRSSMore Subscribe Options

Why would you ever choose NOT to accept an inheritance? There are a few good reasons. And it’s doable if you decide that’s what you want.

Being named as an estate executor is often considered an honor, and you will be compensated for your efforts. But is it worth all the potential trouble?

If your income goes up over time, it doesn’t necessarily mean that you'll be able to save more. If you’re not careful, “lifestyle creep” can make things worse. Here are a few ideas on how to fight back against lifestyle creep.

Being named as an estate executor is often considered an honor, and you will be compensated for your efforts. But is it worth all the potential trouble?

The concept of a wealth tax—applying a tax to the value of someone’s assets—has become popular in some state legislatures in the last few years. Are they likely to catch on anytime soon?

Divorced spouses may be caught unaware that they could be eligible for a Social Security benefit based on their ex’s work history. The rules are complicated, but if you’re in that situation, there may be a pleasant surprise waiting for you: collecting a Social Security benefit you didn’t even know existed.

A recent survey by LIMRA presented a jarring statistic: young adults believe that the cost of a life insurance policy is 10 to 12 times higher than it really is. The truth is that, for young people, the security and peace of mind a life insurance policy may provide may be a lot more affordable than you think.

The IRS has published its annual “Dirty Dozen” list for 2026. As always, scammers keep coming up with new tricks to snare unsuspecting taxpayers. It’s best to know what you’re up against!

Trump Accounts were just signed into law last July, and they are undeniably popular. Are they worth looking into?

There are many American citizens who will spend an extended period outside the United States. What happens to your estate if you die while residing in a foreign country? It’s complicated. Planning is essential.

Due to the One Big Beautiful Bill Act, the U.S. Supreme Court and current employment conditions, there’s never been a more important time for business owners to review their business succession and employee benefits plans.

With seemingly everything related to health care, the cost of long-term care keeps going up, which may eat into your savings if needed. What are your options to hedge that risk?

A recent essay by Matt Shumer, CEO of OthersideAI, an artificial intelligence company, has gone viral. He projects widespread employment disruption due to the rise of AI, and much more quickly than most people expect. Is he right?

The latest U.S. life expectancy figures from the Centers for Disease Control and Prevention offer some fantastic news. The prospect of increased longevity should make all of us smile. But does it complicate your retirement planning?

Charles Ponzi died penniless in 1949. The man himself is long forgotten, but his spirit lives on. Two recent convictions are a cautionary tale. Let the buyer beware.

In the past few months, some social media “finfluencers” have suggested that it might be a good idea to collect your Social Security early and invest the money in the stock market. Does it actually work? We follow up on a recent article from The Wall Street Journal that covers the issue in detail.

No matter how far we go with AI, there are a few places where we need to deal with a real human being. Life insurance is one of those places. Here are nine reasons why it helps to have an agent when you buy life insurance.

It’s an age-old question that seems like everybody asks: am I saving enough for retirement? It’s never going to yield an easy answer. There are so many variables: age, future savings rates, rate of return, lifestyle, etc. Where do you even begin? Fortunately, there are benchmarks available at every age that can give you a sense of whether you’re on track.

Are you ready for the “Great Wealth Transfer”? It’s not that far off. The sooner you start your planning, the better.

“Buy term and invest the difference” sounds like a great idea on paper. But does it actually work?

It wasn’t that long ago that Regis Philbin drew massive viewers with his TV program Who Wants to be a Millionaire. Never mind the fact that the top prize was $1 million before taxes, which is considerably less than $1 million after taxes. But in today’s economy, being a millionaire does not necessarily project the same status it once did. Or does it?

Over the years, it seems that each of us—whether by choice or not-- has been moving gradually from paper statements and checks to digital. Is it time to cut the cord completely?

Episode 365 - Have you gotten married recently? The next steps are considerably less exciting. There are some important financial steps you need to take.

Episode 364 - According to an estimate by Experian, the average American adult holds $6,501 in credit card debt. Is there a way out? Here are six things that you might want to try.

Episode 363 - It is perhaps not surprising that a lot of the financial advice you get on social media is misleading. A recent study shows us just how bad the situation is.

Episode 362 - So, you’ve been estranged from one of your children for years now. Your feelings are hurt, and the relationship seemingly has no chance of recovery. Now what? You can certainly disinherit your child if you wish. But beware: it’s more complicated than you may realize.

Episode 361 - The effective date of the New York Limited Liability Company Transparency Act, January 1, 2026, is nearly upon us. If your business was created in, or authorized to do business in, New York, you may be affected. If so, are you prepared to comply with its mandates and regulations?

Episode 360 - It seems like online scammers usually have the upper hand. The bad guys come up with a new scheme, and eventually the good guys figure it out and make changes. But then bad guys come up with more new schemes. Here are some of the latest tricks of the scamming trade.

Episode 359 - A few weeks ago we took an in-depth look at some of the things wealthy people understand that the rest of us tend to miss. Today, we’ll take a look at the opposite: some financial mistakes that even wealthy people tend to make, and how we can help avoid them.

Episode 358 - Deciding when to collect Social Security is one of the most important financial decisions you’ll ever make. Make a mistake there and you’ll pay for it—every month for the rest of your life. But what if you want to retire early? That doesn’t mean you also need to collect early. A “bridge” strategy can be an important tool to get you through those years between giving up your job and collecting Social Security. It could make you much better off in the long run.

Episode 357 - Do the ultra-wealthy belong to some secret club that no one else knows about? Of course not. But it’s safe to say that they do some things differently. And the rest of us could learn a few lessons from what they’ve figured out.

Episode 356 - 529 plans are certainly popular these days, and with good reason: high contribution limits and potentially tax-free growth. But they’re not for everyone. Here are four other potential alternatives for funding a college education.

Episode 355 - Business owners selling a business are often worried about capital gains tax. There are several strategies that may help to minimize or avoid capital gains.

Episode 354 - Finding the right life insurance policy can be complicated, and it’s easy to get confused. Here are ten common mistakes we see people making when they purchase life insurance.

Episode 353 - People might think that health care is cheaper once you’re covered by Medicare. Maybe, but the cost of health care in retirement is higher than many people think. A recent study by Fidelity gives us some real numbers.

Episode 352 - Is it possible to save too much for retirement? Some have argued that the answer is yes, but with caveats.

Episode 351 - People make financial mistakes all the time, in good times and bad. What are some of the things that people get wrong when things are going well? In a recent article from ThinkAdvisor, author Bryce Sanders outlined what he believes are some of the errors people tend to make when things are looking rosy.

Episode 350 - Conservatorships have been in the news quite a bit over the last few years. What exactly is it, and how do you avoid having to deal with one?

Episode 349 - Being an optimist has been shown to increase your overall well-being. But in a recent article in Think Advisor, author Michael Finke suggests that optimism can also help with your retirement planning efforts.

Episode 348 - Are there things you wished you had learned about money when you were a kid? In today’s episode, special guest Hannah Kesler talks about some of her ideas on how to raise children to become financially savvy adults.