Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it’s excitement, anxiety, or anything in between, this show is for you.
This episode on YouTube: https://youtu.be/TAt1Ru377Xc
☎️ Questions? Call or text Rob and Archie at 304-876-2619 or reach them at https://www.hoxtonpm.com
🗓️ If you’d like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation
Get their book! Think Ahead: Ten Reasons Why You Need a Financial Planner by Rob Hoxton and Julia Connell – https://hoxtonpm.com/think-ahead-book/
Five things to do before you retire!
CFP professionals Rob Hoxton and Archie Hoxton walk through the 5 essential steps you need to take in the final 12 months before your last paycheck. This step-by-step framework helps future retirees avoid costly mistakes and build a retirement plan that actually works in real life.
Rob and Archie also explain how retirement changes your cash flow, why flexibility matters, and how to build a plan that can scale up or down with the market—without panic.
Questions about how to prepare for retirement? Drop them in the comments!
Listen in on conversations with CFP Professionals Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it’s excitement, anxiety, or anything in between, this show is for you.
Visit: http://www.thelastpaycheck.com
Last Paycheck contains general information that is not suitable for everyone and was prepared for informational purposes only. Nothing contained in the presentation should be construed as a solicitation to buy or sell any security or as an offer to provide investment advice. Archie and Rob are investment advisor representatives of Hoxton Planning and Management LLC, a registered investment advisor.
Insights from Last Paycheck Podcast Episode 135
When retirement is a year away, excitement and anxiety often show up at the same time. Even people who have planned diligently for decades can feel a surge of stress as the reality of a final paycheck approaches.
In Episode 135 of the Last Paycheck, hosts Archie Hoxton and Rob Hoxton, CFP professionals at Hoxton Planning & Management, walk through what they call the Retirement Countdown. These are the five most important things to address when you are roughly a year or less from retiring.
While many of these steps are ideally done earlier, this episode focuses on what truly must be clarified before you make the transition from earning a paycheck to living off what you have saved.
Why the Final Year Feels Different
Retirement represents more than a financial shift. It is a psychological one.
During your working years, income feels controllable. You can work longer, take on more responsibility, or delay retirement if needed. Once you retire, income comes from decisions already made. Savings, investments, pensions, and Social Security replace a paycheck you could once rely on.
That shift can be deeply unsettling. Archie and Rob emphasize that thoughtful planning during this final year can dramatically reduce stress and replace uncertainty with confidence.
Step One: Run the Numbers and Identify the Gap
The first step in the retirement countdown is deceptively simple. Take inventory.
You need to clearly identify every source of income you expect to have in retirement. This may include Social Security, pensions, annuities, part-time work, or other income streams. Then compare that income to your anticipated spending.
For most retirees, income does not fully cover expenses. The difference between what comes in and what goes out is the retirement gap. That gap must be filled by withdrawals from your investment portfolio.
Understanding this number is foundational. Without it, every other decision becomes guesswork.
Step Two: Build a Smart Withdrawal Strategy
Once the gap is identified, the next question becomes where the money will come from.
Most retirees have multiple types of accounts. Pre-tax accounts like IRAs, Roth accounts, and taxable brokerage accounts all behave differently from a tax standpoint. The order in which you draw from these accounts can have a meaningful impact on how long your money lasts.
Archie and Rob stress the importance of coordinating withdrawals to minimize taxes and manage required minimum distributions later in retirement. A thoughtful distribution strategy can extend portfolio longevity and reduce unnecessary tax drag.
Step Three: Plan for Healthcare Costs
Healthcare is one of the most underestimated expenses in retirement.
Medicare eligibility begins at age 65, but even then, premiums for Part B, Part D, and supplemental coverage can be substantial. Those premiums are often tied to income, which means withdrawal decisions can directly affect healthcare costs.
For those retiring before Medicare eligibility, the challenge is even greater. Private health insurance can represent a significant financial burden and must be planned for carefully.
Rob shares an example of recent retirees facing healthcare costs approaching $26,000 per year. Yet many retirement plans fail to include a realistic healthcare line item at all.
Step Four: Design a Scalable Lifestyle
One of the most important concepts discussed in this episode is lifestyle scalability.
Retirement spending does not need to be rigid. In fact, flexibility can be a powerful planning tool. Being willing to spend a little less during market downturns and a little more during strong periods can help protect long-term financial security while preserving quality of life.
Scalability requires clarity. You need to know which expenses are essential and which are discretionary. That clarity often comes only through ongoing planning and regular review.
Debt can be a major obstacle to flexibility. While certain types of debt may make sense in retirement, high consumer debt reduces your ability to adjust spending when needed. Eliminating unnecessary debt before retirement can significantly increase peace of mind.
Step Five: Get Your Legal and Estate Documents in Order
The final step in the retirement countdown is administrative, but no less important.
Wills, trusts, powers of attorney, healthcare directives, and beneficiary designations should all be reviewed and updated. Documents should be easy to access, and trusted individuals should know where to find them.
Archie and Rob frame this as one of the greatest gifts you can give your family. Grieving a loss is hard enough. Leaving behind confusion or disorganization only adds to that burden.
Getting these documents finalized before retirement allows you to focus on living well, knowing that your affairs are in order.
The Value of Ongoing Planning
Throughout the episode, Rob makes a critical point. Retirement planning is not a one-time exercise.
While it is possible to create a snapshot plan, the greatest value often comes from ongoing management. Markets change. Spending evolves. Health needs shift. Having a plan that adapts over time helps prevent small issues from becoming serious problems later in life.
Your Next Step
If you are within a year or two of retirement, now is the time to move from uncertainty to clarity.
Hoxton Planning & Management offers a Retirement Readiness Checklist designed to help you assess income sources, spending, healthcare planning, and portfolio strategy in one place. It is a practical starting point for understanding where you stand and what still needs attention.
You may also choose to schedule a complimentary conversation with the Hoxton team to walk through your retirement countdown and ensure no critical steps are overlooked.