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The IRS Dirty Dozen 2026 Episode 380 – 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! More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 380 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: the IRS has published its annual “Dirty Dozen” list for 2026. It’s safe to say that the IRS is not exactly America’s most popular government agency. But every once in a while, they do something we can all get behind. If you ever want to know the latest on what some criminals are doing to steal your money, the IRS can help. Their annual Dirty Dozen listing of tax scams provides us with a guide to some of the things we need to look out for. In publishing this list every year, the IRS is trying to encourage people to remain vigilant. As IRS Chief Executive Officer Frank Bisignano points out, “For more than two decades, the IRS has used the Dirty Dozen list to flag emerging scams that taxpayers should watch out for.”[1] Here is their newly published 2026 list, in order.[2] IRS impersonators. Criminals will use emails (phishing) and text messages (smishing) to trick someone into believing that the IRS is looking for them. They use intimidating language to convince someone to click where they shouldn’t be clicking. They also like using QR codes to take you to a fake—but authentic-looking—IRS website. The IRS says they reported over 600 social media impersonators last year. Of course, it’s best never to click on any unsolicited correspondence claiming to be from the IRS. The rise of AI spoofing. Scammers have discovered a new tool in recent years: using AI to impersonate IRS personnel. Some bogus phone calls now use AI for “voice mimicry” and “spoofed caller ID” to make them seem real. The IRS reminds us that they generally contact taxpayers by mail first, and they don’t leave urgent, threatening or demanding messages. Fake charities. Crooks are ready to step in whenever there’s a natural disaster or some other form of tragedy, and a phony charity is one of their most popular tools. They get unknowing taxpayers to give their money away in the hope of getting a tax deduction. When discovered, this can result in tax charges, interest and penalties once the scam is recognized. Social media “tax hacks.” Let the buyer beware when it comes to tax advice on social media. The IRS says that social media is “a major driver of tax scams.” Sometimes so-called “tax hacks” can go viral, leading people to claim credits they’re not entitled to. The IRS reminds us that if you file a fraudulent tax return, you could potentially face significant civil and criminal penalties. It’s best to follow trusted tax professionals and other reputable sources. Identity theft using online IRS accounts. Scammers sometimes use stolen data to get access to someone’s IRS account. The IRS encourages people to set up their own accounts through IRS.gov, and to stay away from third parties who offer unsolicited help. Abusive claims involving long-term capital gains. Regulated investment companies and real estate investment trusts often use IRS Form 2439. The form is used when the fund has undistributed long-term capital gains. Long-term capital gains are taxed at a lower rate than ordinary income. The IRS has noticed an uptick in fraudulent claims where the filing organization is not an investment fund or real estate investment trust, and thus not eligible for this special provision. “Self-Employment Tax Credits.” Crooks are using misleading claims about “self-employment tax credits” to generate illegal refunds. The credits were available in 2020 and 2021 as part of legislation passed in the wake of the pandemic. They were actively promoted on social media, and there have been a significant number of fraudulent claims for such credits. “Ghost” tax preparers. The IRS defines a “ghost” preparer as someone who prepares a tax return but then refuses to sign it, or refuses to provide what’s called a “Preparer Tax Identification Number” or PTIN. Remember that, regardless of who prepares the return, you are legally responsible for what you file. Being without a signature from the preparer or PTIN is considered a red flag. Non-cash charitable donations. Charitable donations for “conservation easements” and artwork have long been subject to scrutiny. An example of a conservation easement is a farm owner signing an agreement to permanently maintain the property as farmland, thus disallowing any future development on the property. This causes a decrease in the property’s value, and the owner gets a tax deduction for doing it. Such donations are often legitimate, but they can be abused. Overstated tax withholding. This is a new entry on the list. Sometimes a scammer will suggest overstating the amount of tax withheld in order to receive a bigger refund. This is often referred to as “other withholding.” Of course, if you overstate your withholding, you can be subject to penalties and enforcement action. Spear phishing and malware. According to the IRS, criminals will go after businesses and tax pros with phony “new client” or “document request” emails. They warn people to be suspicious of unexpected requests for confidential information or urgent payment demands. The scammers use these tricks to steal personal data and/or deliver malware. “Offers in Compromise.” This one is an oldie but a goodie. An Offer in Compromise (OIC) is, essentially, a reduced settlement of a debt owed to the IRS. The problem is that so-called “OIC Mills” sometimes charge high fees, use high-pressure tactics, and make promises they can’t keep. The IRS goes on to talk about some ways people can protect themselves from these scams. Some are obvious: don’t click on a link you weren’t expecting, and don’t open an unexpected attachment. Also, if you get a phone call you weren’t expecting from someone claiming to be with the IRS, simply hang up. The IRS also encourages people to report any suspicious activities. If you think your identity may have been stolen, they suggest you visit IRS.gov/idtheft. You can also take a look at IRS.gov/SubmitATip. This new online tool consolidates all the IRS fraud-reporting options into a single location. [1] Internal Revenue Service. “Dirty Dozen tax scams for 2026: IRS reminds taxpayers to watch out for dangerous threats.” IRS.gov. https://www.irs.gov/newsroom/dirty-dozen-tax-scams-for-2026-irs-reminds-taxpayers-to-watch-out-for-dangerous-threats (accessed April 1, 2026). [2] 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

So, What Exactly Is a Trump Account? Episode 379 – Trump Accounts were just signed into law last July, and they are undeniably popular. Are they worth looking into? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 379 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: So what exactly is a Trump Account? These new investment accounts have generated a great deal of media attention in the past few months. How do they work, and is it worth setting one up? A Trump Account is a new form of tax-advantaged savings for children that was introduced as part of the One Big Beautiful Bill Act passed in July 2025. The basic idea is to give children a head start with their savings at a very young age. To be eligible, a child must be under age 18 on December 31 of the year the account is created. Up to $5,000 in annual contributions are allowed, indexed for inflation. With Trump Accounts, of the $5,000 annual contribution limit, up to $2,500 per year can come from each parent’s employer and will not count toward parents’ taxable income, providing incentive for contributions to Trump Accounts. Please consult with your employer regarding this opportunity. Children born between 2025 and 2028 also receive a special incentive, a $1,000 additional contribution from the federal government, referred to as “seed money.” The child must be a U.S. citizen with a Social Security number to qualify for this additional contribution.[1] There is no monetary requirement to receive the $1,000 government contribution, providing further incentive to create one. And, this $1,000 government contribution does not count toward the $5,000 annual limit, raising the maximum available deposit in year one to $6,000. Investments in the account are generally made after-tax. In other words, you don’t receive a tax deduction for contributing to a Trump Account. While the child is growing up, a Trump Account has similarities to a custodial or Uniform Gifts to Minors Act (UGMA) account. The account is owned by the child but managed by an adult custodian, presumably the parent or grandparent who set it up. The custodian is responsible for any investment decisions. Withdrawals are generally prohibited before the child reaches age 18. Once the child reaches age 18, the account is treated in many ways like a traditional IRA account, including the 10 percent penalty tax for withdrawals before age 59½. Starting at age 18, the child—now legally an adult—can withdraw as much of the account as he or she wants. Earnings are tax-deferred while still in the account, but generally taxable when withdrawn.[2] This does not apply to the original contributions however, which were made with after-tax dollars. There are restrictions on where the money can be invested. Before the account transitions to a traditional IRA at age 18, it can only be invested in low-cost stock mutual funds or Exchange Traded Funds (ETFs) that track an index of primarily American equities, such as the S&P 500.[3] Note that you can enroll your child for a Trump Account now, but the accounts themselves won’t actually be made active until July 2026. You can sign up through the government portal, at Trumpaccounts.gov. It’s still very early, but some experts have already pointed out a potential “hack” which could make Trump Accounts especially valuable.[4] It starts by assuming that the parent contributes the full $5,000 for 18 years. By the time the child retires in the distant future, with compound growth over many years, the value of the account could be quite significant. The money is available for withdrawal when the child reaches age 18. But what if, as a young adult, the individual converts the account to a Roth IRA? The accumulated gains in the account would be taxable at the time of conversion, but once inside the Roth, withdrawals are generally tax-free once you reach age 59½. A recent Wall Street Journal article goes through an example assuming an account receives the $1,000 government seed money, plus $5,000 per year until age 18. The example assumes the money remains in the account. At age 24, assuming a 7 percent annual return, the account would be worth just over $278,000. At that point he or she converts to a Roth IRA and pays the tax through an outside source. If the money stays in the account and continues to grow, it will be worth just over $3 million by the time he or she reaches age 59½, again assuming the 7 percent return. Once he or she is past age 59½, any withdrawals are then completely tax-free.[5] Age 24 was chosen for the example because at that age, the account holder is now past any “kiddie tax” considerations, but presumably also well before his/her peak earnings (and highest tax bracket) years. The sooner the money gets into the Roth, the better.[6] And as with a traditional IRA, it is possible to spread the conversion over several years if preferred. The “kiddie tax” is an IRS rule that taxes a child’s unearned income (investments, interest, and dividends) at their parents’ higher marginal tax rates rather than the child’s lower rate. Please consult your tax advisor if you think this situation may apply to you. Even though they’re just getting started, Trump Accounts have already become popular. By mid-March 2026, four million children had already been signed up for the accounts which, as mentioned, will activate in July of 2026. These kids are all off to a great start. On the surface, it appears the $1,000 of government seed money is something we don’t always see: a government program that works as it was intended to! [1] Dickson, Joel. “What to know about the new Trump accounts for kids.” Vanguard.com. https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/what-to-know-about-new-trump-accounts-for-kids.html (accessed March 25, 2026). [2] Id. [3] Internal Revenue Service. “Treasury, IRS issue guidance on Trump Accounts established under the Working Families Tax Cuts; notice announces upcoming regulations.” IRS.gov. https://www.irs.gov/newsroom/treasury-irs-issue-guidance-on-trump-accounts-established-under-the-working-families-tax-cuts-notice-announces-upcoming-regulations# (accessed March 25, 2026). [4] Ebeling, Ashlea. “The Hack That Turns Trump Accounts Into Multimillion-Dollar Tax-Free Nest Eggs.” The Wall Street Journal. https://www.wsj.com/personal-finance/the-hack-that-turns-trump-accounts-into-multimillion-dollar-tax-free-nest-eggs-53d303c3 (accessed March 25, 2026). [5] Id. [6] 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Estate Planning When You Live in a Foreign Country Episode 378 – 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. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 378 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: estate planning when you live in a foreign country. When it comes to federal estate taxes, most Americans have nothing to worry about. The federal exemption for 2026 is $15 million per person, a number far higher than most people will ever accumulate. However, there are twelve states that have a state estate or inheritance tax, and one, Maryland, that has both.  For state estate tax purposes, the exemption can be significantly lower, such as Massachusetts, where the exemption is $2,000,000.[1] Keep in mind that by default, the U.S. imposes estate and gift taxes on its citizens, no matter where they live. In other words, you can’t get around your U.S. taxes just because you moved to a foreign country.[2] But everything could change if you die outside the U.S. Your estate could end up getting taxed in the U.S., as well as another country where the laws, rules, regulations, exemptions and rates vary significantly. The U.S. may have treaties with other countries to avoid double taxation but that may not be true with every country. Also, other common estate planning documents such as living wills, powers of attorney, trusts and so forth, may or may not be valid in another country. So, what do you need to look out for if you’re going to spend an extended period of time in a foreign country? We’re not talking about simply a vacation. It should surprise no one to learn it’s… complicated. A recent article published by Charles Schwab and Co. gives us an in-depth look of some of the things you need to know. There are a few big issues that someone may have to deal with if they become seriously ill—or die—outside the U.S. For one thing, your American estate documents are generally not valid in another country.[3] If you become incapacitated, things like health care proxies and powers of attorney may be useless. You may need to sign legal documents that are in compliance with the laws of that country, while making sure that these new documents don’t conflict with the ones you have in the U.S.[4] Domiciliary rules apply in many foreign countries in a similar fashion to the way they do in the U.S. for estate or inheritance tax purposes. Domicile is generally defined as where your permanent home is with a subjective intent to remain indefinitely. Residency is where you are currently residing and can be measured by the number of days spent in that place. In the U.S., this has a bearing on state income taxation, but other countries may apply it for estate tax purposes too. [5] This can be important because if you spend the majority of the year in a particular jurisdiction, in many cases, all of your worldwide assets could be taxable in that jurisdiction.[6] There may also be legal hurdles in other countries that prevent you from doing what you want. For example, in most European countries, there are “forced heirship” laws that may require you to leave 50 percent or more of your assets to your children, whether you want to or not.[7] In the U.S., you can disinherit your children. This provision can become a major hurdle with jointly owned property. Let’s say you have a valuable home in another country, and you share ownership jointly with your spouse. In the U.S., after your death, your half of the home would automatically pass to your spouse, making your spouse a 100 percent owner. That may not be true in another country because of forced heirship rules. A portion of the property may end up passing to your children, whether you want that or not. You may have another option if you’re residing in one of the countries in the European Union. Most of those countries, except for Denmark and Ireland, have what’s called the “European Succession Regulation.”[8] This allows U.S. citizens the option to let U.S. law stipulate their estate distribution. It can be a way around the forced heirship rules, but it takes planning. The choice must be made clearly in the estate planning documents. There’s an additional wrinkle to consider. When someone dies in the U.S., if there are any state or federal estate taxes due, those taxes are paid by the estate itself. In most foreign countries, estate taxes are paid by the heirs.[9] In some cases, for example, if one of your children is inheriting a piece of real estate, it could result in a forced liquidation of the property, simply because they don’t have the cash to pay the taxes. Finally, note that many countries friendly to the U.S. have estate and gift tax treaties with the U.S. These laws clarify which country gets the right to tax your assets, thus preventing your assets from being taxed in both countries. If you do end up under U.S. jurisdiction, keep in mind that all your assets, even those held in foreign countries, are considered taxable in the U.S., regardless of where they are held. Do any of these rules apply to you? If you’re going to be living in any foreign jurisdiction for an extended period of time, it’s a good idea to check with a qualified legal professional who is familiar with the laws in both countries. There may be additional documents required. [1] The American College of Trust and Estate Counsel. “State Death Tax Chart.” Actec.org. https://www.actec.org/resources-for-wealth-planning-professionals/state-death-tax-chart/ (accessed March 12, 2026). [2] Trust & Will. “What Happens if an American Citizen Dies in Another Country.” Trustandwill.com. https://trustandwill.com/learn/dying-abroad (accessed March 12, 2026). [3] Jarvis, Austin. “How Living Abroad Can Complicate Your Estate Plan.” Schwab.com. https://www.schwab.com/learn/story/how-living-abroad-can-complicate-your-estate-plan (accessed March 11, 2026). [4] Id. [5] Id. [6] Id. [7] Id. [8] Id. [9] 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Business Planning Needed Now More Than Ever Episode 377 – 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. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 377 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: business planning needed now more than ever. There’s never been a more important time for business owners to review their business succession and employee benefits plans. That’s due to the confluence of several recent events including the One Big Beautiful Bill Act (OBBBA) signed by President Trump on July 4, 2025, and the U.S. Supreme Court decision on June 6, 2024, in the case Connelly v. United States.[i] The other factor is the general job market today and economic realities. OBBBA “permanently” increased the federal estate tax exemption amount to $15 million indexed for inflation. Even in 2019, when the exemption amount was “only” $11.4 million, only 0.07% of decedents paid an estate tax.[ii] So, many small business owners may no longer need estate tax planning services unless they live in one of the twelve states and the District of Columbia that still has a state estate and/or inheritance tax with exemption amounts significantly lower than the federal amount. Note that general estate planning is still recommended for all! According to the U.S. Small Business Administration, there are over 36.2 million small businesses in the U.S.[iii] “Small businesses fuel economic growth, job creation, and supply chain resiliency across the country.”[iv] Obviously, keeping small businesses primed for success today and for tomorrow through proper planning in the areas of business succession, executive benefits, retirement, employee benefits, estate and family protection, and more, is vitally important. The Connelly case makes business succession planning even more urgent for business owners. The Supreme Court reversed generally accepted principles long held by the insurance and legal communities and addressed the narrow question of whether a corporation’s fair market value is impacted by life insurance proceeds received by the corporation and committed to funding the redemption of a decedent owner’s shares for estate tax purposes. The Supreme Court unanimously held that the corporation’s redemption obligation is not a liability that reduces the estate tax value of the decedent’s shares. The Supreme Court also specifically referenced cross purchase buy-sell arrangements that could have avoided this result. Although not mentioned in the Connelly case, the other implication is that business-owned life insurance on the life of the business owner, solely for key person insurance purposes or other non-succession planning reasons, may also impact the business valuation and accordingly, that business owner’s estate plan. Every business owner should work with their life insurance agents and tax and legal advisors to determine if their existing business continuation and estate plan is affected by this decision. Buy-sell agreements may need to be revised and amended, particularly if the agreements call for the business to buy back the ownership interest of a deceased owner and the business purchases life insurance on the owner to do that. If business owners don’t have a plan, they should design and implement a plan immediately! Of course, if there is an estate tax issue as a result of business-owned life insurance, then the business succession plan should be coordinated with the business owner’s estate plan. Executive benefits planning, such as split-dollar, executive and retention bonus, and nonqualified deferred compensation plans, all funded with cash value life insurance, are also topics that business owners should consider. Several surveys reinforce the urgency created by the current labor market for businesses to retain their best and brightest employees.[v] Even the creative use of qualified retirement plans, such as profit-sharing plans, fully insured defined benefit plans and cash balance plans should be considered because more benefits can be steered toward the owners and highly compensated, and presumably the most valuable, employees. All of these plans can also hold life insurance as an asset for family financial protection. Business owners need to contact their financial services professionals, tax and legal advisors immediately. There’s much planning to be done for personal and business success! Important Notice: The information contained in this document is not intended to (and cannot) be used by anyone to avoid IRS penalties. This document supports the promotion and marketing of insurance products. [i] Connelly v. United States, 144 S.Ct. 1406 (2024). [ii] U.S. Congress. “The Estate and Gift Tax: An Overview.” Congress.gov. https://www.congress.gov/crs-product/R48183 (accessed 1/30/2026). [iii] U.S. Small Business Administration Office of Advocacy. “New Advocacy Report Shows the Number of Small Businesses in the U.S. Exceeds 36 million.” Advocacy.sba.gov. https://advocacy.sba.gov/2025/06/30/new-advocacy-report-shows-the-number-of-small-businesses-in-the-u-s-exceeds-36-million/ (accessed 1/30/2026). [iv] Id. [v] Craver, Henry. “Employee retention ranks as top HR priority.” Benefitspro.com. https://www.benefitspro.com/2025/10/31/employee-retention-ranks-as-top-hr-priority (accessed 1/30/2026); Finnegan, Richard. “Gallagher Report: Why Turnover is Still #1 Concern in 2025.” C-suiteanalytics.com. https://c-suiteanalytics.com/gallagher-turnover-is-1-concern-2025/ (accessed 1/30/2026); Yahoo Finance. “New Report Shows Employee Retention Outranks Almost Everything Else as U.S. Employers Tackle Burnout.” Finance.yahoo.com. https://finance.yahoo.com/news/report-shows-employee-retention-outranks-130000507.html (accessed 1/30/2026).     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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

What’s the Latest on the Long-Term Care Front? Episode 376 – 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? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 376 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: what’s the latest on the long-term care front? Long-Term Care, or LTC as we will often refer to it in this podcast, is a set of services designed to help people who are no longer able to perform everyday personal tasks on their own. These services are designed to help people out with what are called the “Activities of Daily Living,” such as bathing, dressing, eating, etc. People very often need LTC help later in life due to chronic illness, disability or cognitive issues such as Alzheimer’s. The estimate is that 60 percent of Americans will eventually need help with things like “getting dressed, driving to appointments, or making meals,” according to the U.S. Department of Health & Human Services.[1] Medicare coverage only goes so far when it comes to LTC. Through Medicare parts A & B, skilled nursing care generally runs out after 100 days.[2] Without supplemental coverage, you’re on your own after that. As you might expect, the cost of care varies greatly depending on what type of need you have and where you live. Overall, the cost of LTC has been going up for decades and shows no sign of stopping. In 2025, the average annual cost of assisted living was approximately $73,000,[3] while the average annual cost for a private room in a nursing home was approximately $137,000.[4] How long is “long term?” The average nursing home stay is 485 days, or about 16 months.[5] But 28.5 percent of those who need care—whether in a nursing home or not—will need it for more than five years.[6] Finding a way to protect yourself against the rising cost of LTC is quite a challenge, and there are several different types of LTC insurance. Some people associate LTC insurance with nursing home care, but it also encompasses home health care. It stands to reason that most seniors, if given the choice, would prefer staying at home to moving into a form of nursing facility. So, in general, LTC insurance often covers things like homemaker services, skilled nursing care, and personal care services performed in the home. Because it’s so expensive, many individuals will choose to insure against LTC expenses. But where do you begin? It can be a confusing journey. Here are some of the options people have: A “standalone” LTC policy. An LTC policy could be likened to car insurance or most term life insurance policies. That is, you pay premiums to protect yourself from adverse developments, and the premiums may increase over time. If you never have a claim, that money is essentially gone. With a permanent life insurance policy, you pay for a product that may result in cash value access for expenses during your lifetime, and return a benefit to heirs when you eventually pass.   The number of major companies offering standalone LTC policies has dwindled to just a handful in the last few years.[7] One reason for this is the significant amount of inflation that has occurred when it comes to health care expenses. A standalone policy is subject to unpredictable premium increases every year, and over time, the cost can end up being significantly higher than the initial premium. Another reason is that, through positive medical developments, people are living longer, requiring carriers to pay long term care claims for longer than their products have historically been priced for. A life insurance policy with an LTC rider. Some life insurance companies will offer an LTC rider to their life insurance policies. This is an optional add-on feature that comes at a cost, with the amount varying from company to company. This option is primarily used for people who need life insurance. Every dollar paid out by the LTC rider will reduce the remaining death benefit to heirs. While costs may still be significant, if the LTC rider is never used, there is still that death benefit to heirs, helping to justify the total cost. Chronic illness rider. Some insurance companies offer an alternative: a chronic illness rider. In general, a chronic illness rider allows the insured to get early access to their policy’s death benefit when they are faced with a chronic illness, that is, any illness from which they are not expected to recover from during their lifetime. As with an LTC rider, chronic illness rider use would reduce the policy’s death benefit when you eventually pass.   Many companies offer a chronic illness rider at no additional premium cost. And if you need to use the benefit, it is generally tax-free. If you don’t use it, your full death benefit remains available. Self-insurance. This is always an option. You could simply pay the costs out of your own resources. The problem is that future costs could become astronomical, causing you to run out of money. If you end up never needing any form of long-term care though, you would theoretically be better off… But is it worth the risk? Getting old is typically never easy and long-term care is just one piece of the puzzle to consider, along with Medicare supplements, health care directives, powers of attorney, etc. Rising health care costs have made the puzzle much more difficult to solve and spending quality time to carefully consider the risks as they pertain to your individual situation is important. The sooner you start planning, the better. And as you move forward, involving a qualified legal representative well-versed in long-term care as well as national laws and the laws in your state which can vary, is highly recommended. [1] U.S. Department of Health & Human Services. “What is Long-Term Care (LTC) and Who Needs it?” LongTermCare.gov. https://acl.gov/ltc (accessed February 20, 2026). [2] Medicare Interactive. “SNF care past 100 days.” Medicareinteractive.org. https://www.medicareinteractive.org/understanding-medicare/medicare-covered-services/skilled-nursing-facility-snf-services/snf-care-past-100-days (accessed February 23, 2026). [3] Rosenblatt, Bruce. “The Cost of Assisted Living in 2025: What You Need to Know.” Seniorhousingsolutions.net. https://seniorhousingsolutions.net/the-cost-of-assisted-living-in-2025-what-you-need-to-know/ (accessed February 23, 2026). [4] American Council on Aging. “2026 Nursing Home Costs by State and Region.” Medicaidplanningassistance.org. https://www.medicaidplanningassistance.org/nursing-home-costs/ (accessed February 23, 2026). [5] Wisner, Wendy. “How long is the average nursing home stay?” Care.com. https://www.care.com/c/average-nursing-home-stay/ (accessed February 23, 2026). [6] Kujala, Jacob. “The Changing Landscape Of Long-Term-Care Insurance.” Financial Advisor. https://www.fa-mag.com/news/the-changing-landscape-of-long-term-care-insurance-84943.html (accessed February 23, 2026). [7] Knueven, Liz. “The best long-term care insurance companies of February 2026.” cnbc.com. https://www.cnbc.com/select/best-long-term-care-insurance/ (accessed February 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 o

About That Coming AI Apocalypse Episode 375 – 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? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 375 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: are we really on the precipice of an AI apocalypse? Just in case you missed this, an essay written and published in February 2026 by Matt Shumer, CEO of OthersideAI, an artificial intelligence company, has gone viral. It got over 50 million views in its first three days.[1] His message: be very afraid. Shumer is sometimes referred to as an “AI Influencer.”[2] He says that he’s noticed a trend in recent months. The change isn’t coming; it’s already here. And worse than that, it’s accelerating. “In 2025, new techniques for building these models unlocked a much faster pace of progress. And then it got even faster. And then faster again. Each new model wasn’t just better than the last… it was better by a wider margin.”[3] In other words, according to Shumer, AI is now building on itself. Shumer claims he is no longer needed for the “actual technical work” of his job. In fact, he claims that AI has gone from “helpful tool” to “does my job better than I do.”[4] He also shares a prediction that 50 percent of entry-level white-collar jobs will be eliminated in one to five years. Things such as writing, legal work, medical analysis and customer service are especially in jeopardy, in his opinion. If this is if fact the case, one might wonder how white-collar management candidates will be trained in five years. Could a fight for upper management candidates in white-collar industries develop? And how might that affect the companies and industries themselves in the long term? That said, there’s certainly no shortage of pushback on Shumer’s post. Paulo Carvão at Forbes argues that Shumer’s essay is, to some extent, a sales pitch. One of the pieces of advice Shumer gives is to sign up for the most expensive premium AI models. He suggests that those people will be better off than those who use the standard off-the-shelf models.[5] Gary Marcus, a professor emeritus of cognitive science at NYU, has referred to Shumer’s essay as “weaponized hype.”[6] Marcus’s criticism is two-fold. First, he says that studies have indicated that AI models still exhibit significant reasoning errors, even in advanced AI systems. He also accuses Shumer of making exaggerated claims about some of the other models he had previously worked on.[7] That said, it’s only natural to think that AI could change employment dynamics in the long run. However, it seems unlikely that AI will similarly affect blue-collar workers. AI might be able to write a legal brief for you, but it still can’t fix your plumbing. This is certainly not our first technological revolution. Another criticism is that if Shumer is correct, this time would be different from all the others.[8] In the long run, every other technological upheaval has created more jobs than it eliminated.[9] And the effect that AI has on white-collar employment may take longer than Shumer expects, if it happens at all. Take the financial services industry, for example. AI may be helpful with certain research-related projects, but you’ll still need someone to guide you through the maze of options you have, for example, when funding a retirement plan or applying for life insurance. And a human being can help address some of your emotional and family issues that AI will never understand. Never underestimate the value of human contact. There are, of course, a lot of good things that come from AI. It makes sense that AI can make you more productive. It may eventually do some of the more tedious and time-consuming tasks you have to deal with, allowing you to focus on more meaningful items, such as long-term strategic planning. It also has the potential to improve the quality and length of all of our lives through more accurate medical diagnostics and analysis. Just how much of Shumer’s prophecy comes true—and perhaps more importantly, when—remains to be seen. It’s safe to say that there will be some disruption. No one can know just how much and how quickly. But it may be a bad idea to buy into the instant hype. Sixty years after The Jetsons, our world looks nothing like everyone thought it would. In the words of Andy Kessler, columnist at The Wall Street Journal, “We won’t see a utopia or dystopia. We’ll see faster growth and more productivity.”[10] One final note. This podcast was written 100 percent by a human being without the help of AI. We’re still here! [1] Vasilescu, Mario. “Matt Shumer’s Viral AI Post—50M views in 72h— Exemplifies the Entire Broken AI Discourse, Moltbook Included.” Thinkingthroughai.substack.com. https://thinkingthroughai.substack.com/p/matt-shumers-viral-ai-post50m-views (accessed February 26, 2026). [2] Kahn, Jeremy. “Matt Shumer’s viral blog about AI’s looming impact on knowledge workers is based on flawed assumptions.” Fortune.com. https://fortune.com/2026/02/12/matt-shumers-viral-blog-about-ais-looming-impact-on-knowledge-workers-is-based-on-flawed-assumptions/ (accessed February 26, 2026). [3] Shumer, Matt. “Something Big Is Happening.” Linkedin.com. https://www.linkedin.com/pulse/something-big-happening-matt-shumer-so5he/ (accessed February 26, 2026). [4] Id. [5] Carvão, Paulo. “The Problem With Tech’s Latest ‘Something Big Is Happening’ Manifesto.” Forbes.com. https://www.forbes.com/sites/paulocarvao/2026/02/13/the-problem-with-techs-latest-something-big-is-happening-manifesto/ (accessed February 26, 2026). [6] Kahn, Jeremy. “Matt Shumer’s viral blog about AI’s looming impact on knowledge workers is based on flawed assumptions.” Fortune.com. https://fortune.com/2026/02/12/matt-shumers-viral-blog-about-ais-looming-impact-on-knowledge-workers-is-based-on-flawed-assumptions/ (accessed February 26, 2026). [7] Id. [8] Id. [9] Id. [10] Kessler, Andy. “Ignore the AI Hysteria.” The Wall Street Journal. https://www.wsj.com/opinion/ignore-the-ai-hysteria-b64eac84?mod (accessed February 26, 2025). 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Good News: Life Expectancy is Going Up Episode 374 – 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? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 374 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, good news: life expectancy is going up! According to the Centers for Disease Control and Prevention, life expectancy in the U.S. hit a record high in 2024 at age 79. It was 78.4 the previous year. In addition, death rates from things like heart disease, cancer, and Alzheimer’s disease all went down. Perhaps surprisingly, the biggest drop of all occurred with deaths due to overdoses, which went down by 14.4 percent.[1] The previous peak had been 78.8 in 2019, the last year before COVID. As a result of the pandemic, life expectancy had dropped to 76.4 years in 2021. But COVID deaths have gone down by 93 percent since their 2021 peak.[2] So even though COVID is still a concern, particularly among older Americans, it’s safe to say that, for the most part, the pandemic is over. It is believed that a significant portion of the improvement stems from better medications, including the introduction of GLP-1s.[3] Of course, there is no guarantee that progress will continue, that another pandemic can be avoided, or that experience and research regarding any prescribed treatment doesn’t result in a change of course. But right now, the news is positive in many ways. But the good news also highlights a dilemma: many people are likely to end up living longer than they expected, especially if the recent mortality expectation improvement continues. And you might not be ready for it. Have you prepared for a long retirement? This is something we talked about extensively back in episode 330. One of the biggest fears people have going into retirement is that they’ll eventually run out of money. A recent survey by Global Atlantic Financial Group indicates that a full 67 percent of people between the ages of 55 and 75 are concerned about outliving their assets.[4] So how do you plan for a long retirement? One way to start is to consider a “decumulation” strategy. That is, a retirement withdrawal plan. You need to think carefully about your preferred lifestyle in retirement, and whether your assets are likely to make it past age 90. According to a recent study by IRALOGIX, 49 percent of retirees are operating without a formal withdrawal strategy.[5] These people instead just take what they need as they go. Only 22 percent have a systematic withdrawal process. Another 17 percent are fortunate enough that they can afford living on dividends and interest alone. One possible tool to use for planning a lengthy retirement is a series of Roth conversions during the early years of retirement. Unlike a traditional IRA, a Roth IRA does not have Required Minimum Distributions or RMDs. The big disadvantage to a Roth is that you don’t get a tax deduction going in. The big advantage is that while the account still grows tax-free, and if you follow the rules, any money that does come out, is tax-free. Additionally, since you took a tax deduction when you contributed to your IRA or 401(k), moving that money into a Roth would be considered a taxable transaction. RMDs generally begin at age 73, or age 75 for people born 1960 or later. But if you retire before that age, it could be a great time to start gradually converting to a Roth during those intervening years. If you’re in a lower tax bracket because you’re not working, it can be more tax advantaged. All that said, it’s a good idea to validate your Roth IRA approach with a tax advisor, as there may be situations where withdrawals may become taxable if the Roth has not been in place and seasoned for a minimum of five (5) years. You can also check your Social Security. If you haven’t started yet, there are some decisions you’ll need to make. You can begin collecting as early as age 62 (age 60 if you’re a surviving spouse) or as late as age 70. The benefit goes up a little bit every month you wait between the two. Generally speaking, the longer you live, the more it makes sense to wait. Yet another way to approach decumulation is to use a “bucket” method. This comes in several varieties, but one popular version has been put forward by Christine Benz at Morningstar.[6] Under this concept, you set up your retirement savings in three different retirement “buckets.” Bucket one would be invested in something liquid such as a money market fund. This bucket would be available for short-term cash needs, with maybe two or three years’ worth of expenses.[7] Bucket two would be on the conservative side, with a combination of stocks, bonds and cash investments. Money in this bucket would be gradually shifted into bucket one as needed over time.[8] Bucket three would be invested in assets with high growth potential. This is the bucket that is going to have the most volatility and is going to require the bulk of your attention.[9] The hope is that by gradually shifting your assets from one bucket to the next, you’ll get a better sense of how long your assets are going to last, and whether you need to make adjustments. It truly is great news that life expectancy has been going up. So many of us are looking forward to a lengthy retirement, perhaps even longer than we originally expected. But it comes with a downside: it may end up straining your finances more than you realize. The best you can do is think about it ahead of time and be ready if you’re lucky enough to experience a lengthy retirement. [1] Wall Street Journal Editorial Board. “A U.S. Life Expectancy Milestone.” The Wall Street Journal. https://www.wsj.com/opinion/u-s-life-expectancy-2024-record-cdc-health-mortality-cancer-covid-60a171ee (accessed February 13, 2026). [2] Id. [3] Id. [4] Almazora, Leo. “Two-thirds of investors worried they’ll outlive their assets.” Investmentnews.com. https://www.investmentnews.com/retirement-planning/two-thirds-of-investors-worried-theyll-outlive-their-assets/259916 (accessed April 8, 2025). [5] IRALOGIX. “Nearly Half of Retirees Lack a Structured Decumulation Strategy, Raising Concerns Over Rapid Depletion of Savings, New Survey Finds.” Iralogix.com. https://iralogix.com/nearly-half-of-retirees-lack-a-structured-decumulation-strategy-raising-concerns-over-rapid-depletion-of-savings-new-survey-finds/  (accessed February 27, 2026). [6] 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/?recombee_recomm_id=dec3bbe9440a929183645028596b8bf4 (accessed April 9, 2025). [7] Id. [8] Id. [9] 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

The Spirit of Charles Ponzi Lives On Episode 373 – 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. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 373 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: the spirit of Charles Ponzi lives on. Charles Ponzi was born in Italy in 1882 and emigrated to the U.S. in 1903. He created his infamous scheme in 1919 using a series of postage coupons.[1] He raised money from investors to fund his idea, but it simply didn’t work. After promising big returns to his stakeholders, rather than admitting defeat, he paid his early investors using funds that came from later investors. The investors thought they were making legitimate profits, which only encouraged more people to invest. He kept repeating the process and lived lavishly, until a financial journalist figured it all out. His operation collapsed in 1920. He spent years in and out of prison until he was deported back to Italy in 1934. He died penniless in 1949.[2] While the man himself is long forgotten, his name lives on. Perhaps the most famous Ponzi scheme of all time was executed by Bernie Madoff, who lost it all when he was arrested in 2008. He raised an estimated $65 billion using some of Ponzi’s methods.[3] Even today, Ponzi schemes are still a thing. A man named Todd Burkhalter was recently arrested in what is “likely the largest Ponzi scheme in Georgia history,” according to U.S. Attorney Theodore Hertzberg.[4] Burkhalter pleaded guilty to wire fraud in January 2026. He admitted to defrauding thousands of investors out of $380 million. Burkhalter’s weapon of choice was a series of alleged real estate loans. The claim was that his program offered short-term loans to real estate developers who needed “bridge” financing. Incredibly, he promised a guaranteed return of 22 percent annually for three years.[5] That alone should have raised suspicions among potential investors. As with Madoff, he prepared fictitious paperwork to make his scheme appear real. Burkhalter allegedly used the money for a collection of personal items, such as a vacation condo and a yacht. The threat of jail time apparently didn’t faze him. He kept his ruse going while fully aware that he was under federal investigation. Having pleaded guilty, he is now awaiting sentencing.[6] In yet another recent case, this one, a mere $94 million, a fraudster was given a 20-year prison sentence for a Ponzi scheme based in Florida. Andrew Jacobus was sentenced in February 2026 to 20 years in prison after defrauding more than 70 investors. The money he raised, mostly from Venezuelan nationals, was spent on personal use in what the local U.S attorney called “classic Ponzi-scheme fashion.”[7] Ponzi schemes aren’t going away anytime soon, and the rise of artificial intelligence could make them even more difficult to detect. According to Eugene Soltes, a Professor at Harvard Business School, the next Bernie Madoff could be a bot.[8] AI has the potential to create an entirely new set of illegal schemes. “The damage wrought by personalized pitches, especially ones using voice and video, could make Bernie Madoff’s fraud look trivial,” according to Soltes. So, as cautious as you need to be now, it’s going to be even worse in the future. One final note about Madoff. As horrible as things were, it could have turned out worse. After his arrest, the Justice Department set up something called the “Madoff Victim Fund.” By recovering some distributions to previous investors, selling what assets Madoff did have and some interest earnings, the fund was able to send some money back to the victims. When they made their final distribution late in2024, they announced that the victims had recovered almost 94 percent of their proven losses.[9] There are no concrete rules on how best to avoid a Ponzi scheme. In the Madoff case, many of the victims joined in after being referred by someone they trusted. The person they trusted was not in on the scheme; they were victims as well. Perhaps the best you can do is to just remember the old saying: if it sounds too good to be true, it probably is. [1] World History Edu. “Charles Ponzi: Life and His Infamous Scheme.” worldhistoryedu.com. https://worldhistoryedu.com/charles-ponzi-life-and-his-infamous-scheme/ (accessed January 27, 2026). [2] Id. [3] Reuters. “Madoff pleads guilty, is jailed for $65 billion fraud.” reuters.com.  https://www.reuters.com/article/world/madoff-pleads-guilty-is-jailed-for-65-billion-fraud-idUSTRE52A5JK/ (accessed February 4, 2026). [4] Donachie, Patrick. “DOJ: Georgia Advisor’s Ponzi Scheme Was Likely Largest in State’s History.”  wealthmanagement.com. https://www.wealthmanagement.com/ria-news/doj-georgia-advisors-ponzi-scheme-was-likely-largest-in-states-history? (accessed January 27, 2026). [5] Id. [6] Id. [7] Brin, Dinah Wisenberg. “Ex-Advisor Sentenced to 20 Years in Prison for $94M Ponzi Scheme.” ThinkAdvisor.com. https://www.thinkadvisor.com/2026/02/03/ex-advisor-sentenced-to-20-years-in-prison-for-94m-ponzi-scheme/ (accessed February 4, 2026). [8] Kost, Danielle. “AI Schemes Could ‘Make Bernie Madoff’s Fraud Look Trivial’: Interview with Eugene Soltes. hbs.edu. https://www.library.hbs.edu/working-knowledge/ai-schemes-could-make-bernie-madoffs-fraud-look-trivial-eugene-soltes (accessed January 30, 2026). [9] Farrington, Robert. “How Bernie Madoff’s Victims Nearly Recovered Their Losses.” Thecollegeinvestor.com. https://thecollegeinvestor.com/51066/how-bernie-madoffs-victims-nearly-recovered-their-losses/ (accessed January 30, 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Should You Collect Social Security and Invest the Difference? Episode 372 – 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. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 372 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: should you collect Social Security and invest the difference? A few weeks ago we did an episode on the concept of “buy term and invest the difference.” The idea is that rather than purchasing a permanent life insurance policy, you could, theoretically, buy a term policy and invest the difference in premiums into a diversified portfolio. The idea is that if things went well, you could be able to self-insure once the term policy expired. We explained some of the practical reasons why such an idea rarely works. A similar concept has recently become popular for people considering their Social Security. The theory goes that instead of waiting, you should collect as early as possible, take that money and invest it in the stock market. In the end, its proponents argue, you’ll be better off. It has even become a popular meme on TikTok and YouTube, and The Wall Street Journal recently took an in-depth look.[1] Perhaps not surprisingly, there are some potential issues with this approach. Individual workers get to choose when they start collecting their Social Security benefit. They can collect as early as age 62, as late as age 70, or anytime in between. But there are tradeoffs. “Full Retirement Age,” the age at which you can collect your full unreduced benefit, is age 67 for most of us. If you collect at age 62, you’re getting a five-year head start, but the tradeoff is that your lifetime benefit is reduced by 30 percent. If you wait until age 70, you’re collecting three years behind schedule, but your reward is that your benefit is 24 percent higher. For example, if your personal benefit at Full Retirement Age is $1,000 per month, you would get $700 if you started at age 62, or $1,240 if you started at age 70. The difference between 62 and 70 is about 77 percent.[2] For people who have reason to believe they’re going to live well into their 80s or beyond, it generally makes sense to wait as long as possible. If you live long enough, you’ll easily make up the difference, and then some, by waiting. The “collect early and invest it” trend has gotten a lot of attention recently from people known as “finfluencers.” Market gains in the past few years have certainly fueled the movement. So, what exactly is the problem with this approach? Volatility and sequence of returns risk are major issues. The market may do well in any particular year, but that’s no guarantee of anything financially. According to Wall Street Journal columnist Jason Zweig, “Taking Social Security early just to invest the money in stocks is a dumb idea for most people.”[3] The reason? According to Zweig, if you’re a non-smoker in your early 60s with a college degree and a decent income, chances are that you will live into your mid-80s. And when you look at the amount of money you’re likely to receive over your remaining lifetime, the difference can be staggering. One of most important features of Social Security is that your income is inflation-protected. Cost-of-living adjustments (COLAs) can make a huge difference over time. And the higher your starting amount, i.e., the longer you wait to collect, the bigger the COLA will be, at least in nominal terms. COLAs are essentially risk-free. And few things, including the stock market, come with that kind of inflation protection. Social Security is, essentially, a form of longevity insurance. Zweig argues that Social Security and the stock market are two completely different things, and it makes no sense to try and compare them. Either way, we’re talking about a relatively small subset of the American population: people with the flexibility to collect Social Security when they want to, not when they need to. Age 62 is the most popular claiming age,[4] and there’s a reason for that. Some people have no other choice. They simply need the money to survive. And further, there’s something called the “Earnings Test.” Anytime you collect Social Security before Full Retirement Age, the amount you receive could be reduced if you’re trying to work and collect at the same time. It’s all very complicated but, for 2026, the so-called “earnings limit” is $24,480.[5] If your wages go over that limit, your benefit will be reduced $1 for every $2 over. So, if you’re a good earner, the Earnings Test could make it impractical for you to collect before Full Retirement Age, unless you’re also willing to give up your job. If you want, you can still employ the collect Social Security and invest the difference strategy, you just might have to start at 67 rather than 62. For those who can afford it, Zweig makes an alternative suggestion. Choose to file later on and use some of your fixed income assets to help finance your cost of living while you wait to collect your Social Security. This is commonly referred to as a “bridge” strategy.[6] So, is it possible that you would be better off if you collect your Social Security at age 62 and reinvest the money? As with “buy term and invest the difference,” it is hypothetically possible, but poses some hazards to be aware of. [1] Zweig, Jason. “Are Stocks a Better Bet Than Social Security?” The Wall Street Journal. https://www.wsj.com/finance/investing/are-stocks-a-better-bet-than-social-security-873ab68a?mod=Searchresults&pos=2&page=1 (accessed January 26, 2026). [2] Id. [3] Id. [4] Hagen, Kailey. “These 3 Social Security Claiming Ages Get More Popular Every Year.” Fool.com. https://www.fool.com/retirement/2025/02/16/3-social-security-claiming-ages-get-more-popular/ (accessed January 27, 2026). [5] Social Security Administration. “2026 Social Security Changes.” SSA.gov. https://www.ssa.gov/news/en/cola/factsheets/2026.html (accessed January 27, 2026). [6] Zweig, Jason. “Are Stocks a Better Bet Than Social Security?” The Wall Street Journal. https://www.wsj.com/finance/investing/are-stocks-a-better-bet-than-social-security-873ab68a?mod=Searchresults&pos=2&page=1 (accessed January 26, 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Nine Reasons You Need an Agent When You Buy Life Insurance Episode 371 – 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. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 371 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: here are nine reasons you may need the help of an agent when you buy life insurance. Have you ever been caught in “chatbot prison”? You’re calling a major institution, and you’d like to speak to a real person. But their customer service phone system puts up one roadblock after another. It’s aggravating. You need to be persistent just to hear a human voice. There is a good chance this trend will continue into the future. But for some things, life insurance being one of them, a real conversation with a real person, maybe even face-to-face, can reduce your stress level and help you achieve a positive result. Buying a life insurance policy can sometimes be a complicated process. But as we discussed last year in episode 316, it’s a whole lot easier than it used to be. Still, there are some challenges you’ll need to get past, and a real human being can be of enormous value to you. In fact, according to LIMRA’s Life Insurance Barometer study from December 2025, 3 out of 4 life insurance buyers would prefer to work with a real person. And 94% of those express trust in their advisors.[1] Here are nine basic reasons why you might need the help of an agent: It can be complicated. Do you really know the differences between traditional whole life, variable and universal life? Not many people outside of the insurance profession do. It’s critical to find someone with expert knowledge and the ability to explain what really matters when comparing the different product types. Do you need term or permanent life insurance? Both have their pros and cons. A real person can help guide you through both. Personalized needs assessment. Every situation is different. How much coverage is right for you? How do you even begin to figure that out? A licensed insurance professional can help you gauge your current and future needs, and those of your family if—God forbid—you’re no longer there. Would you rather talk it out with an AI bot or a competent, experienced professional? Understanding underwriting. Underwriting is the process the life insurance company goes through to assess your health status, whether it will be able to offer coverage to you, and if so, at what rate. Younger, healthier people typically pay a smaller premium than older people with multiple impairments. How do you figure out if your premiums are purchasing coverage suited to your own health situation? An insurance professional, who knows and understands different carriers and the various factors they will consider, can help prepare your application and potentially help you secure a lower premium. Is there something that can be negotiated? Maybe. But having an advocate for you with the insurance company can be a big advantage. Cash value and the potential for future income. Some life insurance policies have cash value, some don’t. Some go so far as to have guaranteed death benefits and cash values, while others don’t. One of the benefits of most forms of permanent coverage is that, if structured properly, the cash value can be used as a source of income or emergency fund if needed. But it’s tricky because there are so many permanent product options in the marketplace. It can be worthwhile to have someone there who understands the ins and outs of how cash value accumulation works with each of the options available to you. Ongoing support. Things change. Going through a divorce? Need to change your beneficiary? How about transferring the policy to someone else? If you have an ongoing relationship with your insurance professional, help is just a phone call away. It’s also nice to have someone who can send you a reminder if you miss a premium payment or have to change your address. Having a long-term relationship with an advisor you trust. Your needs may grow as your family or your income grows. Why restart the process with someone new? You may find yourself more comfortable if you’re dealing with someone who already knows you and has learned how to communicate clearly with you. Understanding the differences between insurance companies. Things like underwriting and customer service can vary widely from one insurance company to the next. One company’s product may be a bit less expensive, but is it worth it if they’re impossible to deal with, or if you’re not going to get the rate you thought you would? An experienced professional knows how to deal with situations like this and can help achieve the best result possible for you in the long run. Policy design and riders. Do you need a chronic illness rider? How about waiver of premium or accelerated death benefits? They can all be very important, but do you even know what they are? A life insurance professional can explain how each of these work, and whether they could be valuable for you. Then, you can more clearly decide for yourself whether they’re worth the cost. And finally… In most situations, it doesn’t cost you anything extra. The agent gets paid by the insurer, not the purchaser. You typically end up paying the same premium whether you use an agent or not. So, how do you find a real person to help with your insurance needs? Your Security Mutual Life insurance agent can help. Your Security Mutual Life insurance agent can 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] LIMRA. “Beyond the Basics: Why Human Advice Still Wins in Life Insurance.” Limra.com. https://www.limra.com/en/research/research-abstracts-public/2025/2025-insurance-barometer-study/beyond-the-basics-why-human-advice-still-wins-in-life-insurance-partial-infographic/ (accessed February 12, 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Are My Retirement Savings on Track? Episode 370 – 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. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 370 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: are my retirement savings on track? It’s an age-old question. Am I saving enough for retirement? There’s never going to be an easy answer, especially if you’re young. There are so many variables: age, future savings rates, rate of return, lifestyle, taxes, etc. Where do you even begin? There are plenty of opinions to be found. Global asset management giant T. Rowe Price has done some notable research on this topic. They’ve published a series of benchmarks at every age that can give you a sense of where you stand as of today. The benchmarks are based on current income. For example, if you’re 30 years old, they suggest that your total savings should be one half of your annual income or more. They suggest 100 percent of your income if you’re age 35, twice your income at age 40, three times at age 45, and five times at age 50. The multiplier goes to seven times at age 55, nine times at age 60, and eleven times at age 65.[1] Note that these figures include contributions, both by you and your employer, to a workplace retirement plan such as a 401(k). As you can probably tell, these are just ballpark estimates. To come up with these estimates, they assume that your household income goes up by five percent per year until age 45, and three percent thereafter. They assume an inflation rate of three percent. They also assume a seven percent return before taxes, and that everyone retires at age 65. Upon retirement, the assumed withdrawal rate is four percent. As with anything else, the individual situation you’re in will vary over time, so it’s safe to say that these benchmarks have their limitations. Also, they assume you’re relying only on personal savings and Social Security for retirement income. If you have other sources, such as a pension, your personal benchmark might be lower. Also, remember that Social Security benefits—assuming they’ll still be there for younger Americans—are progressive in nature. That is, for Americans with higher earnings, Social Security benefits will represent a smaller percentage of their retirement income. So, in most cases, people with higher earnings will have to rely more heavily on personal savings to meet their retirement needs. How can you meet these suggested goals? T. Rowe Price says that, as a general rule, most people should probably save at least 15 percent of their income if they wish to keep up with the benchmarks, more than that if you’ve already fallen behind.[2] So, what do you do if you’re below the benchmark? With discipline, some people can start increasing their savings rate right away, and that would be the ideal solution. But it’s very difficult for most people. You might be able to make your increased savings rate automatic, simply by having your employer increase the contribution rate that is withheld from your paycheck. In other words, pay yourself first! Either way, if your employer has a 401(k) with an employer match, make sure you at least take full advantage of it if you’re not already doing so. If you’re getting on in years and you don’t have enough in savings, one alternative might be to slowly transition into retirement with part-time employment. It’s not ideal. After all, you’ll be fully retiring later than you would prefer, but it could make a significant difference, including the possibility of health insurance benefits which can be costly in retirement. One final question. Is it possible to save too much for retirement? We talked about this back in episode 296. The answer is yes. As important as it is to save as much money as you can as early as possible, you have to balance that against your current lifestyle. If you’re younger, you could easily overextend yourself if you fully fund your 401(k). This could result in maxing out your credit cards to meet your monthly expenses.[3] That could end up costing you more than the savings are worth. It’s also important to understand the role of taxes. Just remember that withdrawals from a traditional IRA or 401(k) are 100 percent taxable. Once you get into your seventies, you may be subject to Required Minimum Distributions or RMDs. This means that you have to withdraw money from your IRA or 401(k) and pay tax on it, whether you need the money for your expenses or not. Also, many experts believe that future tax brackets will eventually be higher than they are today. If that does in fact happen, it could minimize the advantages of a 401(k) or IRA, because you were in a lower bracket when you took the deduction than you were when you had to pay the tax. This would minimize whatever advantage you might have had. [1]T. Rowe Price Insights on Retirement. “Are My Retirement Savings on Track?” Troweprice.com. https://www.troweprice.com/content/dam/workplace/SVRI_Retirement%20Perspective%20Savings%20Benchmark.pdf (accessed January 23, 2026). [2] Id. [3] Schrager, Allison. “Yes, Clients Can Save Too Much For Retirement.” fa-mag.com. https://www.fa-mag.com/news/yes–you-can-save-too-much-for-retirement-78828.html?section=68 (accessed August 6, 2024). 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Are You Ready for the Great Wealth Transfer? Episode 369 – Are you ready for the “Great Wealth Transfer”? It’s not that far off. The sooner you start your planning, the better. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 369 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: are you ready for the “Great Wealth Transfer”? We’ve seen it coming for decades. The baby boomer generation is perhaps the wealthiest in American history. But now they’re all 60-plus years old. The long-predicted Great Wealth transfer is just getting started, and the numbers are extraordinary. By the year 2048, an estimated total of $124 trillion will be transferred. Among those amounts, approximately $105 trillion is expected to flow to heirs from baby boomers (and older) to future generations.[1] You know it’s going to happen eventually. And if you’re one of those baby boomers, you need to get to work now if you haven’t done so already. Where do you even start? If you’re the boomer, the first thing you need to recognize is that open communication is critical. But it’s a tough conversation to initiate. According to a recent survey, only 39 percent of baby boomers have provided some direction to their heirs by explaining their intentions. At the other end, just over half of the next generation feels prepared to receive their inheritance.[2] It’s probably a good idea for you and your spouse to have your plan in place before you talk it out with your heirs.[3] If you start talking before you have a concrete plan, it may lead to arguments, undue pressure on you, or unrealistic expectations. That would make it harder for you to make important decisions based exclusively on what you really want. Once everything is fully documented, you can share the details with confidence. That way, you’ll know that your estate plan reflects your true intentions without being swayed before you’ve finished setting it up. When you do have a plan in place, it’s usually best to start explaining it as soon as you can, then provide updates as needed. And it helps to be as transparent and inclusive as possible. You’ll need to make sure you share the values that are important to you, along with the reasoning behind your decisions. But don’t think it’s going to be easy. It has the potential to be an uncomfortable and challenging conversation, so make sure you choose the best time and place. Also, remember that different people will react differently to what you tell them. You should be ready to listen to them and address whatever concerns they may have. When talking things over, it helps to show some empathy for their situation, whatever it is. It may not be what you expected. You also need to make sure your heirs understand how important family unity is, both now and after you’re gone. It’s generally a good idea to talk to your family about this while there’s still time, or at least have a letter with your documents that everyone can read or hear, explaining your non-financial wishes. Also, set some realistic expectations. Many adult heirs are surprised—sometimes pleasantly and sometimes unpleasantly—by the size of their inheritance.[4] You can also build in some protections to make sure the children don’t squander their inheritance. If you’re a parent with concerns about where the money will go, there are always trust options that can provide additional security. Your estate planning attorney will likely have some ideas on this and be able to guide you. But keep in mind that some heirs may see this as a sign of mistrust and may be resentful because you did this. The challenges are many, but it can be even more difficult—and it likely requires even more work—if you’re a business owner. The sobering truth is that less than a third of family businesses successfully transition to the next generation.[5] The failure rate jumps to 90 percent by the third generation.[6] Even worse, an unsuccessful transition could potentially destroy the family relationship. It’s important that your heirs understand that you have completed the required documents, but they also have to know where to find them. An “in the event of my death” folder should be easily accessible. The folder would include information on online accounts, professional advisors, estate planning documents, and insurance information. It’s helpful to have a single person identified who can begin the process. If you’re the recipient, it might seem awkward and presumptuous to start the conversation about inheritance, but it’s OK if you approach it the right way. One thing you can do is make sure you center the discussion around your family dynamics.[7] For example, you can start by asking your parent(s) for advice on your own estate situation and let the conversation evolve from there. And, it’s best to have these conversations while everyone is of sound mind and body. As with many things in life, financial literacy can be a tremendous asset for you in this process. Make sure to educate yourself if you feel you need to. And one final thought: regardless of your financial situation, the process is likely to be complicated and time-consuming. You may need the help of an estate planning attorney to guide the process and fill in important and required details. Either way, the sooner you get started, the better. [1] Cerulli Asoociates. “Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048.” Cerulli.com. https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048 (accessed January 7, 2026). [2] RBC Wealth Management. “RBC Wealth Management survey: A generational look at the Great Wealth Transfer shows financial advisors to play a pivotal role in a smooth transition.” Rbcwealthmanagement.com. https://www.rbcwealthmanagement.com/en-us/newsroom/2025-05-08/rbc-wealth-management-survey-a-generational-look-at-the-great-wealth-transfer-shows-financial-advisors-to-play-a-pivotal-role-in-a-smooth-transition (accessed January 7, 2026). [3] Wolinsky, Jacob. “Six Ways to Make Talking With Family About Estate Planning Easier.” Kiplinger.com. https://www.kiplinger.com/retirement/estate-planning/how-to-discuss-estate-planning-with-your-family (accessed January 13, 2026). [4] Id. [5] The Williams Group. “Succession Planning.” Thewilliamsgroup.org. https://www.thewilliamsgroup.org/services/succession-planning/ (accessed January 9, 2026). [6] Lee, Medora. “The Great Wealth Transfer’s begun. Are heirs-to-be ready to receive it? How to prepare.” USA Today. https://www.usatoday.com/story/money/personalfinance/2025/09/18/great-wealth-transfer-heirs-how-to-prepare/86040974007/ (accessed January 9, 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Does “Buy Term and Invest the Difference” Really Work? Episode 368 – “Buy term and invest the difference” sounds like a great idea on paper. But does it actually work? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 368 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: does “buy term and invest the difference” really work? For those who are unfamiliar, there are two basic types of life insurance: term and permanent. Term life insurance is pretty basic: you make a simple payment in exchange for a death benefit. The good news is you pay a specific premium for a specific number of years, say 20. Your premium purchases the specific death benefit you need, say $1 million. That’s it. There is no cash value, however Return of Premium options may exist, which would likely increase the premium. The bad news is that you must die to collect the death benefit for the benefit of your heirs. The premium can be relatively inexpensive. For example if you’re 30 years old and in good health, you might only pay $600 or so per year for your coverage under a 20-year term policy. If you survive the year, you typically pay the same amount the following year and each year thereafter until the 20-year term is complete. But the problem with term insurance is that it only covers you for the period you’ve chosen. What happens at the end of the 20 year period? You may need to start over, except now you’re 50 years old, and the cost to insure your life will be much higher, say somewhere around $2,300 per year. And this assumes that 20 years later, your health is still good enough to qualify for coverage, and at the most economical rates. On the other hand, various types of permanent life insurance exist, are generally more complex, and involve higher initial premiums. In the case of our 30-year old, the premiums may be three-to-four times the cost of term, or more. But if structured properly and premiums are paid on time, these types of policies can provide lifetime coverage, not just for a period of years. They also can potentially provide a cash value, which is the amount you would receive if you surrendered the policy for cash. You might also be able to borrow against, or withdraw some of the cash value later on. But some people are scared off by high permanent life insurance premiums compared to term. The difference is that permanent life insurance is designed to cover you for your entire life, not just a specific term. So, what do you do if you don’t want to—or can’t afford to—pay that much? Keep in mind that there are numerous ways to structure a permanent policy, and some of those can be considerably more affordable than others. There’s also an old adage in the insurance industry that you may have heard: “buy term and invest the difference.” In other words, you could buy the term policy, figure out what the premium difference is between the term and permanent policies, and invest that amount in some other place, like the stock market. The theory goes that if you’re disciplined and invest well, you’ll be better off in the long run. But does it actually work? The concept seems to make sense. You buy a term policy to cover your insurance needs temporarily and invest the difference in premium into a diversified portfolio. By the time your term policy expires, your new account may have accumulated enough money that you can now, essentially, self-insure for your permanent life insurance needs. The theory may work on paper, especially when you consider that so many of your liabilities, such as your home mortgage or a future college education for your child, are expected to be paid off in the future. But it’s not that simple. For one thing, you must commit to investing the difference every year. More on that in a minute. In addition it’s important to consider any tax advantages that permanent life insurance may offer. We spoke earlier about the cash value that a permanent policy can provide. That cash value typically grows on a tax-deferred basis. And if you structure the policy properly, cash withdrawals and loans may also receive favorable tax treatment. Then there’s the so-called “sequence of returns” risk. It’s a concept that many people—including some well-known-financial pundits—fail to consider. Sequence of returns risk is normally thought of in the context of retirement planning. It’s the issue faced when there is a market downturn late in your working years or early in your retirement years. When this happens, it could have a much bigger impact on your planned retirement income, simply because you don’t have the time you need to recover.[1] And it applies equally to “buy term and invest the difference.” Permanent life insurance, paired with another option such as guaranteed income from an annuity, can help protect against sequence of returns risk.[2] But perhaps most importantly, and we touched on this briefly a minute ago, “buy term and invest the difference” requires consistency and discipline over many years. Needs change significantly over time. The real world can be expected to throw a curve at you from time to time and even one missed investment can adversely affect the process. For example, what happens if you have a major medical emergency or other adverse financial development during one of those interim years? For many, the tendency is to skip your planned investments when money is tight, or the market is down. The entire “buy term and invest the difference” plan could crumble as a result. Is that worth the risk? Are there times when it makes sense? Absolutely. But remember that term insurance is designed for a temporary need. The simple truth is that permanent coverage can work better when the need is permanent. Confused as to which options are the best for you? A Security Mutual Life insurance agent can help. Your trusted life insurance agent will discuss and assess your needs and objectives, coordinating with you, your attorney and tax professional to review your situation and to determine the insurance plan that will best suit your needs and objectives. [1] U.S. Bank. “How sequence of returns risk can impact when to retire.” USBank.com. https://www.usbank.com/retirement-planning/financial-perspectives/sequence-of-returns-risk-impact-when-to-retire.html (accessed January 7, 2026). [2] Garcia, Gonzalo. “Why “Buy Term and Invest the Difference” No Longer Holds Up.” Linkedin.com. https://www.linkedin.com/pulse/why-buy-term-invest-difference-longer-holds-up-gonzalo-m-garcia-clu-fuwhe/ (accessed January 7, 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Being a Millionaire Ain’t What It Used to Be Episode 367 – 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? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 367 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, being a millionaire ain’t what it used to be. 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. And while it’s much more noticeable today, even during Y2K, being a millionaire did not give the same status that it once did. Yet it’s an achievement many of us are shooting for. According to a new study, almost half of all workers (48 percent) have set $1 million as their retirement benchmark. That number was only 37 percent in 2024. But people aren’t necessarily optimistic about reaching that milestone. In fact, a mere 27 percent actually expect to get there.[1] Another recent study provides more information on this. An analysis of government survey data done by Bloomberg indicates that there are more than 24 million millionaire households, or almost one in five. But a lot of that wealth is sealed into 401(k)s, IRAs and home equity, none of which is easily accessible. This is especially true for households in the lower end of the millionaire spectrum, with a net worth between $1 million and $2 million, which on average, have 66 percent of their wealth locked into these types of assets.[2] It’s important not to minimize what so many people have accomplished. $1 million is a great emotional milestone. And it’s still a lot of money. The median household net worth is considerably less: about $193,000.[3] But nowadays, you might not be able to live off $1 million. It could end up lasting you a long time, but it all depends on where you live (which you can control), your health and longevity (which you might not be able to control), and how much you spend on things like housing, health care and other expenses. Every situation is different, of course. The cost of living varies widely throughout the United States. According to research by Forbes magazine, the average cost of living, defined as “housing costs, transportation, health care, food and income taxes,” is the highest in Hawaii at $55,491. Mississippi comes in the lowest with an average of $32,336. Of course, this is just for the essentials. The figures don’t include entertainment, travel or anything else.[4] When it comes to longevity, average life expectancy has some quirks to it. For one thing, each year you age, your remaining life expectancy goes down, but not by a full year. This is a statistical oddity due to the fact that you’re still here, but a few of your peers are not. For example, if you are a male age 60, your remaining life expectancy is 23.3 years, or to age 83.3. But if you make it to age 65, your new life expectancy is 19.3 years, or to age 84.3.[5] There are gender differences as well. For people age 65, females, on average, outlive males by approximately 2.7 years.[6] These are all just averages, of course. But the resulting life expectancies are often longer than people might anticipate. Here’s another unique statistic: For a married couple age 60, there is approximately a 60 percent chance that at least one of the two will live past age 90.[7] That may or may not be you, but the longer you expect to live, the more concerned you will be about whether your $1 million is enough. How long will it last, and will you still be around when it runs out? Here are three hypotheticals compiled by SmartAsset. In the first one, assume you start with $1 million and get a 6 percent return. Also assume you are in a 24 percent tax bracket and you spend $5,000 per month. In that scenario, your $1 million should last you 30 years. But in the second scenario, assuming your return goes down to 5 percent, the well would run dry in 26 years. In the third scenario, your return goes up to 7 percent. But your tax bracket is also higher: 32 percent, and your withdrawal goes up to $6,000 per month. With those assumptions, your savings would only last 23 years.[8] Keep in mind that these examples do not include other sources of income such as Social Security. The maximum amount of Social Security you can collect is $5,181[9] per month before tax and Medicare charges, but that assumes you paid in the maximum and collect at age 70, which less than 10 percent of people do.[10] The average benefit is approximately $1,959 per month.[11] But when it comes to retirement income, the one huge advantage Social Security has is that it is indexed for inflation, although the Cost of Living Adjustment (or COLA) increases don’t always keep up. So, how much you can accumulate for retirement is important, but it’s not everything. Perhaps some of us are focusing on the wrong thing. Maybe it’s just as important to have an income plan as it is to have an accumulation plan.[12] In other words, no matter how much you save, it’s still only the first half of the journey. [1] Randall, Steve. “Nearly half of workers peg retirement target at $1M as anxiety climbs.” Investmentnews.com. https://www.investmentnews.com/retirement-planning/nearly-half-of-workers-peg-retirement-target-at-1m-as-anxiety-climbs/263546 (accessed December 15, 2025). [2] Steverman, Ben, Tartar, Andre and Davidson, Stephanie. “America Is Minting Lots Of Cash-Strapped Millionaires.” Fa-mag.com. https://www.fa-mag.com/news/america-is-minting-lots-of-cash-strapped-millionaires-84395.html (accessed December 12, 2025). [3] Kane, Libby. “The net worth it takes at every age to be richer than most people you know.” Businessinsider.com https://www.businessinsider.com/net-worth-data-american-wealth-age-2025-4 (accessed December 12, 2025). [4] Rothstein, Robin. “Examining The Cost Of Living By State.” Forbes.com. https://www.forbes.com/advisor/mortgages/cost-of-living-by-state/ (accessed December 15, 2025). [5] Social Security Administration. “Retirement & Survivors Benefits: Life Expectancy Calculator.” Ssa.gov. https://www.ssa.gov/OACT/population/longevity.html (accessed December 15, 2025). [6] The Global Statistics. “Life Expectancy by Age in the US 2025 | Stats & Facts.” Theglobalstatistics.com. https://www.theglobalstatistics.com/life-expectancy-by-age/ (accessed December 15, 2025). [7] Social Security Administration. “Longevity Visualizer.” SSA.gov. https://www.ssa.gov/policy/tools/longevity-visualizer/index.html (accessed December 15, 2025). [8] Smartasset.com. “Is $1M Enough to Retire Comfortably in 2025? Replace Guesswork With a Fiduciary-Built Plan.” Insights.smartasset.com. https://insights.smartasset.com/sem/how-long-will-1m-last-in-retirement?utm (accessed December 15, 2025). [9] Social Security Administration. “Worker with steady earnings at the maximum level since age 22.” Ssa.gov. https://www.ssa.gov/OACT/COLA/examplemax.html (accessed December 15, 2025). [10] Royal, James. “What age do most Americans take Social Security?” Bankrate.com. https://www.bankrate.com/retirement/when-do-most-americans-take-social-security/ (accessed December 15, 2025). [11] Horton, Cassidy. “What’s the average Social Security check in Dec. 2025?” Aol.com. https://www.aol.com/finance/retirement-planning/article/average-social-security-benefit-payment-december-2025-195039610.html (accessed December 15, 2025). [12] LaPonsie, Maryalene. “Can You Retire on $1 Million? Here’s How Far It Will Go in 2025.” USNews.com. https://money.usnews.com/money/retirement/articles/can-you-retire-on-one-million (accessed December 15, 2025). 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 law

Going Paperless: To Be or Not to Be? Episode 366 – 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? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 366 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, is it time to go paperless? Like many people, I tend to save stuff: like credit card bills, bank statements, paper receipts, etc. I throw them into an empty file drawer until the end of the year. Then, on an annual basis, I’ll sort through this giant pile of paper, organize everything and place it into a series of folders, which take up space in my filing cabinet. It all leads to one inevitable question: Why? What’s the point of spending all this time organizing all this paperwork that, likely, I’m never going to look at again. Certainly, some items, such as cards and notes from family members, are worth saving. But what about the other 95 percent? For many of us, it’s simply the force of habit. Going digital has its advantages. For one thing, you may find that once you’re used to it, digital documents can be easier to organize and access, and you’ll save time in the process. Not to mention the space you can save in your house, and the overall environmental impact. Has the time come for most of us to go fully paperless? If so, where do we even begin? The process often starts with a few small steps such as getting some of your statements by email or paying some of your bills using a direct transfer rather than a paper check. But there’s still a lot of paper. What’s the next phase if you want to get more organized? Here are a few steps you can take: Switch to online billing and statements. Using online tools with financial institutions and service providers, such as your cellular company, can make a big dent in your paper clutter. The truth is, if you need to look up one of your old statements, it’ll probably take less time to find it online than if you had to dig through your paperwork. Pay bills online. You can schedule your online payments through your bank. They can make your payments automatically every month, or if you don’t want to go that far, they can automatically remind you when a payment is due.   When was the last time you sent a check somewhere, only to have it lost in the mail? This is one way to avoid such a hassle. Plus, in most cases, by paying online you can decide exactly what day the other party receives the funds.   There are limits, of course. Your landlord may still want a paper check. Same thing with certain vendors, like your landscaper or cleaning service if you have one. So at least for now, no matter how far you want to take this, you’re still going to be writing a few checks. Digital note-taking. If you take a lot of notes during meetings, whether for business or personal reasons, a digital note-taking platform can help. And not just with the process itself, but also with providing easy access later on. Some of the most well-known platforms are Evernote, Microsoft OneNote, and Notion.[1] Your to-do list. Most smartphones have a “to-do” app which can help organize your essential work and/or personal tasks. They make it very hard to forget your priority items. Taking advantage of digital signatures. Digital signature tools eliminate the need to print and physically sign important documents. It’s a good way to save your time and resources. Among the most popular of these tools are Adobe Acrobat Sign and Docusign.[2] Storing your digital information. You’ll need to select a place to keep your data safe and organized. Some of the most popular are Google Drive, Microsoft OneDrive and Dropbox.[3] One more tip: It might be best to start a project like this on a going-forward basis. That is, try not to think much about the big pile of paperwork you already have. There’s no need to feel overwhelmed by that backlog. You’ll get to it someday. And when you do, you might consider purchasing a quality paper shredder to help you through your pile. There are also shredding services you can contract that will pick up any documents you set aside for disposal. For now, it’s more important just to get started with something. But also note that there are limits to how far you can go. Not many people ever truly achieve a 100 percent digital lifestyle. There are some items that you’ll still need to keep a paper copy of, such as wills, birth certificates, title deeds and stock certificates. You might also want to keep a paper printout of your most important online account data, perhaps in a safe. It could save time and money for your family should something happen to you. But more than that, there are likely some paper items that you will never be able to replace. I received a birthday card from my grandmother in 1976 with a crisp new $5 bill in it. It still sits on my desk with the $5 intact. I wouldn’t trade it for anything. [1] Erdem. “How to Go Paperless: A Step-by-Step Guide.” Clinked.com. https://www.clinked.com/blog/go-paperless (accessed December 31, 2025). [2] Id. [3] Duffy, Jill. “7 Easy Tips to Finally Go Paperless.” PCMag.com. https://www.pcmag.com/how-to/7-easy-tips-to-finally-go-paperless (accessed December 31, 2025). 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 PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options