Episode 338 – Do single people really need life insurance? Here are six good reasons why they might.

Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, six reasons single people need life insurance too.

Not long ago, in episode 333, we talked about why young people should consider life insurance. There are also a few reasons why someone who is single—whether young or old—may want to consider getting life insurance. Here are six of our favorite reasons.

1. You have a mortgage or other debt. It’s not just a mortgage. It could be student loans or credit card bills. If someone co-signed some of your debts, these debts could become your family’s responsibility. Do you really want someone else to be saddled with your debt if something happens to you? Losing you would be tough enough.

Life insurance can help cover these debts so your family won’t have to worry about them. They’ll have enough worries as it is.

2. You have dependents. You might not have kids, but are there others depending on you financially? Maybe your parents, siblings, or even some their children? Life insurance can help them. It can help provide financial security if you’re not around. And it doesn’t have to be complicated. Even, let’s say, a 10-year term policy—listing that individual as a beneficiary—could be helpful.

3. You want to cover your final expenses. In 2025, an average funeral costs somewhere between $7,000 and $12,000.[1] What if your parents are your heirs and they have very little in savings? Your funeral could be a significant financial hardship for them.

4. You want to lock in a good rate. Premiums are generally less when you buy a policy when you’re young and healthy. Even if you’re not so young anymore, you’ll be a year older next year, and it’s only a matter of time before your health could potentially start to decline.

Whether it’s term or permanent life insurance, regardless of what type of coverage you need, premiums are likely to be less today than they will be in the future. Buying a policy before major health issues arise gives you a chance to lock in a lower premium. This is especially beneficial with permanent coverage.

5. You’re a business owner. Let’s say you have a partner in a business. What happens to you if your partner dies, and what happens to your partner if you die? In spite of your best efforts, the business might not be able to continue without proper planning.Perhaps a buy/sell agreement could fill the void. With a simple cross-purchase arrangement, your partner buys a life insurance policy on you, while you buy one on your partner. If something happens to either one of you, there is a source of cash to buy out the deceased partner’s interest. The deceased partner’s heirs, rather than receiving a portion of a (perhaps illiquid) business, get cash. Other buy/sell arrangements may be better, depending on the specific circumstances. You’ll want to consult a life insurance professional and your attorney to confirm the most appropriate structure.

We’ll be talking more about buy/sell planning in a future episode.

6. You want to create a legacy. Even if you have no children or dependents, there may still be someone you want to help out financially or a cause that you’re passionate about. If you can afford it without a having major impact on your savings or emergency fund, a life insurance policy could be a great way to create a legacy for someone—or something—you really believe in.

Of course, just because you may need insurance doesn’t always mean you can get it. Underwriting findings and rates vary from person to person. But for many people, it’s easier than you may think. Gone are the days when it took months to get a new policy. The overall process is much simpler and often less invasive than it used to be. Nowadays, many companies, including Security Mutual Life, offer an accelerated underwriting review to speed up the process.

For many single people, perhaps the most difficult part of getting life insurance is simply getting started. Your Security Mutual Life insurance agent can help. He or she will assemble your team and coordinate with your attorney and tax professional to review your situation and to determine the insurance plan that will best suits your needs and objectives.

[1] Lincoln Heritage Life Insurance Company. “How Much Does a Funeral Cost?” Lhlic.com. https://www.lhlic.com/consumer-resources/average-funeral-cost/ (accessed June 2, 2025).

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 at legal, tax or other financial advice related to individual situations, because each person’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 X (formally 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 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. 

Episode 337 – The rate of gray divorce—defined as divorce after the age of 50 following a long-term marriage—has increased in recent years. The financial impact can be especially difficult for women.

Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, a detailed look at the epidemic of gray divorce.

Gray divorce is defined as occurring after the age of 50, following a long-term marriage.[1] There have been some high-profile cases in recent years, such as Bill and Melinda French Gates and Jeff Bezos and MacKenzie Scott.

While the overall divorce rate has fallen in recent years, the rate of gray divorce has increased dramatically.[2] The number of divorces for older couples began rising, gradually at first, in the early 70s. By 1990, 8.7 percent of marriages of people over 50 had ended in divorce. In 2019, that number had grown all the way up to 36 percent.[3] Note that the overall average divorce rate is 41 percent for first marriages, 60 percent for second marriages and 73 percent for third marriages.[4] So, the number of gray divorces is still lower than the overall average, but much higher than it once was.

What are some of the financial considerations for someone fifty-plus who may be getting divorced? There are several common issues that come up, among them:

There are other considerations as well, such as replacement of income sources, life and health insurance, income taxes, potential inheritance and managing living expenses. Other considerations include financial impact on children, retirement planning and estate planning. Keep in mind that these are some generic suggestions. If you’re in this situation, you may want to seek legal advice. The counsel of a good financial services professional should also be sought.

The rise of gray divorce has had a disproportionate impact on women.[6] One of the reasons is that after a divorce, household income tends to go down significantly, especially for women.[7]

Another reason is that after a divorce, many women are now in charge of their finances for the first time, and they need assistance.[8] According to a recent article in Financial Advisor magazine, some women are also anxious and embarrassed to admit that they don’t know as much about their finances as they should.[9]

Approximately half of all divorces are done using the “do-it-yourself” method.[10] This tends to work to the disadvantage of the partner who is less financially sophisticated. Experts have recommended that for this and other reasons, women often need professional support when going through a potential divorce.

Getting divorced is unsettling for just about anyone. But it can be even worse for someone who lacks experience with financial issues, a position many women find themselves in. Complex finances, laws and relationships all tend to make matters worse. The best thing you can do is to seek help from legal and tax advisors and financial services professionals.

[1] Cherry, Kendra. “Why So Many Older Couples Are Falling Victim to the Gray Divorce Phenomenon.”  Verywellmind.com. https://www.verywellmind.com/gray-divorce-8646068 (accessed May 15, 2025).

[2] Sergeant, Jacqueline. “Gray Divorce Surge Leaves Women In Need Of Advisors, Experts Say.” Financial Advisor. https://www.fa-mag.com/news/women-want-financial-education-as-they-end-marriage-82256.html?section=43&utm_source=FA+Magazine&utm_campaign=FAN_FA+News_042525&utm_medium=email (accessed May 15, 2025).

[3] Cherry, Kendra. “Why So Many Older Couples Are Falling Victim to the Gray Divorce Phenomenon.”  Verywellmind.com. https://www.verywellmind.com/gray-divorce-8646068 (accessed May 15, 2025).

[4] Austin, Daryl. “Divorce rates are trickier to pin down than you may think. Here’s why.” USA Today. https://www.usatoday.com/story/life/health-wellness/2024/09/05/marriage-divorce-rate/74899214007/  (accessed May 16, 2025).

[5] Fredman, Catherine. “12 Money Mistakes to Avoid When Divorcing Over 50.” Investopedia.com. https://www.investopedia.com/personal-finance/mistakes-avoid-when-divorcing-over-50/ (accessed May 16, 2025).

[6] Sergeant, Jacqueline. “Gray Divorce Surge Leaves Women In Need Of Advisors, Experts Say.” Financial Advisor. https://www.fa-mag.com/news/women-want-financial-education-as-they-end-marriage-82256.html?section=43&utm_source=FA+Magazine&utm_campaign=FAN_FA+News_042525&utm_medium=email (accessed May 15, 2025).

[7] Fredman, Catherine. “12 Money Mistakes to Avoid When Divorcing Over 50.” Investopedia.com. https://www.investopedia.com/personal-finance/mistakes-avoid-when-divorcing-over-50/ (accessed May 16, 2025).

[8] Sergeant, Jacqueline. “Gray Divorce Surge Leaves Women In Need Of Advisors, Experts Say.” Financial Advisor. https://www.fa-mag.com/news/women-want-financial-education-as-they-end-marriage-82256.html?section=43&utm_source=FA+Magazine&utm_campaign=FAN_FA+News_042525&utm_medium=email (accessed May 15, 2025).

[9] Id.

[10] Id.

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 at legal, tax or other financial advice related to individual situations, because each person’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 X (formally 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 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. 

Episode 336 – Being an empty nester undoubtedly creates challenges you might never have thought of. Here are some tips about what you may encounter, and how to deal with them.

Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, financial considerations when you become an empty nester.

So, after years—perhaps decades—of focusing on your kids, you’ve finally turned a corner. The last of your children has grown up and moved out. Now what? After having invested so much of your time and energy on your children for so long, maybe now would be a good time to bring your focus back to yourself and/or your spouse.

In a recent article, Susan Hirshman, a Director, Wealth Management at Charles Schwab, has some suggestions on what financial issues may now merit more of your attention.[1]

Hirshman says that now would be a great time to start a new business, do some volunteer work, travel, or participate more in some of your favorite hobbies. It also might be a good idea to look at downsizing your home, something we talked about back in episode 310.

It’s also a great time to reignite relationships that may have cooled while you devoted time to raising your children. Having more free time enables you to reconnect with your social network and rekindle old relationships. [2]

From a financial perspective, this is probably a good opportunity to boost your savings rate if possible. With the kids gone (and hopefully supporting themselves), your expenses might go down a bit. Also, once you get past age 50, you become eligible for extra “catch up” contributions to your employer-sponsored retirement plan or IRA, including Roth equivalents.[3] So, it may be a good time to evaluate your retirement savings and see if you’re on course to achieve your goals.

It’s also a great time to reexamine your expenses. Without the children at home, not only do you need less food in the house, but you also might eliminate special cable subscription services, or cut back on your full family cellphone plan, or sell that extra car in your driveway to pick up some cash and cut your car insurance bill. It’s also a great time to sell or donate some of your extra stuff, such as furniture you no longer need, and toys and books that are now just taking up space.

It also might be a good idea to start looking at long-term care insurance. The federal government estimates that about 60 percent of us will eventually need help with the “activities of daily living,” or ADLs.[4] These include things like getting dressed, bathing and personal grooming, among others. A long-term care insurance policy might prove valuable. Also, certain life insurance policies may include an optional chronic illness rider. This rider makes a portion of the death benefit available to help with the costs associated with a chronic illness.

Also, now might be a good time to develop a retirement spending plan. With the kids out of the house, your new spending regimen may give you a better idea of what it’s going to cost you to live in retirement.

Once you have a rough approximation of what you’re going to spend, it may be a good idea to evaluate your current retirement savings situation and strategy to see if you’re on course and to refine your plans accordingly.

You are likely to need the assistance of a qualified financial professional. Your Security Mutual Life insurance agent can help. He or she will assemble your team and coordinate with your attorney and tax professional to review your situation and to determine the strategy and products that will best suit your needs and objectives.

At this stage in your life, perhaps one of the best things you can do is simply to embrace change. It’s understandable that you might miss your kids. But this is an exciting new phase in your life. Give yourself a chance to enjoy it!

[1] Hirshman, Susan. “Retirement Planning for Empty Nesters.” Schwab.com. https://www.schwab.com/learn/story/retirement-planning-empty-nesters?cmp=em-XCU (accessed May 22, 2025).

[2] Id,

[3] Internal Revenue Service. “401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000.” IRS.gov. https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000 (accessed May 22, 2025).

[4] Administration of Community Living. “What is Long-Term Care (LTC) and Who Needs it?” acl.gov. https://acl.gov/ltc (accessed May 22, 2025).

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 at legal, tax or other financial advice related to individual situations, because each person’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 X (formally 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 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. 

Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, four trending scams to stay ahead of.

Financial criminals are a crafty bunch. Just when you figure out what they are doing, they change tactics. The security measures that companies and individuals took a few years ago are of little value today. There are a bunch of very smart crooks out there who adapt just as soon as they’re figured out.

Education may be the best defense. A recent series of articles by Bank of America and others highlight the evolution of scams in four areas: impostor scams, credit card fraud, “smishing” and “wrong number” scams.  Let’s take a look.

1. Impostor Scams. Imposter scams are on the rise.[1] The most common type of imposter scam is where swindlers impersonate bank or other financial representatives.

Bank of America suggests that if you get an unexpected text message, phone call, or email from someone claiming to be a person of authority, you should always verify the source by calling a known phone number, using the financial institution’s app, or by logging into their legitimate website to make sure it’s real.

It can be difficult to be sure whether a website is fraudulent or not, but they can sometimes be identified by errors in grammar, misspellings, requests that are marked as urgent, and by bad design quality. 

2. Credit Card Fraud. Bank of America says there are three leading new trends when it comes to credit card fraud. The first and most significant is called “card-not-present.” [2] Nowadays, it’s easy to order almost anything online. All a scamster needs is a card number, Card Verification Value or CVV, an expiration date, and an address. When you have this, you generally don’t need to show your actual card to anybody.

The second leading credit card trend is account takeover. In this case, the criminals will find a way to get your personal information to create new accounts. The use of mobile wallets has helped facilitate an increase in this type of crime.[3]

The third credit card trend is simple theft. The return of business travel after COVID has made it easier to physically steal credit cards, although the use of chip and PIN technology has limited its effectiveness. But some terminals are set up without these security measures, so criminals can sometimes start using a stolen card immediately.[4]

Bank of America suggests that one way to deal with all of this is to avoid using the same passwords for multiple accounts. They also recommend the use of virtual payments, which they say are safer because they generate a unique number for each transaction.[5]

3. “Smishing” Scams. A phish is an electronic communication commonly via email, that tries to steal your personal information for fraudulent purposes.[6] Smishing combines the elements of phishing and texting, often by sending a text message from some group posing as a legitimate organization. Smishing uses text messages to trick people into revealing personal information or downloading malicious software.

This type of scam often involves an attempt to exploit your emotions—such as sympathy, curiosity, fear or greed—to trick you into giving away sensitive information. The mechanics are pretty simple. The criminal will send a bogus text claiming to be from your bank, financial institution or other trusted source such as Amazon or your utility company. Often the text message includes a link to a website designed to capture personal information. The reader disturbed by the message hastily clicks the link and proceeds to the malicious site and bad things happen.

Perhaps the best defense against smishing is to never respond to texts from unknown numbers.[7] Never click on any links. Simply delete the message. Of course, you need to be especially wary if you’re being asked for a payment or any sort of sensitive information.

4. Wrong Number Scams. Wrong number scams have some similarities to smishing. They start with what appears to be a harmless and random text message. What they’re trying to do in this first phase is to confirm that your phone number is active.[8]

Phase two begins when they try to build some sort of relationship with you, be it personal or otherwise. Their long-term objective, of course, is to make money, either from you directly or by selling your information to someone else on the dark web.

As you might expect, when it comes to online scamming, Artificial Intelligence (AI) has made matters worse. Scammers can use Al to gather data from your social media and tailor customized messages to you.

People used to think that technology would make our lives simpler. Maybe in some ways it has. But few could have anticipated that as technology evolves, in other ways, life has become more complicated. When it comes to identifying new scams, you simply have to be vigilant. Stay on the lookout all the time.

[1] Bank of America Center for Business Empowerment. “Imposter scams are on the rise: Here’s how to manage the risks.” Business.bankofamerica.com. https://business.bankofamerica.com/en/resources/protecting-against-imposter-scams (accessed May 12, 2025.

[2] Bank of America Center for Business Empowerment. “How to protect your card program from fraud.” Business.bankofamerica.com. https://business.bankofamerica.com/en/resources/latest-credit-card-frauds-prevention (accessed May 12, 2025.

[3] Id.

[4] Id.

[5] Id.

[6] Bank of America Center for Business Empowerment. “Five tips to help avoid smishing scams.” Business.bankofamerica.com. https://business.bankofamerica.com/en/resources/what-is-smishing-how-to-prevent-it (accessed May 13, 2025)

[7] Id.

[8] Long, Emily. “‘Wrong Phone Number’ Scams Are on the Rise.” Lifehacker.com. https://lifehacker.com/money/wrong-phone-number-scams-are-on-the-rise?utm_source=firefox-newtab-en-us (accessed May 13, 2025)

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 at legal, tax or other financial advice related to individual situations, because each person’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 X (formally 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 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. 

Episode 334 – Just starting a business? Do you understand the differences between a sole proprietorship, partnership, C corporation, S corporation or LLC? What type is best for you?

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 at legal, tax or other financial advice related to individual situations, because each person’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 X (formally 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 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. 

• COVID-19 (coronavirus) Information

Episode 333 – Do young people need life insurance? Here are eight good reasons why they might.

Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, think you’re too young for life insurance? Maybe not.

Life is rarely simple, even if you’re part of Generation Z. And if you’re just starting out, life insurance may not be high on your priority list. But there are some reasons why, even if you haven’t thought about it, you may want to consider getting life insurance, even at a young age. Here are eight of those reasons

It’s easier than you may think. Gone are the days when it took months to get a new policy. The overall process is much simpler and often less invasive than it used to be. Nowadays, many companies, including Security Mutual Life, offer an accelerated underwriting review to speed up the process.

For a young person, perhaps the most difficult part of getting life insurance is simply getting started. Your Security Mutual Life insurance agent can help. He or she will assemble your team and coordinate with your attorney and tax professional to review your situation and to determine the insurance plan that will best suits your needs and objectives.

[1] Ma, Myles. “Think You’re Too Young for Life Insurance? 4 Reasons You May Need to Think Again.” Investopedia.com. https://www.investopedia.com/think-you-re-too-young-for-life-insurance-4-reasons-you-might-need-to-think-again-8752961 (accessed April 21, 2025).

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 at legal, tax or other financial advice related to individual situations, because each person’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 X (formally 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 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. 

Episode 332 – Most Americans are very concerned with the adequacy of their retirement savings, and whether rising health care costs and inflation will adversely affect their retirement. Many are also concerned with the availability of Social Security. There are many resources and tools available to help you plan.

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 at legal, tax or other financial advice related to individual situations, because each person’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 X (formally 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 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. 

• COVID-19 (coronavirus) Information

Episode 331 – Opportunity cost is an often-overlooked factor that has an effect on every financial decision you make. Understanding this concept can have a significant impact on how you approach even the most basic of financial decisions.

Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, understanding opportunity cost.

Opportunity cost can be defined as the value of what you give up when you forgo one choice in favor of another.[1] Here’s a simple example. If you spend an evening going to a baseball game instead of staying at home and watching a movie, you’ve given up the opportunity to spend that money—the cost of the ticket, transportation and parking—on something else. But you’ve also given up the enjoyment you would have gotten from staying home and watching a movie.[2]

Opportunity costs come into play with every financial decision you make. In other words, you finance every major purchase you make, even if you’re using cash. If you buy a new car and use your available cash, you will save some money. Since there’s no loan, there’s no cost to you in terms of any interest payments. But there is still opportunity cost. By paying cash, you’ve given up the opportunity to invest that money elsewhere and earn interest and/or dividends on it. This is something few people think about.

To put it another way, if you want something, you have to give up something else. Opportunity cost often gets ignored when making decisions. Higher education is a good example. If you think about it, the real cost of a college education is the tuition you pay, but not the room and board. You’re going to deal with the cost of room and board whether you go to college or not. But there’s more. The opportunity cost of going to college is that you gave up earnings that you would have had if you had chosen to work instead.[3] You sacrifice those current earnings in hopes of generating higher future earnings.

Home ownership is another place where opportunity cost plays a role. Over the long run, a house can be a good investment. But appreciation alone is often not enough to make it a good deal, even when the selling price is well above what you bought it for. To truly understand whether it worked out well, you also need to look at the taxes, repairs, capital improvements and closing costs. Not to mention the extra interest you would have earned had you chosen to live in a cheaper apartment.

Say you want to re-do your kitchen. It may not be cheap, but it might also add to the value of your home. In fact, it could end up adding more to the value than it costs. But that doesn’t mean it’s free. You’ve tied up some of your money on the kitchen, money which could have been used elsewhere, to (hopefully) be recovered when you eventually sell the house.

Also think about your mortgage debt. The concept of a debt-free retirement is appealing to most of us. But there are good debts and bad debts. If you have a low interest mortgage, opportunity cost may be a good reason to keep it rather than paying it off. You need to look at what you would do with the money if you didn’t pay down the mortgage. You might be better off if you invest it somewhere.

Then there’s the idea of doing it yourself. Fixing your front walkway yourself may be cheaper than hiring someone, and if you’re good at it, you may even like the results more. But understand that there’s another cost to doing this. By fixing it yourself, the cost to you is the value of whatever else you could have been doing during that time. Maybe you should consider your own earnings as an “hourly rate” as you measure the opportunity cost.

Finally, there’s also a practical, everyday application to understanding opportunity cost. It can be a good way to make the most of your cash flow. Every financial decision you make—some big, some small—can either help you or hurt you in the future. You need to look carefully at the long-term impact. Even small expenditures, repeated over time, can have a big impact.

Here’s an example. Let’s say you go out for lunch a couple of times a week. Could that money be better used elsewhere? That is money that you could otherwise be investing and growing. And as we discussed many times, compounding can make even small amounts become large over time, especially when it involves a steady flow of cash, such as the $50 or so you may spend every week going to lunch.

It’s easy to ignore opportunity cost. But if you don’t think it through, you could end up throwing money into things that keep you behind in your savings, instead of things that get you closer to your financial goals.

[1] Munsey, Bobbie Anne. “8 Opportunity Cost Examples (Plus Definition and Uses).”  Indeed.com. https://www.indeed.com/career-advice/career-development/opportunity-cost-examples (accessed March 31, 2025).

[2] ECONLIB Guides. “Opportunity Cost.” Econlib.com. https://www.econlib.org/library/Topics/College/opportunitycost.html (accessed March 31, 2025).

[3] Roberts, Russell. “Getting the Most Out of Life: The Concept of Opportunity Cost.” Econlib.com. https://www.econlib.org/library/Columns/y2007/Robertsopportunitycost.html (accessed March 31, 2025).

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 at legal, tax or other financial advice related to individual situations, because each person’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 X (formally 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 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. 

Episode 330 – The prospect of increased longevity should make all of us smile, but it creates issues that prior generations rarely had to face. Are you ready to deal with the consequences?

Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, new challenges for a long retirement.

Are you a member of the “sandwich generation?” As life expectancy gradually increases, it’s becoming more common to see people reaching retirement age who also have a living parent also in retirement.[1] A member of the sandwich generation is someone who is supporting both a parent and a child, whether the child is under age 18 or an adult child.[2]

This is just one consequence of increased longevity, one that prior generations rarely had to deal with. And it could accelerate. Scientists have suggested that because of medical advances, in the not-so-distant future, we could start seeing three retired generations in a single family.[3] Even today, the chances of living to age 90 are relatively high. For a couple, aged 62, there is a 59 percent chance that at least one of them will live to age 90 or beyond.[4]

But there’s also reason for anxiety. 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.[5]

So how do you plan for a long retirement? You can start by looking closely at 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 a little bit up every month you wait between the two. The longer you live, the more it makes sense to wait.

Let’s say you want to retire at age 62 and you have a good life expectancy. If you start collecting Social Security at that age, your benefit will be reduced by 30 percent compared to if you had waited until age 67. For anyone born 1960 or later, ‘Full Retirement Age” is age 67. So if you wait until 67 you will get your full, unreduced benefit. And if you can hold out until age 70, you will get 24 percent more than you would have gotten at age 67.

Another thing you may want to do is to figure out 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 going to make it past age 90 under that scenario. According to a recent study by IRALOGIX, 49 percent of retirees are operating without a formal withdrawal strategy.[6] These people instead choose to 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 to live spending only dividends and interest.

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, if you follow the rules, any money that does come out is tax-free.

Since you took a tax deduction when you contributed to your traditional IRA or 401(k), moving that money into a Roth is considered a taxable transaction. RMDs generally begin at age 72. 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 will be more tax efficient.

Another way to approach decumulation is to use a “bucket” method. This comes in several varieties, but one common version has been popularized by Christine Benz at Morningstar.[7] Under this concept, you set up your retirement savings in three different retirement “buckets.”

Bucket one would be invested in something liquid like a money market fund. This bucket would be for short-term cash needs, with maybe two or three years’ worth of expenses.[8]

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.[9]

Bucket three would be invested in assets with a 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.[10] 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 some adjustments.

It truly is great news that 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 currently realize. The best you can do is think about it ahead of time and be ready if you’re lucky enough to experience a long retirement.

[1] Reed, Jennifer Lea. “Retirements Lasting 60 Years? Possible, And Maybe Terrifying.” Financial Advisor Magazine. https://www.fa-mag.com/news/retirements-lasting-60-years–possible–and-terrifying-81544.html?section=43&utm_source=FA+Magazine&utm_campaign=5cb52eab4f-FAN_AM_CE+Credits_022825&utm_medium=email&utm_term=0_-02ce404ce3-244838627 (accessed April 8, 2025).

[2] Horowitz, Juliana Menasce. “More than half of Americans in their 40s are ‘sandwiched’ between an aging parent and their own children.” Pewresearch.org. https://www.pewresearch.org/short-reads/2022/04/08/more-than-half-of-americans-in-their-40s-are-sandwiched-between-an-aging-parent-and-their-own-children/ (accessed April 8, 2025).

[3] Reed, Jennifer Lea. “Retirements Lasting 60 Years? Possible, And Maybe Terrifying.” Financial Advisor Magazine. https://www.fa-mag.com/news/retirements-lasting-60-years–possible–and-terrifying-81544.html?section=43&utm_source=FA+Magazine&utm_campaign=5cb52eab4f-FAN_AM_CE+Credits_022825&utm_medium=email&utm_term=0_-02ce404ce3-244838627 (accessed April 8, 2025).

[4] Wohlner, Roger. “Living Past 90: How to Play the Long Game on Retirement, Tax Planning.” Think Advisor. 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 8, 2025).

[5] 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).

[6] Advisor News. “Nearly half of retirees lack a structured decumulation strategy.” Insurancenewsnet.com. https://insurancenewsnet.com/oarticle/nearly-half-of-retirees-lack-a-structured-decumulation-strategy (accessed April 9, 2025).

[7] Wohlner, Roger. “Living Past 90: How to Play the Long Game on Retirement, Tax Planning.” Think Advisor. 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).

[8] Id.

[9] Id.

[10] Id.

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 at legal, tax or other financial advice related to individual situations, because each person’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 X (formally 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 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. 

Episode 329 – With retirement planning, as with most financial principles, every situation is different. That said, we all need a few guidelines to see if we are going in the right direction. But these basic ideas evolve over time as demographics, life expectancy, tax laws and available products all change. Here are a few ideas that could use a good debunking.

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 at legal, tax or other financial advice related to individual situations, because each person’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 X (formally 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 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. 

• COVID-19 (coronavirus) Information