Hope your week is starting out well. The money moves that cost the most are usually the ones made in a hurry. The stories below are about making yours early, on your own schedule.
On the money today:
3 debts your kids don't have to pay when you die, even if collectors call first
Jamie Dimon sees 5 threats to the US economy, and JPMorgan is already preparing
Delay Social Security and live off your 401(k)? One number settles the choice
Let's get into it.
BEHIND THE HEADLINE
Most people leave debt behind. Who ends up paying for it?
Experian data from December 2016 shows 73% of people who died had debt, averaging $61,554 with mortgages included. Credit cards were the most common, showing up in 68% of cases. Read our first story to see which of these debts your kids can avoid paying, even if the collectors come calling.
Have you ever had to sort out a loved one’s debts after they passed? Hit reply and tell us what happened and what you wish you’d known. Your story may be featured in a future issue.
NEWS
3 debts your kids are under no obligation to pay when you die — some reaching 6 figures (even if the collectors call first)
A caller on The Ramsey Show is buried in debt tied to her parents, and the hosts had a firm warning about one thing she should not take on. Collectors may still phone adult children after a death, but that call doesn't mean the money is theirs to pay. Three kinds of debt sit on the safe side of that line.
Why it matters: Debt isn't erased at death. It's typically paid from the estate during probate, and the Consumer Financial Protection Bureau says it may go unpaid if the estate can't cover it and no one shared responsibility for it. The Ramsey Show caller behind this warning owes $193,000, at least $120,000 of it at 17% interest.
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NEWS
Jamie Dimon warns of 5 big threats to the US economy — how America's biggest bank is protecting itself right now (copy them immediately)
The economy is still spending and investing, but Jamie Dimon says five forces are shifting under the surface. JPMorgan is preparing for a wide range of outcomes, and there are ways to position your own money the same way.
Why it matters: Two of those threats are already here. The Congressional Budget Office estimates the government ran a deficit of roughly $2 trillion in fiscal 2026, and the Fed raised its benchmark rate to 3.75% to 4% in September, with most officials expecting another hike by year end.
MUST READ
Should you draw down your 401(k) to delay Social Security? The answer is simple, but only if you focus on the most important number
Sometime in your 60s, you will likely have to choose between filing for Social Security and living off your 401(k) while the check grows. Online calculators bury that decision under breakeven ages, tax scenarios and market guesses, but one number cuts through all of it, and it isn't a market return.
Why it matters: A 2022 study co-authored by an Atlanta Fed economist found that more than 90% of workers aged 45 to 62 should wait until 70 to claim. Yet 29% of new retirees claimed at 62 in 2021, which can mean a check up to 30% smaller for life.
MONEY IQ
A year ago, filling a 15-gallon tank cost about $47. About how much does it cost now?
ALSO MAKING THE ROUNDS TODAY
AT&T and T-Mobile shares each dropped nearly 8% on a report that SpaceX wants 80,000 cell sites, so if you own telecom stocks for the dividends, here is what the selloff could mean for your income
Banks hand dormant CDs over to the state after a few years, so if you think an old one slipped through the cracks, search unclaimed property databases first before assuming the money is gone
A Florida woman was found guilty of collecting her late great-aunt's Social Security for nearly six years, and the reporting rules after a death mean even an honest mistake has to be paid back
If your HOA sends a special assessment that doesn't add up, you may be able to request the records and contracts behind it, which is how an Orlando homeowner found a $232,000 check dated 12 days before the board met
MONEY IQ ANSWER: HOW DID YOU DO?
The correct answer is B) Prince. He died in 2016 with no will, and a Minnesota probate court took about two years to name his heirs. One court filing suggested his estate was worth around $200 million. Bowie, by contrast, left a detailed estate plan.
That's a wrap for today! Before you go, we'd love to know what you thought of today's newsletter. Hit REPLY if you have more to share — we read every one.
See you soon with another quick roundup of the financial news that matters.
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