Episode 94: Spring Clean Your Finances – The Checklist Every Household Needs

You’ve probably decluttered your closet. Maybe you’ve even deep-cleaned your garage. But when was the last time you did a full sweep of your finances?

In Episode 94 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton walk you through a step-by-step financial spring cleaning checklist—designed to help you get organized, protect your identity, and improve your long-term financial posture.

It’s easy to let financial tasks pile up. Forgotten subscriptions, old accounts, weak passwords, and scattered documents can create stress without you realizing it. This episode helps you tackle those issues head-on.

Why Now Is the Perfect Time to Clean House

Just like physical clutter creates mental clutter, financial disorganization can quietly weigh on your decisions. Missed payments. Overlapping services. Forgotten beneficiaries. These issues don’t seem urgent—until they are.

Spring offers a natural reset. Rob and Archie’s checklist is designed to help you reduce risk, catch oversights, and identify small wins that compound over time.

What This Episode Covers

Here’s a snapshot of the areas Rob and Archie suggest reviewing each spring:

  • Forgotten subscriptions: Review your credit card and app store statements for unused memberships.
  • Outdated passwords: Strengthen login security across financial platforms. Use a password manager if needed.
  • Dormant or duplicate accounts: Consider consolidating old checking, savings, or investment accounts.
  • Beneficiary designations: Check your retirement accounts, life insurance, and estate documents to ensure they reflect your current intentions.
  • Credit report: Pull your report from all three bureaus to monitor for fraud or reporting errors.
  • Portfolio allocation: Market shifts may have thrown your investment mix off balance. Rebalancing helps you manage risk appropriately.

Ask Yourself:

  • Do I have automatic payments for things I don’t actually use?
  • When did I last check my retirement account allocations?
  • If something happened to me tomorrow, would my spouse or partner know how to access everything?
  • Have I reviewed my estate plan since my last major life change?

Small Steps, Big Payoff

Financial maintenance doesn’t have to be overwhelming. A few focused hours each year can uncover savings, reduce risk, and bring you peace of mind.

Think of this as an annual financial “oil change.” You wouldn’t skip maintenance on your car—why skip it on your financial life?

Final Thought

Getting organized today means fewer surprises tomorrow. Whether you’re planning for retirement, managing a busy household, or just trying to be more intentional with your money, this checklist gives you a proven place to start.

Want a professional to walk through your financial spring cleaning checklist with you?

Schedule a no-pressure consultation with our team at www.hoxtonpm.com/schedule and let’s clean up your financial picture together.
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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 93: The Real Risks of Early Retirement – What You Haven’t Considered

Thinking about retiring in your 50s—or even your 40s? You’re not alone. The appeal of early retirement is stronger than ever. But before you submit that resignation letter, there’s a lot more to consider than just having “enough” saved.

In Episode 93 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® Archie Hoxton and advisor Jimmy Sutch dive deep into the real risks of early retirement—and why it’s about more than just dollars and decades.

Early Retirement Is a Financial Shift—Not Just a Lifestyle Upgrade

Most early retirees envision freedom: time to travel, pursue hobbies, or simply escape the daily grind. But many are caught off guard by the structural, emotional, and economic complexities of retiring early.

You may no longer have a paycheck—but the expenses don’t stop:

  • Health insurance premiums
  • Unexpected home repairs
  • Market downturns in the first few years of retirement
  • Long-term inflation

These issues are especially problematic if you’re not eligible for Medicare yet or if most of your savings are tied up in accounts with early withdrawal penalties.

Ask Yourself:

  • Have I stress-tested my plan against a bear market in the first 5 years?
  • What if inflation is higher than projected for the next decade?
  • Can I bridge the gap between retirement and Medicare without draining my accounts?
  • Do I have a long-term income plan that adjusts with changing needs?

Many people rely on the 4% rule or online calculators that don’t factor in timing risk, tax sequencing, or variable spending. That might be fine for a theoretical plan—but not for a real-life retirement that could last 35 to 40 years.

It’s Not Just About Math—It’s About Meaning

Rob and Archie also explore the psychological impact of leaving the workforce earlier than your peers. The idea of “retiring to something” rather than “retiring from something” becomes vital.

Without a sense of purpose, structure, or community, early retirement can lead to boredom, regret, or even depression. That’s why retirees who plan not just financially—but emotionally—tend to report higher satisfaction over time.

What This Episode Emphasizes

  • Run a detailed plan that includes multiple scenarios—not just the average
  • Prepare for higher-than-expected spending in your first decade of retirement
  • Consider partial work or phased retirement as a buffer
  • Make sure your retirement isn’t just financially sustainable—but personally fulfilling

Final Thought

The dream of early retirement is possible. But only if you understand what it takes to turn that dream into a durable, purpose-filled reality. The earlier you want to retire, the more thoroughly you need to plan.

Curious whether your plan can support early retirement?

Our team at Hoxton Planning & Management can help you run the numbers, weigh your options, and make smart decisions for the long haul. Schedule a no-pressure consultation at www.hoxtonpm.com/schedule.
Schedule a Consultation
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 92: Don’t Blow It – Inheritance Mistakes to Avoid

Receiving an inheritance can be a blessing—but without a plan, it can quickly become a burden.

In Episode 92 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton share the most common mistakes people make after receiving a windfall—and how to avoid them. Whether you’re anticipating an inheritance or navigating one right now, this episode offers clear, actionable advice to help you protect your future.

Why Inheritance Planning Is More Than a Windfall

An inheritance may feel like a gift, but it comes with weight: emotional, financial, and often, legal. Without thoughtful planning, what starts as an opportunity can turn into a missed chance—or worse, a long-term liability.

Too many people treat inherited money as “found” money. But in doing so, they make emotionally driven decisions, ignore tax rules, or fail to integrate it into a bigger financial picture.

The Most Common Inheritance Mistakes

Rob and Archie outline the top pitfalls they see, including:

  • Treating it like bonus money: Inherited wealth is not a lottery win. It needs to be managed within the context of your overall plan.
  • Spending first, planning later: Emotions often override logic after a loved one passes. But reactionary decisions—big purchases, early retirement, excessive gifting—can be difficult to undo.
  • Ignoring tax implications: Different assets come with different tax treatments. For example, inherited IRAs have strict withdrawal rules, and selling appreciated assets too soon could trigger unnecessary capital gains.
  • Overlooking your own estate plan: Any major change in net worth should prompt a fresh look at your own will, trust, and beneficiary designations.
  • Letting your guard down: Inheritances often draw unwanted attention. Scams, pushy salespeople, and opportunistic acquaintances can make you vulnerable when you’re least prepared.

What to Do Instead

This episode emphasizes the power of patience and planning. Rob and Archie recommend:

  • Wait at least 6 to 12 months before making major decisions
  • Work with a financial advisor and tax professional to understand your options and obligations
  • Build a purpose-driven plan that aligns the inheritance with your long-term goals
  • Update your estate documents so your wishes are just as clear as those of the person who left you the gift

Ask Yourself

  • Do I know the tax treatment of each inherited asset?
  • Have I reviewed how this changes my retirement, insurance, or giving strategy?
  • Am I making decisions that reflect my values—or just my emotions?

Final Thought

The best way to honor a legacy is to use it wisely. With the right plan, an inheritance can support your life’s goals, create new opportunities, and even help you leave a legacy of your own.

Want to avoid common inheritance mistakes?

Download our free guide: Inheritance Mistakes to Avoid, or schedule a one-on-one consultation at www.hoxtonpm.com/schedule.
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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 91: The 4% Rule – A Starting Point, Not a Solution

If you’ve done even a little research on retirement planning, you’ve probably come across the 4% Rule. It’s one of the most cited—and misunderstood—retirement strategies out there.

In Episode 91 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® Archie Hoxton and advisor Jimmy Sutch take a fresh look at this popular rule of thumb. They explore where it came from, how it works, and most importantly—why it’s a starting point, not a solution.

What Is the 4% Rule?

The 4% Rule suggests that if you withdraw 4% of your retirement portfolio each year, adjusted for inflation, your money should last 30 years. It’s based on historical data, assuming a balanced 50/50 stock and bond allocation.

For example, if you have $1 million saved, the rule says you could withdraw $40,000 in your first year of retirement, and increase that amount slightly each year to keep pace with inflation.

Why It’s Popular—and Where It Falls Short

The 4% Rule is simple. That’s part of its appeal. But real life rarely follows the neat assumptions built into the original model.

Here’s where the 4% Rule runs into trouble:

  • It assumes a fixed 30-year retirement. What if you retire early and live into your 90s?
  • It assumes steady market performance. What if you hit a bear market in the first few years?
  • It assumes predictable spending. What if you need to fund long-term care or help a family member unexpectedly?

Archie and Jimmy explain that while the rule is helpful for rough estimates, it ignores the fluid nature of real-life retirement planning. Retirees often need to spend more early in retirement before Social Security kicks in—or during high-spending years like early travel or home renovations.

Ask Yourself:

  • Is my retirement plan flexible enough to handle early market downturns?
  • Have I adjusted for taxes, healthcare, and changing income needs over time?
  • Am I prepared to draw more than 4% some years—and less in others?

A Better Approach: Dynamic Planning

Archie and Jimmy encourage listeners to treat the 4% Rule as a guideline, not gospel. Instead of a fixed rule, they recommend:

  • Creating spending guardrails that adjust for market performance
  • Using tax-efficient withdrawal sequencing based on account type and income
  • Coordinating Social Security timing with drawdown strategies
  • Re-evaluating the plan annually—not just once at retirement

Final Thought

The 4% Rule can be useful when you’re asking, “Do I have enough to retire?” But when you’re asking, “How do I make this money last through uncertainty?”—you need something more personal, more flexible, and more strategic.

Want a sustainable retirement income plan that evolves with your life?

Download the 4% Rule: A Starting Point, Not a Solution Worksheet and schedule a no-pressure consultation at www.hoxtonpm.com/schedule. Let’s build a plan that works in the real world.
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.