Are you managing your own retirement plan? If so, you’re not alone. More investors than ever are taking a hands-on approach to their finances, using digital tools, forums, and spreadsheets to plot their path toward retirement.
It’s empowering—but it’s not foolproof.
In Episode 96 of the Last Paycheck podcast, Rob and Archie Hoxton take a balanced look at do-it-yourself retirement planning. They highlight what savvy DIY investors get right—and what they often miss.
The Appeal of DIY Retirement Planning
There’s a lot to like about going solo:
- Lower costs with no advisory fees
- Direct control over decisions
- A sense of personal accomplishment
If you enjoy learning, analyzing, and staying current on financial topics, the DIY route can feel like a good fit. But confidence without caution can create blind spots—and some are more costly than others.
Where Even Smart DIYers Can Slip
Ask yourself:
- Do I know when and how to take withdrawals from each account type?
Drawing from the wrong bucket first—like tax-deferred instead of taxable—can increase your lifetime tax bill. - Have I reviewed how my income affects my future Medicare premiums?
Many investors don’t realize that required minimum distributions (RMDs) or large Roth conversions can push them into higher Medicare brackets down the road. - Am I prepared for market downturns in the early years of retirement?
Sequence-of-returns risk—drawing down your portfolio while the market is down—can derail even well-funded plans if you don’t have a backup strategy. - Do I have behavioral guardrails in place?
It’s easy to stick with your plan when markets are rising. But what about the next 20% drop? How will you react when headlines turn negative and uncertainty sets in?
This episode walks through the most common errors seen in self-managed plans—and how to create systems that mitigate those risks.
The Value of a Check-In
Rob and Archie aren’t saying every DIY investor needs to hire an advisor for life. But they do recommend a periodic check-in with a professional. Sometimes a 60-minute conversation can uncover tax inefficiencies, investment misalignments, or missed planning opportunities that cost far more than a consultation ever would.
Think of it like managing your own business: You still hire a CPA to file your taxes. The same logic can apply to retirement planning.
Final Thought
Doing it yourself doesn’t mean doing it alone. If you’re confident in your ability to manage your plan, great. But every plan deserves a second set of eyes—especially when the stakes are this high.