Episode 90: The 5 Retirement Risks You Can’t Afford to Ignore

When most people think about retirement planning, they focus on how much money to save, what to invest in, and when to claim Social Security. But in Episode 90 of Last Paycheck, Rob and Archie Hoxton remind us that what can go wrong is just as important as what can go right.

Even if you’ve saved diligently, retirement is full of risks that can derail your plan if left unchecked. In this episode, the Hoxtons break down five critical risks that retirees often underestimate—and offer practical steps to help you avoid common financial landmines.

1. Investment Risk: Playing It Too Safe Can Cost You

It’s tempting to go ultra-conservative with your investments once you stop working. After all, no one wants to see their nest egg drop 10% overnight. But as Archie and Rob explain, avoiding all market risk often means settling for returns that fail to keep up with inflation.

Over a 30-year retirement, that gap adds up. Staying in cash or low-yield CDs might feel safe now, but it can result in eroded purchasing power later. The key is to maintain a diversified portfolio that matches your time horizon and withdrawal needs, even in retirement.

“Very few people can afford the luxury of not taking investment risk,” says Rob. “Inflation wins in the long run if you’re not growing your money.”

2. Inflation: The Silent Wealth Killer

Even a modest 2–3% inflation rate can reduce your buying power by nearly half over a typical retirement span. And that’s before considering healthcare, which often rises at double the rate of general inflation.

Inflation isn’t just a number on a chart—it’s the real cost of your future lifestyle. The Hoxtons stress that your retirement plan needs to factor in rising prices for essentials like housing, food, and medical care.

3. Taxes and Medicare: The “Tax Torpedo” Surprise

If you think your tax burden will go down in retirement, think again. Depending on how your assets are structured, required minimum distributions (RMDs) from retirement accounts can suddenly push you into a higher tax bracket—triggering increased Medicare premiums and making Social Security benefits taxable.

Rob and Archie refer to this combination of unexpected costs as the “tax torpedo.” Without proper planning, your carefully saved money could disappear faster than you think. The good news? Thoughtful tax and withdrawal strategies can mitigate much of the damage.

“If you plan ahead, there’s a lot you can do to make that tax torpedo smaller,” Archie notes.

4. Longevity Risk: Will Your Money Last?

Planning to live until 85 might seem realistic, but what if you or your spouse lives into your 90s or even past 100? More people are reaching triple digits than ever before, and retirement could easily last 30 years or more.

“You don’t want to be the advisor calling someone on their 85th birthday to say, ‘This is the day you planned to run out of money,’” Rob jokes—but the risk is very real.

Rob and Archie recommend assuming a longer-than-expected life span in your financial projections. That means not just saving enough, but also managing your investments, spending, and tax exposure in a way that protects your long-term sustainability.

5. Lack of Planning: The Biggest Risk of All

Each of the previous four risks can be addressed with thoughtful planning—but too many retirees simply wing it. Whether it’s skipping a withdrawal strategy, failing to consolidate accounts, or never running the numbers with a professional, small mistakes can snowball into major problems.

A comprehensive financial plan doesn’t eliminate risk—but it gives you tools and strategies to stay one step ahead.

Final Takeaway

Retirement isn’t just about income—it’s about resilience. By recognizing these risks and proactively planning for them, you can make your money last and your retirement thrive.

Want a clear path forward?

Archie and Rob are offering a free Pre-Retirement Checklist to help you get ahead of these challenges.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 89: How to Stay Smart and Steady During Market Volatility

Feeling anxious about the market? You’re not alone. When headlines flash red and portfolios dip, even seasoned investors can start to second-guess their strategy.

In Episode 89 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton offer perspective—and a plan—for staying confident and grounded during times of market uncertainty. Their message is clear: volatility is normal. Panic is optional.

Why Is the Market So Volatile Right Now?

Market swings are driven by both economics and emotion. Rob and Archie explain the current climate in terms of:

  • Inflation uncertainty: While inflation has cooled somewhat, it continues to influence interest rate expectations.
  • Employment and growth data: Mixed signals from the labor market can spook investors and fuel speculation.
  • Federal Reserve policies: Rate decisions ripple through the economy and directly impact portfolio performance.
  • Geopolitical instability: From global conflict to U.S. elections, political news adds another layer of unpredictability.

But beneath the surface, the real issue is often investor behavior. Fear, herd mentality, and media overload create pressure to “do something”—even when staying put is the better move.

What Should Smart Investors Do During Market Volatility?

Rob and Archie offer practical, tested advice for weathering market storms without overreacting:

  • Stay invested. History shows that long-term investors are rewarded. Trying to time the market often results in missing the best recovery days.
  • Rebalance regularly. Market movements can throw off your asset allocation. Rebalancing helps you manage risk and stay aligned with your goals.
  • Keep 12 to 18 months of cash available for short-term needs. That way, you won’t be forced to sell investments during a downturn.
  • Stick with your plan. Your strategy was built to handle good years and bad ones. Reacting emotionally mid-cycle can cause more harm than good. 

What Should You Avoid?

Emotional reactions can derail even the most carefully built portfolio. Here’s what to steer clear of:

  • Panic selling. Locking in losses by moving to cash guarantees you miss the recovery.
  • Chasing predictions. No one—no matter how confident—can consistently time the market.
  • Overcorrecting. Making dramatic shifts based on fear instead of data can throw off your long-term goals.

Ask Yourself:

  • Do I have enough liquidity to avoid selling in a downturn?
  • Is my current risk level still aligned with my retirement timeline?
  • Am I making decisions based on headlines—or on a solid, forward-looking plan?

Final Thought

Volatility is not new. It’s not rare. And it’s not something to fear. With the right structure, discipline, and support, you can keep moving forward—even when the market takes a few steps back.

Ready to build a portfolio that can weather market storms?

Download our Investor Readiness Worksheet or schedule a no-pressure consultation at www.hoxtonpm.com/schedule. Let’s help you move from worry to wisdom.
Download the Worksheet
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 88: Are You Really Ready to Retire? Use This Checklist to Find Out

You’ve saved. You’ve planned. Maybe you’ve even circled your retirement date on the calendar. But before you walk away from your last paycheck, ask yourself: Are you really ready to retire?

In Episode 88 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton revisit their comprehensive pre-retirement checklist—helping you assess not just whether you can retire, but whether you’ll retire well.

Retirement isn’t just a date. It’s a full transition—financially, emotionally, and logistically. This episode breaks down the key actions to take in the final stretch to make sure you’re truly prepared.

Key Milestones to Watch

Certain birthdays trigger important financial rules, benefits, and penalties. Are these on your radar?

  • 59½: You can withdraw from retirement accounts without the 10% early withdrawal penalty.
  • 62: You’re eligible to begin Social Security—but your benefits will be permanently reduced.
  • 65: Time to enroll in Medicare. Miss it, and you may face lifetime penalties.
  • 73 to 75: Your Required Minimum Distributions (RMDs) begin, depending on your birth year.

Each of these age-based triggers carries planning implications for income, taxes, and healthcare. Ignore them, and you could leave money—or protection—on the table.

Test Drive Your Retirement Budget

One of the biggest risks in retirement? Spending more than you think.

Rob and Archie encourage listeners to do a “budget test drive” before their final paycheck. That means living off your projected retirement income for several months. Track every dollar. Account for:

  • Property taxes
  • Insurance premiums
  • Home maintenance
  • Travel, hobbies, and holiday spending

This exercise will show whether your retirement income is truly sustainable—or if adjustments are needed.

Reevaluate Your Investment Risk

Your portfolio doesn’t retire just because you do. But your risk tolerance might change. Too conservative, and you risk falling behind inflation. Too aggressive, and a market drop could derail your withdrawals.

Rob and Archie recommend reviewing:

  • Your current allocation
  • Time horizon for each pool of money
  • Whether you need to implement a retirement “glide path” that gradually reduces volatility

Final Tune-Ups Before You Retire

As you count down to your final paycheck, don’t overlook the details:

  • Cancel unused subscriptions and recurring charges
  • Evaluate long-term care insurance options
  • Pay off high-interest debt
  • Strategize your Social Security claiming plan for maximum lifetime benefit

Ask Yourself:

  • Have I accounted for healthcare costs and Medicare gaps?
  • What happens if my spouse outlives me by 10 to 15 years?
  • Do I have a strategy for drawing from different account types (IRA, Roth, brokerage)?
  • Is my plan stress-tested for inflation or market volatility?

Final Thought

Retirement is not just about having enough money. It’s about having the clarity, confidence, and control to enjoy your next chapter on your terms. With a thoughtful checklist and the right guide, you can retire not just comfortably—but powerfully.

Get the full Pre-Retirement Checklist—free.

Or schedule a conversation with our team at www.hoxtonpm.com/schedule to personalize your path forward.
Download the Checklist
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 87: 5 Years From Retirement? Here’s Your Must-Do Checklist

Are you five years out from retirement? If so, you’re in one of the most critical financial windows of your life. What you do—or don’t do—during this period can have a massive impact on your retirement lifestyle, income security, and peace of mind.

In Episode 87 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton lay out a step-by-step checklist designed for people entering the final stretch of their working years. Whether you’re feeling confident or overwhelmed, this episode is packed with practical moves that make a difference.

Why Five Years Out Matters

It may seem like there’s still plenty of time—but five years is the perfect moment to tighten your plan, fix any gaps, and start rehearsing your future lifestyle. At this stage, you still have flexibility. But that flexibility will begin to close as you approach your last paycheck.

Here are the must-dos.

1. Understand Critical Ages

You’ll want to be ready for the following key milestones:

  • Age 50: Eligible for catch-up contributions to retirement accounts.
  • Age 59½: You can begin withdrawing from retirement accounts without penalty.
  • Age 62: Earliest possible age to claim Social Security (with reduced benefits).
  • Age 65: Medicare enrollment begins—miss it and you may pay lifelong penalties.
  • Age 73–75: Required Minimum Distributions (RMDs) begin depending on your birth year.

These dates matter for taxes, income, healthcare, and how long your money will last. Make sure your strategy reflects them.

2. Audit Your Spending

This is one of the most overlooked parts of retirement readiness. Most people underestimate their expenses, especially for discretionary items like travel, home improvements, gifts, or hobbies.

Rob and Archie recommend:

  • Reviewing 12 months of spending
  • Categorizing expenses into needs, wants, and obligations
  • Looking for subscription creep or lifestyle inflation
  • Building a realistic retirement budget based on actual behavior—not idealized versions of it

3. Visualize Retirement

Retirement isn’t just about leaving your job—it’s about what you’ll do next. Ask yourself:

  • What will your daily routine look like?
  • Will you travel, volunteer, start a business, or take care of family?
  • Where will you live—and will that change?

Defining these answers now helps you align your financial plan with your lifestyle plan.

4. Business Owners: Begin Succession Planning Now

If you own a business, Rob and Archie stress that exiting takes longer than you think. You’ll need time to:

  • Value your business
  • Groom a successor or explore buyers
  • Create a tax-efficient sale structure
  • Plan your income strategy post-exit

Starting this five years out gives you breathing room and negotiating power.

5. Prepare for the Unexpected

Life happens—even to the best-planned retirements. Rob and Archie urge listeners to prepare for:

  • Long-term care expenses
  • Market corrections just before or after retirement
  • Health challenges that affect timing
  • Family needs like helping aging parents or adult children

Having an emergency buffer and flexible spending strategy can help you adapt without panicking.

Final Thought

Five years may feel like the home stretch—but it’s also your best opportunity to fine-tune your plan and lock in confidence. Think of this checklist as your financial pre-flight routine. You want to know that everything’s working before you take off.

Want to go deeper?

Get the full Pre-Retirement Checklist—free. Or schedule a one-on-one planning session with our team at www.hoxtonpm.com/schedule to make sure you’re ready for what’s next.
Download the Checklist
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.