Good morning. Every dollar you've saved has a weak point somewhere, and it's rarely where you're looking. Today, three blind spots worth checking before someone else finds them.
On The Money Today:
The fine print that decides whether a canceled contract ever pays you back
A $1 billion reason to think twice before your next trip to the mailbox
Why the most disciplined savers are often the ones shortchanging their own retirement
Let's get into it.
Tom Saylor did everything by the book: backed out within the waiting period, called first, then submitted the cancellation in writing exactly as Exclusive National Auto Club instructed. The company insists a refund check went out in May. He's still waiting, and it turns out what he signed wasn't a warranty at all. That distinction decides how protected you are the next time someone pushes an add-on.
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A California couple mailed the IRS a check for their taxes. It cleared, but the money never reached the IRS. Thieves had pulled it from the mail and rewritten it using supplies most people keep under the sink. This scheme drains an estimated $1 billion a year, and a few small changes, down to the pen you use, can keep your checks from being next.
The discipline that built your nest egg doesn't switch off the day you retire, and millions are letting the IRS decide when they finally touch their money. JP Morgan's data shows that caution backfires at the exact stage of retirement you'd enjoy the cash most. A new tax break makes the timing question urgent, and it comes with an expiration date.
MONEY IQ
How much does the average 65-year-old couple retiring today need saved just for healthcare costs in retirement, per Fidelity?
ALSO MAKING THE ROUNDS TODAY
MONEY IQ ANSWER: HOW DID YOU DO?
The answer is C) $345,000. Fidelity's latest Retiree Health Care Cost Estimate puts the figure at $345,000 for a couple, or $172,500 per person, even with Medicare and before any long-term care costs.
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.
