Episode 108 – How to Take a Sabbatical Without Derailing Your Financial Plan

Have you ever dreamed of pressing pause on your career to travel, care for a loved one, learn something new, or simply catch your breath?

Sabbaticals—or extended career breaks—are becoming more common across professions. But they’re often under planned. Without a strategy, taking a sabbatical can lead to lost income, reduced retirement savings, gaps in health coverage, and financial stress.

In Episode 108 of Last Paycheck, CFP® professionals Rob and Archie Hoxton explore the logistics and consequences of taking a sabbatical, and how smart financial planning can turn your dream pause into a sustainable reality.

Why People Take Sabbaticals

Rob and Archie highlight a range of reasons:

  • Burnout or mental fatigue
  • Desire to explore personal growth or education
  • Career change or exploration
  • Family caregiving responsibilities
  • Mission trips or long-term travel

While these motivations are valid, the implications of stepping away from work—especially without a plan—can be far-reaching.

The #1 Rule: Know Your Timeframe

Before taking any financial action, estimate the length of your sabbatical. Is it three months? One year? Indefinite?

Your timeframe determines how much you’ll need in savings and how to structure your withdrawal plan. Without clarity, it’s easy to drain your emergency fund or disrupt long-term goals.

What You’ll Miss (and Need to Replace)

During a career pause, most people lose:

  • A steady paycheck
  • Employer-provided health insurance
  • Retirement contributions
  • Life and disability insurance
  • Social Security earnings quarters

Rob and Archie encourage listeners to think beyond just the paycheck. For example, if your employer pays $1,000/month toward your health plan, you’ll need to budget that amount separately—or risk going uninsured.

How a Sabbatical Affects Retirement

Even a short sabbatical can delay your retirement date or reduce your retirement income if you’re no longer contributing to savings. Gaps in your Social Security earnings record may also affect your benefit.

This is where financial modeling matters. As Rob explains, “You need to see your plan up on the big screen. What happens if you pause income, increase expenses, and stop saving for a year? Can your plan still hold up?”

A good financial planner can help stress-test your plan for these “what if” scenarios—before you make the leap.

Pretirement, Not Retirement

Archie introduces the idea of “pretirement”—where a sabbatical is a softer on-ramp to a new career or a different kind of work-life balance. It’s part of a broader movement toward flexible careers and personalized financial lives.

The key? Planning. Whether you negotiate a formal sabbatical or are forced into a pause by life circumstances, understanding the risks and planning for them makes all the difference.

Final Thought

Taking a sabbatical doesn’t have to be a financial setback. With preparation, it can be a powerful part of your personal and professional evolution.

Use the Sabbatical Readiness Planning Tool (linked below) to see where you stand and let a fiduciary advisor help you evaluate the impact before you hit pause.

Thinking about a sabbatical? Make sure your finances are ready.

Download Our Sabbatical Readiness Planning Tool
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 107 – Why Beneficiary Designations Matter More Than You Think

When you think about estate planning, your mind probably goes to wills, trusts, and powers of attorney. But there’s a silent hero of the estate planning world—beneficiary designations. They’re simple, often set-and-forget, but they can be one of the most powerful tools in your financial toolkit.

In Episode 107 of The Last Paycheck Podcast, Archie and Jimmy walk listeners through the role of beneficiaries, how they bypass probate, and why failing to update them can lead to major (and expensive) problems.

Probate: The Process You Want to Avoid

Probate is the legal process of settling an estate when someone dies. It can involve court time, attorney fees, asset inventorying, creditor notification, and a lot of stress. Worse yet, it’s a public process, meaning anyone can look up the details of your estate, your debts, and your heirs.

But here’s the good news: any asset that has a properly named beneficiary avoids probate entirely.

Where You Should Assign Beneficiaries

You might already have beneficiaries listed on your 401(k)—but what about these other accounts?

  • IRAs or Roth IRAs
  • Life insurance policies
  • Bank accounts (POD designations)
  • Brokerage accounts (TOD designations)
  • Real estate (with TOD deed in some states)
  • Annuities and pensions

When you name a beneficiary (or better yet, a primary and a contingent), that asset transfers directly to the person you’ve named upon your death—no courts, no delays.

The Common Mistakes People Make

  • Leaving old beneficiaries on old accounts: Think ex-spouses, estranged relatives, or outdated family dynamics.
  • Failing to update after life changes: A marriage, divorce, or new child should always trigger a review.
  • Not naming contingent beneficiaries: If your primary passes away before you do, the asset could still wind up in probate.

Archie and Jimmy have seen too many people unintentionally leave retirement assets to a former spouse simply because they forgot to update an old form.

Why Consolidation Helps

Fewer accounts means fewer places to update. Consolidating retirement accounts and investment assets not only simplifies your portfolio—it reduces the chance that one forgotten form causes major issues later. It also makes things easier for your heirs, who won’t have to chase down half a dozen institutions in a difficult time.

Final Advice

Beneficiary designations are not a replacement for a full estate plan, but they are one of the most important pieces. Even if you don’t have a will or trust yet, you can still do this now—and it can make a world of difference.

Take five minutes to check your accounts today. Future you (and your loved ones) will thank you.

Think your beneficiaries are up to date?

Download our Beneficiary Check-Up & Estate Prep Guide to review every account—and every name—so your wishes are carried out smoothly.
Download the Guide
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 106 – Helping Kids vs. Saving for Retirement—How to Find the Right Balance

When your child calls and needs help with a student loan, a down payment, or rent, your first instinct is to help. As parents, it feels natural—essential even—to do everything in your power to support your kids.

But what happens when generosity collides with your own retirement goals?

In Episode 106 of the Last Paycheck Podcast, Rob and Archie Hoxton explore the emotionally charged (and financially risky) territory of financially supporting adult children. It’s a conversation more and more parents are facing in today’s world of rising costs and economic uncertainty.

The Hidden Cost of Generosity

According to Rob and Archie, many families fall into the trap of “retirement sacrifice syndrome.” That’s when parents provide ongoing support to adult children at the expense of their own financial security.

While the desire to help is understandable, overextending yourself can delay retirement, reduce your future options, and—ironically—create a future where you may have to rely on your children later in life.

Know the Difference: Crisis vs. Chronic

Not all help is harmful. Supporting a child through a genuine short-term crisis (job loss, medical emergency) is different than funding a lifestyle they can’t afford. The challenge lies in recognizing the pattern—and having the courage to set boundaries.

Rob and Archie offer questions to help parents reflect:

  • Is this a one-time request or an ongoing habit?
  • Am I enabling dependency instead of encouraging independence?
  • Can I afford this help without reducing my retirement contributions?

Strategies for Setting Boundaries (Without Guilt)

The episode suggests three practical ways to support kids while staying financially responsible:

  1. Set a Monthly Limit: Choose a dollar amount you can afford and stick to it. Communicate it clearly.
  2. Offer Assets, Not Cash: Gifting a used car or helping with a down payment using appreciated assets can reduce tax implications and keep things structured.
  3. Be Transparent: Share your retirement goals with your children so they understand what’s at stake.

When to Say “No”

If you’re pausing retirement contributions, tapping into savings, or feeling resentment, it’s time to reassess. Helping shouldn’t come at the cost of your financial future. In fact, the best gift you can give your children might be the example of financial independence.

Are you helping your kids more than your future self?

Download our Parent’s Financial Boundary Audit and find out if your generosity is sustainable—or setting you back. Schedule a no-pressure consultation to see how your current support impacts your retirement plan.
Download the Self-Audit
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 105 – What’s Your Money Story? Childhood Beliefs That Still Shape Your Wallet

We all carry financial baggage—and most of it was packed before we turned ten.

In Episode 105 of Last Paycheck, Rob and Archie Hoxton explore how unconscious beliefs formed in childhood shape our adult financial habits. These “money scripts,” as defined by financial psychologist Brad Klontz, are emotional blueprints for how we think, feel, and behave around money.

Whether you’re a compulsive saver, impulsive spender, or anxious budgeter, this episode peels back the layers to help you understand why.

Money Memories That Stick

Archie shares his first financial memory: cutting grass for cash. Rob recalls matching Archie’s car savings, only to watch him game the system using gift money. These stories might seem small, but they reflect formative ideas—“Money is earned,” “Money can be leveraged,” or even “Money makes people anxious.”

Rob encourages listeners to ask themselves:
“What’s your first memory of money?”

The answer may reveal more than you think.

The Four Money Scripts

  1. Money Avoidance
    1. Belief: Money is bad or undeserved.
    2. Typical behavior: Chronic under-earning, guilt around wealth.
  2. Money Worship
    1. Belief: More money = more happiness.
    2. Typical behavior: Overspending, never feeling secure.
  3. Money Status
    1. Belief: Net worth equals self-worth.
    2. Typical behavior: Lifestyle inflation, keeping up appearances.
  4. Money Vigilance
    1. Belief: Always save, avoid risk.
    2. Typical behavior: Hoarding money, fear of spending—even when safe.

Rob and Archie stress that these scripts aren’t destiny. With awareness, reflection, and support, you can rewrite your narrative.

Why This Matters

Money scripts influence:

  • How you budget (or avoid it)
  • How you invest (or hoard cash)
  • How you talk to your spouse (or don’t)
  • How you prepare for retirement—or delay it entirely

Understanding your script doesn’t just help you manage money better. It helps you make decisions from clarity, not fear or habit.

Start With Reflection

  • What beliefs about money were modeled for you?
  • How do those show up in your life today?
  • Are they helping—or holding you back?

If your answers reveal patterns you’d like to change, you’re not alone. Rob and Archie recommend working with a financial advisor or therapist trained in financial behavior. The Financial Therapy Association (financialtherapyassociation.org) is a great resource.

Final Thought

You can’t change what you don’t acknowledge. But once you understand the money story you’ve been telling yourself—maybe since childhood—you can begin writing a new chapter.

Ever wonder why you save compulsively, overspend emotionally, or freeze when facing financial decisions?

It might trace back to beliefs formed in childhood. Download our Financial Baggage Self-Audit to uncover the money scripts that drive your decisions—and start rewriting your money story.
Download the Self-Audit
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 104 – The Cost of Financial Clutter—and How to Fix It

Are You Financially Organized? 5 Questions That Can Change Everything

You might know how much you earn. Maybe you even know what you spend each month. But do you know where all your accounts are? When your insurance renews? Who to call if something happens to you?

In Episode 104 of The Last Paycheck, Rob and Archie Hoxton discuss what financial advisors quietly observe: that disorganization is one of the biggest (and most underdiagnosed) threats to financial health.

We’re not just talking about a messy desk. We’re talking about forgotten accounts, lapsed insurance, missed deadlines, and decision fatigue caused by scattered information.

Here are five questions to ask yourself today to start clearing the fog:

1. Do You Know Where Your Money Is Going?

Budgeting is one thing. Awareness is another.

  • Are you tracking fixed vs. discretionary spending?
  • Are there subscriptions you don’t use?
  • Does your spending reflect your values—or just habits?

Tip: Use a spending tracker (even just for 30 days) to see where your money leaks are.

2. Are Your Accounts and Documents Organized?

Many people have IRAs they’ve forgotten about, bank accounts that barely earn interest, or insurance policies they haven’t reviewed in years.

  • Can you name all your active accounts?
  • Are your beneficiaries current?
  • Do you know how your assets are titled?

Tip: Create a one-page inventory that lists every account, document, and key contact.

3. Do You Have a System for Tracking?

Your financial dashboard doesn’t have to be fancy—but it does need to exist.

  • Are you using software, spreadsheets, or a binder?
  • Can you quickly check your net worth or upcoming bills?
  • Do you track tax documents, insurance renewals, or due dates?

Tip: Start with a monthly finance date—just one hour to check progress and prep for what’s next.

4. Can Your Partner or Loved Ones Step In If Needed?

One of the most overlooked issues: financial gatekeeping.

  • If something happened to you, would your spouse or child know where to find information?
  • Is your will, power of attorney, and insurance contact list easily accessible?

Tip: Consider creating a “financial fire drill” document. It doesn’t have to be public—but it should exist.

5. Are You Making Decisions Based on Goals—or Stress?

When everything feels chaotic, people tend to make reactive decisions—sell that stock, cancel that insurance, or pull money out prematurely.

  • Are you acting from a plan, or reacting to pressure?
  • Are your financial decisions aligned with long-term goals?

Tip: Use planning tools to give structure to your decisions. You don’t have to do this alone.

Final Thought

Financial organization is more than a task—it’s a discipline. It reduces mental load, helps avoid costly mistakes, and keeps you moving toward what actually matters.

Financial clutter creates costly mistakes.

Get organized with our Financial Command Center Worksheet—a step-by-step tool to help you consolidate accounts, track documents, and prep your plan for anything.
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.