Security Mutual Life News & Articles

Social Security and Government Employees: Part One – The Basics

by William F. Rainaldi, CFP®
Regional Vice President

Government employees are a seriously underserved market, particularly when it comes to Social Security. And there’s one interesting reason: Very few people truly understand how Social Security integrates with “non-covered” pensions. But if you are a government employee, you need to understand at least the basics.

All-Star Golf Tournament Scores Big for Local Charities

(Binghamton, NY • October 27, 2017) The scorecard for the 2017 Jim “Mudcat” Grant All-Star Golf Tournament has now been tallied, and on October 25, Broome County Executive Jason Garnar, Binghamton Mayor Richard David and Security Mutual Life Chairman, President and CEO Bruce W. Boyea presented the tournament proceeds to the four benefiting organizations: The Broome County Urban League, The Boys and Girls Clubs of Binghamton, Catholic Charities of Broome County, and the Community Hunger Outreach Warehouse (CHOW).

“These four organizations do an incredible job of making Binghamton and Broome County a better place to live and work,” said Boyea. “From tutoring and after-school programs, to meals, food pantries, and counseling, every day throughout the year, the caring people at each of these charitable organizations do so much to help our community’s children and their families. On behalf of the 40 celebrities, 30 sponsors and many volunteers, advertisers and supporters who helped make this year’s event such a great success, we are honored to present the tournament proceeds to help these organizations continue their amazing work.”

“We need to thank so many people for everything they’ve done,” said Marybeth Smith, Executive Director of the Boys and Girls Clubs of Binghamton, who spoke on behalf of all four benefiting organizations. Smith specially thanked the community, saying: “You are a part of all these agencies because you are helping us do our jobs and do them better.”

“These are really deserving community organizations . . . and I am just really thankful that we have great businesses that are rooted in this community that are willing to give back to those who need it most,” said Broome County Executive Jason Garnar.

Binghamton Mayor Richard David thanked all the people who worked to make the event possible, noting how vital the tournament proceeds are to each of these organizations. “For many of these organizations, these funds are the difference between whether or not certain programs occur on an annual basis—it’s that important,” said David. “We know there are people in the community who are being helped, and without these funds, that may not have been the case.”

In addition to the contributions made to the four recipient organizations, a contribution from a separate fundraising event held during the tournament was presented to Binghamton Mayor Richard to assist homeless U.S. military veterans in Broome County. The contribution will help support the new veteran housing unit in Binghamton, which was completed this past August and is the first project of its kind dedicated exclusively to housing this region’s homeless veterans. The home accommodates 10 residents, and today’s contribution will cover the housing costs for one of the residents throughout the next year.

Bruce Boyea concluded the press conference, thanking each of the recipient organizations not only for the work they do each and every day, but for the inspiration they provide to the people around them.

Mark your calendars! The 17th Annual Jim “Mudcat” Grant All-Star Golf Tournament is scheduled for August 30, 2018, at The Links at Hiawatha Landing. For information on being a part of the 2018 Tournament, contact Rick Shaw.

(l to r) Security Mutual Life Chairman, President & CEO Bruce W. Boyea; Broome County Executive Jason Garnar; Broome County Urban League Board Member Denise Yull, EdD; Binghamton Mayor Richard David; Boys and Girls Clubs of Binghamton Executive Director Marybeth Smith; CHOW/Broome Bounty Director Jack Seman; and Catholic Charities of Broome County Executive Director Lori Accardi.

Binghamton Mayor Richard David (l) accepts a contribution covering the next year’s housing costs for one resident of the new unit in Binghamton dedicated exclusively to this region’s homeless U.S. veterans.

Local News Coverage

“If You Fail to Plan, You Are Planning to Fail.”

by Schanker and Hochberg, P.C.
Attorneys and Counselors at Law

“If you fail to plan, you are planning to fail.” Benjamin Franklin could not have spoken truer words in terms of Estate Planning and Elder Law Planning. Such planning is more than planning for disposition of wealth and assets. It is creating a plan to protect assets, a plan for the significant cost of potential medical needs and a plan for incapacity and/or disability.

Will It Still Be There?

by William F. Rainaldi, CFP®
Regional Vice President

There is some disturbing language—in bold print, no less—on the second page of any individual Social Security statement issued by the SSA: Your estimated benefits are based on current law.  Congress has made changes to the law in the past and can do so at any time. The law governing benefits amounts may change at any time because, by 2034, the payroll taxes collected will be enough to pay only about 79 percent of scheduled benefits.

The Business Owner’s Trio of Legacy Issues

by Candice Faith, CLU, ChFC
Assistant Vice President, Marketing

If you own a small business, you play many roles and carry many responsibilities. And then there is your legacy to consider. What happens to your business when you are gone? You and your Security Mutual representative can create a plan to help you manage and protect your business now . . . and in the future.

Dispelling Misconceptions

(Binghamton, NY • September 29, 2017) Security Mutual Senior Vice President George Kozol was recently interviewed by NewsChannel 34 about Life Insurance Awareness Month, an educational campaign sponsored by the nonprofit organization Life Happens. George discussed some important points consumers may not realize about life insurance, including ways life insurance can be tailored to help meet their unique financial protection needs and goals.

2008 is Always Lurking

by Candice Faith, CLU, ChFC
Assistant Vice President, Marketing

While investing in the stock market can prove successful, unfortunately, there may be another 2008 lurking in our future, causing the market to fall. Therefore, a life insurance policy with cash accumulation features is an asset that can help minimize the risk while offering other desirable features.

Security Mutual Life Insurance Company of New York Names
New Vice President and Assistant General Counsel

        Jeffrey M. Jacobs, Esq.

(Binghamton, NY • September 28, 2017) Security Mutual Life Insurance Company of New York is pleased to announce that Jeffrey M. Jacobs, Esq., has joined the Company as Vice President and Assistant General Counsel and will be providing legal counsel and advice with respect to all areas of Company operations. Prior to joining Security Mutual, Mr. Jacobs was a partner in the law firm of Coughlin & Gerhart, L.L.P., where his career included a broad range of experience in corporate, regulatory and municipal law. Before entering private practice, Mr. Jacobs served as in-house counsel for information technology services and software companies.

Mr. Jacobs is a member of the Broome County and New York State Bar Associations and a member of the board of directors and secretary of the Broome County Council of Churches, a member of the board of directors of the Stillwater Children’s Center, and a member of the board of trustees and past president of the Fenton Free Library.

Mr. Jacobs earned his Juris Doctor, cum laude, from Suffolk University Law School, Boston, Massachusetts, and his B.A., cum laude, from the State University of New York at Geneseo.

It’s Inevitable

by Candice Faith, CLU, ChFC
Assistant Vice President, Marketing

We insure against events that we can exercise some control over preventing . . . accidents, theft, fire. We even insure our pets. So why do so many of us avoid insuring against that other inevitable event . . . death? The potential for financial AND emotional loss is incalculable.

Moving? Check Your Will!

by Schanker and Hochberg, P.C.
Attorneys and Counselors at Law

Inter-jurisdictional issues may arise with living wills, health care proxies, and powers of attorney, which are all critical lifetime documents. But what about one of the most critical death-related documents: the Last Will and Testament? If you execute a will in New York, for instance, but later move to Florida, will your will be honored in Florida?