SML Planning Minute

Security Mutual Life Advanced Markets Team
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SML Planning Minute

SML’s Planning Minute will provide brief yet thought-provoking financial planning ideas for individuals, families, business owners and executives. Topics cover a broad range of issues including personal financial planning, retirement planning, life insurance protection planning, estate tax and liquidity planning, business planning, business succession planning, and more.

  1. 3D AGO

    Debunking Common Myths About Retirement

    Debunking Common Myths About Retirement 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. He are a few ideas that could use a good debunking. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 329 Download The Transcript/Flyer 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 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.

    7 min

  2. APR 15

    Can I Avoid the Dreaded IRS Audit?

    Can I Avoid the Dreaded IRS Audit? Episode 328 - There are few things that create more fear and loathing than a so-called “exam letter” from the IRS. It means that you’re likely looking at a significant time commitment just to put together the documentation they’re looking for, along with potential new taxes, interest, penalties, and accounting fees. Here are a few things that may end up triggering a tax audit. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 328 Download The Transcript/Flyer 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 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.

    8 min

  3. APR 8

    What Have Billionaires Been Up to Lately?

    What Have Billionaires Been Up to Lately? Episode 327 - Billionaires are considered role models by many and disliked by many others. Although relatively tiny in terms of numbers, they have an enormous influence on our economy. Where are they headed these days? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 327 Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, what have billionaires been up to lately? Billionaires are considered role models by many and disliked by many others. Proponents cite their hard work and their embrace of innovation. Detractors cite their tremendous compensation and role in income inequality. According to a recent report by Altrata’s Billionaire Census, there are now more than 1,100 billionaires in the United States.[1] This is about a third of the worldwide total. Although they represent a tiny portion of the population, one way or another, billionaires have an enormous influence on our economy. So, what have they been up to lately? A recent study by UBS provides some insights.[2] Here are a few of them: * Their numbers are increasing. Since 2015, the number of billionaires has increased by more than 50%. Also, their combined net worth has more than doubled.[3] * Billionaires do better with their portfolio. No shock here. According to the study, billionaires have outperformed equity markets over the last 10 years. Their total wealth increased by 121 percent between 2015 and 2024.[4] * Tech leads the way. The wealth of tech billionaires has been growing the fastest of any sector. These people specialize in e-commerce, social media, digital payments, generative AI and cybersecurity, among others.[5] But… * Industrial leaders have done surprisingly well. The good fortune of tech billionaires is not much of a surprise, but the strong position of industrial leaders was unexpected. Much of the increase came from ownership in technologically-advanced industries such as aerospace, military defense and electric vehicles. * Real estate has done worse than expected. Real estate billionaires performed in line with the other categories until 2017 but have trailed ever since. This is attributed to lagging property values and the COVID-19 pandemic.[6] * Billionaires seem to be relocating more frequently. With homes, family and businesses spread around the world, billionaires have more of a tendency to move to different countries. But it’s become more common since the pandemic. Many people are moving for tax benefits (including favorable estate and gift taxes), but also for personal safety and political reasons.[7] * Their families are getting bigger.

    7 min

  4. APR 1

    Understanding Social Security Taxation

    Understanding Social Security Taxation Episode 326 - There’s been a lot of talk lately about making Social Security income tax-free. This would certainly be a popular move, especially for seniors. But doing so comes at a steep price. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 326 Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, understanding Social Security taxation. There’s been a lot of talk lately about making Social Security income tax-free. This would certainly be a popular move, especially for seniors. But doing so comes at a steep price. Many people don’t even realize that Social Security income is considered taxable. In fact, Social Security income is tax-free in 41 of the 50 states.[1] But at the federal level, Social Security is considered taxable income—except with a twist. It’s never 100 percent taxable. Figuring out how much tax you owe from your Social Security benefit is complicated, perhaps more complicated than it should be. This is the result of decades of government fine-tuning. The good news is that the maximum amount of Social Security that can be taxable is 85 percent, so it’s a bit tax-advantaged compared to other sources, such as a distribution from your IRA or your 401(k). Figuring out the exact percentage—and then applying it—requires a series of three byzantine calculations. It can be as low as 0 percent or as high as 85 percent, based on your other income. Note that this is not the tax rate. It is the percentage of the income that the tax rate applies to. The tax rate, of course, goes up as your income increases. The maximum federal income tax rate in 2025 is 37 percent.[2] Note that the calculations require the use of two “threshold” amounts. For married taxpayers those amounts are $32,000 and $44,000. For a single individual, the threshold amounts are $25,000 and $34,000. There will be at least some tax if you’re above these amounts. These were set back in 1993 and are not indexed for inflation. As a result, over time, more and more people are reaching the 85 percent bracket.[3] Making Social Security income tax-free would save money for a lot of seniors. And it would certainly simplify the tax code. But all this comes at a price. Few people realize that taxes paid on Social Security end up going to the Social Security Trust Funds. Social Security benefits are paid differently from everything else. They come exclusively from two special Trust Funds: one for retirement benefits and one for disability. As of the most recent Trustees’ report, the combined Trust Fund balance was $2.79 trillion, down slightly from $2.83 trillion the previous year.[4] Without any further action, the Trustees project that the Trust Funds will be depleted in the year 2035. If they run out of money,

    7 min

  5. MAR 25

    Five Reasons to Purchase Life Insurance for Your Children

    Five Reasons to Purchase Life Insurance for Your Children Episode 325 - Should you buy a life insurance policy on your newborn or young child? Here are five things to consider. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 325 Download The Transcript/Flyer 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 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 In...

    8 min

  6. MAR 18

    Careless Spending Can Erode Income Gains

    Careless Spending Can Erode Income Gains Episode 324 - If your income goes up over time, it doesn’t necessarily mean that you'll be able to save more. If you’re not careful, “lifestyle creep” can make things worse. Here are a few ideas on how to fight back against lifestyle creep. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 324 Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, careless spending can erode income gains. It may be counterintuitive, but sometimes doing better financially can do more harm than good to your savings. This is due to a phenomenon known as lifestyle creep. Lifestyle creep, sometimes referred to as “lifestyle inflation,” occurs when your spending increases as your income rises, turning yesterday’s luxuries into today’s necessities. Without realizing it, this slow increase in expenses can make it difficult to save money and reach your financial goals. Increases in online shopping, subscription services and food delivery can all be indicators of lifestyle creep.[1] The result is that, in spite of your improved income, you begin saving and investing less and less. What can you do if you see this happening to you? Here are a few ways to resist the impulse spending that comes with lifestyle creep: * Use a “buy list.” Resist the impulse to purchase something by instead creating what’s called a “buy list.”[2] Put the thing you want to buy on that list. Then, after a designated period of time, say ten days or so, if you still feel like you want it, go ahead and make the purchase.[3] * Set up an automatic investment plan. In other words, pay yourself first. You can get money automatically transferred every month from your checking account to a mutual fund or a savings account. Or your employer might also be able to deposit a portion of your paycheck directly into your savings or investment account, or into a cash value life insurance policy. The idea is to save the money before you have a chance to spend it. * Realize that there may be emotional reasons for lifestyle creep. Sometimes it’s jealousy or personal insecurity that leads us to spend more.[4] If you see this happening, it may be time to think about the things that influence you and how to change them. For example, you may want to spend more time with people who really appreciate you.[5] Also, social media doesn’t help. People tend to want to live like others they see online.[6] Perhaps a social media budget or social media vacation can help. * If you don’t have a budget, maybe it’s time to get one. One of the most basic ways to do this is to simply set some limits. Decide how much to spend on discretionary items and find a way to stick to it.

    7 min

  7. MAR 11

    Six Estate Planning Tips from Warren Buffett

    Six Estate Planning Tips from Warren Buffett Episode 323 - The investment wisdom of Warren Buffett is well known through his annual letter to shareholders. But he has some unique ideas about estate planning as well. Here are six of Buffett’s more important estate planning concepts. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 323 Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, six estate planning tips from Warren Buffett. Warren Buffett, with a net worth of about $150 billion, is one of America’s most successful investors. His investing ideas—summarized by his annual letter to Berkshire Hathaway shareholders—highlight some of the most thoroughly examined ideas in the world of finance. But his favorite concepts when it comes to estate planning create a huge buzz as well.[1] The “Oracle of Omaha,” as he is known, has created some controversy with his approach. For one thing, he believes that wealthy parents should leave their children enough money to do anything, but not so much that they can do nothing.[2] Here are six other things Buffett recommends when it comes to estate planning, 1. If you have adult children, ask them to read your will. Buffett also suggests not finalizing it until they do. It’s also important to make sure they fully understand the meaning of each section, and to listen to any questions or suggestions they may have. In Buffett’s view, this will avoid any major surprises after someone dies. It also gives them an idea of what to expect when that day arrives. 2. Be transparent. Buffett believes that it’s important that each child know both the thought process that went into the plan and the responsibilities each of them will have when the parent dies. Also, understanding how the estate was planned can help avoid disagreements later.[3] 3. Longevity is uncertain. Buffett’s wife Susie died in 2004. Since she was two years younger than her husband, they always assumed that he would die first, and she would oversee the distribution of his estate.[4] It didn’t happen that way, and it disrupted their estate plans. 4. Longevity has its downsides. Buffett turned 94 in August of 2024. He considers himself fortunate to have lived this long. And his children are now between the ages of 66 and 71. They no longer have as much life expectancy today as they did before. In Buffett’s words “the massive wealth I’ve collected may take longer to deploy than my children live.”[5] Thus, you should designate successor trustees for any family or charitable trusts that your children may be involved in. 5. It’s not easy giving away a lot of money. Most charitable organizations do a lot of good. But when it comes to fundraising, some are more aggressive than others. As Buffet says,

    7 min

  8. MAR 4

    Are These the Good Old Days? – Revisited

    Are These the Good Old Days? – Revisited Episode 322 - There’s bad news everywhere you look. Political polarization in the USA, war in the Middle East, and natural disasters all over the place. But what if things are actually better than we realize? Here are some reasons to celebrate. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 322 Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, we take a look back at one of our favorite previous episodes, are these “the good old days?” You don’t have to look far to find bad news. When it comes to TV news, as is often said, “if it bleeds it leads.” Political polarization in the USA, war in the Middle East, and natural disasters all over the world. Are we witnessing the end of civilization? A recent article in Advisor Perspectives by Rick Kahler tries to address some of these issues by looking at where we stood a few decades ago.[1] And he reaches a startling conclusion: In spite of all you may hear, these are actually the best of times. Kahler relies heavily on research done by Full Stack Economics, a popular blog by Timothy B. Lee. It published a set of statistics trying to make an important point: On average, we are living more comfortably than our parents ever did. Among the statistics cited in the report:[2] * We’re eating a lot more fresh fruit and veggies than we used to. According to Full Stack, “Stores today stock about eight times as many blueberries, six times as many mangoes and limes, and four times as many pineapples as they did in the late 1980s.” * People are spending a smaller percentage of their income on food and clothing. It was 15 percent in 1990. Today it’s 11 percent. * Cars are getting safer. The number of highway fatalities per mile is less than one third of what it was in 1990. * More homes have modern appliances. Dishwashers, washing machines, etc. are much more affordable today. * Every age group is less vulnerable to heart disease. The death rate per 100,000 people was 16 percent lower in 2021 than it was in 1990. * More people are surviving cancer. This is especially true for stomach, breast, lung and prostate cancer. * Despite the cost, a bigger percentage of Americans have health insurance. This is partially due to the expansion of Medicaid and the Children’s Health Insurance Program. * Parents are spending more time with their children. There is a belief that the pressures of modern-day living mean that parents are spending less time with their kids. Statistics indicate the opposite: Parents spend more time with their children than they did 30 or 40 years ago. And finally… * Batteries keep getting cheaper: Most notably with lithium-ion batteries. The cost has gone from $1,220 per kilowatt hour in 2010 all the way down to $132 per kilowatt hour in 2021.

    7 min
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4.8
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About

SML’s Planning Minute will provide brief yet thought-provoking financial planning ideas for individuals, families, business owners and executives. Topics cover a broad range of issues including personal financial planning, retirement planning, life insurance protection planning, estate tax and liquidity planning, business planning, business succession planning, and more.

Information

  • Creator
    Security Mutual Life Advanced Markets Team
  • Years Active
    2018 - 2025
  • Episodes
    150
  • Rating
    Clean
  • Copyright
    © Security Mutual Life Insurance Company of New York • All rights reserved
  • Show Website
    SML Planning Minute

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