EPISODE 121 – The Geography of Retirement: Why Your State Matters More Than You Think

When most people picture retirement, they imagine beach towns, warmer weather, or a slower pace of life. But there’s one factor that often gets overlooked—and it could drastically change your financial future: the tax implications of where you live.

In this episode of The Last Paycheck Podcast, CFP® professionals Rob and Archie Hoxton walk listeners through how your choice of state impacts your finances in retirement. From Social Security taxes to property levies, they make the case for why your zip code matters just as much as your income level.

The Tax Breakdown: Not All States Are Created Equal

There are 50 states—and 50 different tax structures. Some states (like Florida and Texas) have no income tax. Others (like California and New York) can significantly reduce your take-home income through higher income, property, or sales taxes.

Rob and Archie discuss:

  • Social Security taxation: Most states don’t tax it, but a few—including West Virginia (until 2026)—still do.
  • IRA and 401(k) withdrawals: Even if your federal taxes are consistent, state tax rules vary widely.
  • Property taxes: The difference between paying $700/year (Alabama) and $9,300/year (New Jersey) can blow a hole in your retirement plan.
  • Sales taxes: Some states trade low income taxes for higher consumption taxes. Be prepared.

Don’t Forget Estate and Inheritance Taxes

Twelve states still levy estate taxes—and six have inheritance taxes. If you live in Maryland, you’re hit with both. The federal exemption may not apply at the state level, so planning ahead is crucial if you’re hoping to preserve generational wealth.

Why Geography Isn’t Just About Lifestyle

Sure, you want to love where you live. But what if moving a few miles over the state line could save you thousands per year? The Hoxton’s highlight simple geographic tax-saving strategies, like:

  • Moving from Maryland to West Virginia
  • Swapping New Jersey for Pennsylvania
  • Buying in Delaware to avoid sales tax

These moves may sound small, but they can significantly reduce retirement expenses without requiring major sacrifices in lifestyle.

Your Financial Takeaway

Retirement planning isn’t just about how much you’ve saved—it’s also about where you spend it. By considering state taxes, property values, and cost of living, you can stretch your dollars further and avoid nasty surprises later on.

Download our Retirement Relocation Readiness Audit to assess whether your move is truly saving—or costing—you.

Thinking about relocating for retirement?

Make sure you’re not trading sunshine for higher taxes. Download our free Retirement Relocation Readiness Audit to compare costs and tax impacts before you move.
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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 120 – The Retirement Money You Forgot About – And How to Find It

What if you had $67,000 sitting in an old account and didn’t even know it?

In Episode 120 of The Last Paycheck Podcast, CFP® professionals Rob and Archie Hoxton sound the alarm on a shocking statistic: over 32 million 401(k) accounts are forgotten—totaling nearly $2 trillion in unclaimed retirement savings.

As more Americans change jobs—an average of 12 times over their careers—it’s increasingly easy to lose track of old retirement accounts. A new job, a move, a forgotten login, or awkward exit from a former employer can cause retirement savings to be misplaced or abandoned altogether.

Why 401(k)s Get Lost

  • You change jobs and forget about the old plan.
  • HR doesn’t communicate rollover steps clearly.
  • Your mailing address or email changes.
  • The employer switches plan custodians.
  • You mistakenly think you rolled everything over.

And because statements may have been mailed to your old address or sent to a now-defunct work email, it’s easy to miss the clues.

The High Cost of Forgetting

Leaving retirement accounts unmanaged can result in:

  • Poor investment returns (some old accounts default to low-interest cash funds).
  • Missed employer contributions due after your departure.
  • Outdated beneficiary designations—an ex-spouse or deceased parent could still be listed.
  • Higher management fees after you leave the employer.
  • Unclaimed checks mailed to the wrong address and never received.

In short, forgotten accounts can cost you significantly—both in dollars and in missed opportunity.

How to Reclaim Lost 401(k)s

Rob and Archie share several actionable steps:

  1. Make a list of all former employers. If they offered a 401(k), track it down.
  2. Search the DOL’s Retirement Savings Lost & Found
  3. Check state unclaimed property websites and com.
  4. Contact former HR departments, even if it’s awkward.
  5. Request recent account statements and update your beneficiary details.

What to Do Next

If you find an old 401(k), you have several options:

  • Roll it into your current employer’s plan for consolidation.
  • Roll it into an IRA for broader investment choices.
  • Leave it where it is, but only if you’re actively monitoring it.
  • Cash it out, though this is usually the least favorable due to taxes and penalties.

Rob and Archie emphasize: Don’t wait. Make recovering and consolidating your retirement funds part of your job transition checklist. The longer you delay, the higher the risk of forgetfulness, lost funds, or poor investment performance.

Need Help Finding Yours?

If you think you might have a forgotten retirement account—or simply want to ensure your retirement savings are properly managed—start with our Lost 401(k) Recovery Checklist and schedule a consultation today.

Download the checklist now:
Lost 401(k) Recovery Checklist

Think you’ve forgotten a 401(k)?

Don’t leave money on the table. Use our Lost 401(k) Recovery Checklist to track down every account and secure your financial future.
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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 119 – Year-End Tax Planning Tips You Can’t Afford to Miss

As the final quarter of the year begins, it’s the perfect time to focus on one of the most powerful ways to influence your financial future—year-end tax planning.

In Episode 119 of The Last Paycheck Podcast, CFP® professionals Rob and Archie Hoxton outline key moves you can make before December 31 to potentially lower your tax bill, boost your retirement savings, and finish the year with confidence.

Why Timing Matters

Many tax-saving strategies have hard cutoffs on December 31—not April 15—making the fourth quarter your last chance to act. Starting now gives you time to collaborate with your advisor or CPA and make thoughtful decisions instead of scrambling at the last minute.

Retirement Moves to Consider

  • Required Minimum Distributions (RMDs): If you’re age 73 or older, you must take RMDs from retirement accounts like IRAs or 401(k)s. Delaying this can lead to steep penalties and higher taxable income.
  • Qualified Charitable Distributions (QCDs): If you’re 70½ or older, you can donate part or all of your RMD directly to charity—reducing your taxable income.
  • Roth Conversions: Converting funds from a traditional IRA to a Roth IRA can lock in today’s lower tax rates and grow your money tax-free in the future. This must be completed by December 31.

Make the Most of Contributions

  • You have until April 15 to contribute to IRAs, but contributing before year-end maximizes market exposure and simplifies record-keeping.
  • Over 50? Don’t forget catch-up contributions: $1,000 extra for IRAs and $7,500 for 401(k)s in 2025.

Capital Gains & Loss Harvesting

  • Review your investment performance and consider harvesting losses to offset gains or even regular income.
  • If you’re in the 0% long-term capital gains bracket, you may want to harvest gains tax-free while you can.
  • Own mutual funds? Be aware of year-end capital gain distributions—they could add to your tax bill even if you haven’t sold anything.

Smart Giving Strategies

  • Donor-Advised Funds (DAFs): Make a large donation this year, take the deduction, and distribute funds to charities over time.
  • Appreciated Securities: Donating these instead of cash avoids capital gains and provides a full deduction.
  • Annual Gift Exclusion: In 2025, you can gift up to $19,000 per recipient ($38,000 for couples using gift-splitting) without triggering gift tax filings.

Healthcare Planning

  • Flexible Spending Accounts (FSAs): Use it or lose it. Unused funds often expire at year-end.
  • Health Savings Accounts (HSAs): If you have a high-deductible health plan, max out your HSA for triple tax benefits.

Review Beneficiaries

Tax planning is also about protecting your legacy. Now is a great time to double-check that your beneficiaries are up to date across IRAs, 401(k)s, life insurance, and brokerage accounts.

Don’t Wait Until the Last Minute

Most of these strategies must be in place before December 31. Start planning now with your advisor or tax professional—and use our tools to get organized and avoid costly mistakes.

Want help wrapping up your year with confidence?

Use our free Tax Strategy Planning Calendar to stay organized—and then schedule a judgment-free meeting with a fiduciary advisor to put your plan into motion.
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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 118 – Should You Give While You’re Living? The Financial and Emotional Case for a Warm-Hand Legacy

Many people plan to leave an inheritance to their family, favorite charities, or both. But what if there were benefits to giving while you’re still alive?

In Episode 118 of Last Paycheck, Archie Hoxton and Jimmy Sutch unpack the increasingly popular strategy of “giving while living”—sometimes called “giving with a warm hand.” Rather than waiting until death to transfer assets, this approach allows donors to see the impact of their generosity in real time.

Why People Choose to Give While Living

For some, it’s about timing: helping a child buy a first home, funding a grandchild’s 529 plan, or making a meaningful charitable gift during their lifetime. Others are motivated by the emotional reward—watching loved ones thrive or seeing a cause they care about move forward.

Key motivators include:

  • A strong financial foundation and guaranteed income
  • A desire to reduce future estate complexity
  • A wish to avoid probate or family conflict
  • The emotional fulfillment of seeing a gift make a difference

The Financial Upsides

Archie and Jimmy highlight several financially strategic ways to give:

  • Annual Gift Tax Exclusion: In 2024, individuals can give up to $18,000 per recipient tax-free (double for couples).
  • Direct Payments to Institutions: Paying medical or tuition expenses directly to providers avoids gift tax and offers simplicity.
  • Appreciated Stock Gifts: Donating appreciated investments can reduce capital gains taxes.
  • Qualified Charitable Distributions (QCDs): For those 70.5 and older, QCDs allow IRA assets to be donated directly to charity, reducing taxable income.
  • Donor-Advised Funds (DAFs): These vehicles let donors receive an upfront deduction while distributing the funds over time.

But It’s Not for Everyone

The episode is clear: giving while living must be done with caution. If your own retirement plan isn’t secure, or if you could one day face expensive health care or long-term care needs, giving prematurely could put you at risk.

The best way to determine readiness is through comprehensive financial planning. Archie notes that one of the greatest gifts you can give your heirs is not becoming a financial burden in the future.

Next Steps: Should You Start Giving?

If you’re thinking about giving while living, ask yourself:

  • Have I secured my financial future?
  • Are there opportunities to reduce taxes now through smart giving?
  • Is there a legacy I’d like to see come to life today?

Generosity can be powerful, especially when planned wisely. With the right strategy, you can give with confidence and impact.

Is Giving While Living Right for You?

Download our warm-hand legacy worksheet and see if you’re financially—and emotionally—ready to share your wealth to evaluate your current investments, or schedule a planning consultation with our fiduciary advisors today.
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 117: Building a Portfolio That Works for You

If you’ve ever wondered, How do I build an investment portfolio that actually fits my life?, you’re not alone. In Episode 117 of The Last Paycheck Podcast, Rob and Archie Hoxton dive deep into the fundamentals of portfolio construction. Whether you’re just starting out or nearing retirement, understanding your portfolio mix is key to long-term success.

What Is a Portfolio?

Think of your portfolio as a financial recipe. The main ingredients? Stocks and bonds—each with distinct roles.

  • Stocks (Equities): Represent ownership in a company. Their value rises and falls based on company performance and market dynamics. Stocks are typically used to fuel growth.
  • Bonds (Fixed Income): Represent a loan to a government or corporation in exchange for interest payments. Bonds offer stability and income, especially useful in retirement.

Rob and Archie explain that the right mix depends on your risk tolerance, investment timeline, and income needs.

The Role of Diversification

Diversification isn’t just about owning multiple investments—it’s about spreading your risk across different types of assets that don’t all move together. This might include:

  • U.S. and international stocks
  • Government and corporate bonds
  • Various sizes and sectors of companies
  • Short-term and long-term bond maturities

Proper diversification can lower portfolio volatility while maintaining potential returns.U.

Bonds: More Than Just “Safe”

While many investors are familiar with stocks, bonds are often misunderstood. Rob and Archie break down the different bond categories (government, municipal, corporate), credit ratings, and the concept of duration—a measure of how sensitive a bond is to interest rate changes. For example:

  • Longer duration bonds are more sensitive to rising interest rates.
  • High-yield (junk) bonds offer greater return potential but carry more risk.

Knowing how to blend different types of bonds helps create a cushion against market fluctuations.

How Much Risk Is Right for You?

Your ideal portfolio should reflect:

  • Your age and retirement timeline
  • Your ability and willingness to accept market volatility
  • Whether you’re in accumulation or distribution phase

As a general rule:

  • Younger investors can afford to lean more into stocks
  • Those approaching or in retirement often shift toward bonds for income and security

Rob and Archie recommend using the Investment Alignment Worksheet to evaluate whether your portfolio aligns with your financial goals.

Ready to Build a Smarter Portfolio?

A well-structured portfolio isn’t built on guesswork. Download our free Investment Alignment Worksheetto evaluate your current investments—and schedule a no-pressure consultation with Hoxton Planning & Management to get a second opinion. Your future deserves clarity. Let’s build it, 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.