Episode 136 – The Risk of Not Taking Risk: Why Completely De-Risking Your Portfolio Can Backfire

Insights from Last Paycheck Podcast Episode 136

Periods of global uncertainty have a way of rattling even the most disciplined investors. Geopolitical tension, market volatility, and unsettling headlines often spark the same question, especially among retirees.

Should I just get out of the market and play it safe?

In Episode 136 of the Last Paycheck, CFP professionals Archie Hoxton and Rob Hoxton tackle this question head-on. Their conclusion may surprise some listeners. While reducing risk feels comforting in the moment, completely de-risking an investment portfolio can introduce a different set of dangers, often more damaging and far less visible.

This episode focuses on what they call the risk of not taking risk.

Why the Desire to De-Risk Feels So Strong

Market volatility feels different when you are retired or nearing retirement. Your portfolio is no longer just a long-term growth engine. It is a primary income source meant to support you for the rest of your life.

Rob acknowledges how uncomfortable it can feel to watch a retirement portfolio drop 20 or 25 percent, even if those declines are historically temporary. That discomfort often leads to a powerful urge to stop the pain by moving to cash.

But reacting emotionally to volatility can create long-term consequences that are easy to underestimate.

Timing the Market Is a Two-Step Gamble

Many investors assume the danger lies in selling at the wrong time. Archie points out that timing the market requires getting two decisions exactly right. You must know when to get out and when to get back in.

History shows that very few investors manage this consistently without luck. Getting back into the market is often harder than getting out. Fear lingers, and the next downturn always feels just around the corner.

As a result, investors who move to cash often stay there far longer than planned, missing critical periods of recovery.

Risk Does Not Disappear. It Changes Form

One of the central ideas in this episode is that risk never disappears. When you remove market risk entirely, you take on other risks that are quieter but potentially more destructive.

Archie describes cash as the carbon monoxide of investing. It feels safe because there is no visible volatility, but the damage happens slowly and silently.

Three risks stand out.

Inflation Risk

Cash offers no meaningful protection against inflation. Even modest inflation steadily erodes purchasing power year after year.

An account balance may stay the same, but what that money can buy shrinks over time. Over ten, twenty, or thirty years, the cumulative effect can be devastating. Inflation does not announce itself loudly most years, but its impact compounds relentlessly.

Longevity Risk

No one knows how long retirement will last. Planning based on a fixed life expectancy can be dangerous, especially when inflation and unexpected expenses are factored in.

Rob explains why planners often assume longer lifespans, sometimes into the mid-nineties. The risk is not dying early. The risk is living longer than expected and running out of money.

Without growth in a portfolio, longevity risk increases dramatically.

Opportunity Cost

Perhaps the most overlooked risk is opportunity cost.

Every year spent out of the market is not just a lost return for that year. It is the loss of decades of compounded growth. Archie illustrates how even modest missed returns can translate into hundreds of thousands of dollars over time.

Those lost dollars may be needed later for healthcare, long-term care, or simply maintaining quality of life.

A Better Way to Think About Risk

Rather than viewing risk as something to eliminate, Archie and Rob advocate managing it intentionally.

One helpful framework is a bucket approach. Short-term needs are covered by cash. Intermediate needs are supported by bonds. Long-term needs are invested in growth assets like stocks.

This structure allows retirees to weather market downturns without panicking. When stocks decline, income can come from cash and bonds, giving the long-term portion of the portfolio time to recover.

The key is not avoiding risk entirely, but taking the right amount of risk for the right time horizon.

Investing Should Never Happen in a Vacuum

Throughout the episode, Rob emphasizes that investment decisions must be made within the context of a broader financial plan.

At Hoxton Planning & Management, portfolios are evaluated based on potential ranges of outcomes over defined periods, not just average returns. Those ranges are then compared to a client’s spending needs and long-term goals.

This approach allows clients to understand what short-term volatility might look like and whether their plan can withstand it. When risk is measured and aligned with a plan, it becomes far less frightening.

The Real Goal: Balance

The takeaway from this episode is not that risk should be ignored or embraced recklessly. Taking too much risk can be just as dangerous as taking too little.

For most retirees, the appropriate level of risk is moderate. Enough to outpace inflation and support longevity, but not so much that short-term volatility threatens essential income needs.

Finding that balance is far easier with clear planning, realistic expectations, and the right tools.

Your Next Step

If you have ever wondered whether your investment strategy truly aligns with your retirement goals, this is the right time to check.

Hoxton Planning & Management offers a free Investment Alignment Worksheet designed to help you evaluate whether the risk you are taking matches what you are trying to accomplish long term. It is a practical way to move from fear-based decisions to informed ones.

You may also choose to schedule a complimentary conversation with the Hoxton team to review your portfolio within the context of a full financial plan.

Risk is unavoidable. Mismatch is optional.

Download the Investment Alignment Worksheet or schedule your meeting.
Download the Checklist
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 135 – The Retirement Countdown: Five Things You Must Do in the Final Year Before Retirement

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.

Retirement is a major transition. It deserves a plan.

Download the Retirement Readiness Checklist or schedule your meeting.
Download the Checklist
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 134 – Mutual Funds vs. ETFs: Understanding the Differences That Matter to Your Portfolio

Insights from Last Paycheck Podcast Episode 134

If you have invested at any point in your life, chances are you have owned a mutual fund, an exchange traded fund, or both. These two investment vehicles dominate retirement accounts, brokerage portfolios, and employer plans. Yet despite their popularity, many investors do not fully understand how they differ or why one may be more appropriate than the other in certain situations.

In Episode 134 of the Last Paycheck, hosts Archie Hoxton and Rob Hoxton, CFP professionals at Hoxton Planning & Management, break down mutual funds and ETFs in a clear, practical way. Rather than treating one as inherently better, they explain how each works, where each excels, and how thoughtful investors and advisors often use a combination of both.

A Shared Goal: Diversification for Everyday Investors

Mutual funds were created to solve a fundamental problem. How can an ordinary investor gain diversified exposure to many stocks or bonds?

Instead of needing hundreds of thousands of dollars to buy dozens of individual securities, investors could pool their money. A professional manager would then build and manage a diversified portfolio according to a stated investment objective. This innovation made diversification accessible to everyday investors for the first time.

ETFs share that same goal. Both vehicles allow investors to gain broad exposure to markets, sectors, or strategies with a single investment. The differences lie not in the objective, but in the structure.

How Mutual Funds Work

Traditional mutual funds have been around since the early twentieth century and became formally regulated under the Investment Company Act of 1940. Historically, most mutual funds were actively managed. Investors would contribute money, and a fund manager would select securities based on a defined strategy.

Mutual funds are priced once per day, after the market closes. When investors buy into a fund, the manager uses cash to purchase securities. When investors redeem shares, the manager must sell securities to raise cash.

This structure works well in many respects, but it comes with tradeoffs, particularly when it comes to taxes in non-retirement accounts.

The Tax Surprise Many Investors Do Not Expect

One of the most eye-opening parts of this episode centers on capital gains distributions.

During periods of market stress, such as the 2008 financial crisis, many investors watched the value of their mutual funds decline sharply. Despite those losses, some investors were still required to pay capital gains taxes at year-end.

How does that happen?

As investors panic and redeem shares, fund managers are forced to sell holdings to meet redemptions. Those sales can trigger realized capital gains inside the fund. By law, those gains must be passed through to remaining shareholders, even if the overall value of the fund has declined.

For investors in taxable accounts, this can be both confusing and frustrating.

How ETFs Are Structured Differently

Exchange traded funds were developed later and use a fundamentally different mechanism.

Instead of buying and selling directly with the fund company, investors trade ETFs on an exchange throughout the day, just like stocks. When one investor sells, another investor buys. The underlying securities usually do not change hands.

Behind the scenes, ETFs use what is called in-kind trading. Large institutional participants exchange baskets of securities for ETF shares. Because securities are swapped rather than sold, capital gains are generally not triggered.

This structure makes ETFs significantly more tax efficient in taxable accounts.

Cost and Efficiency

ETFs initially gained popularity because they were often designed to track indexes. Index-based investing reduced management costs, which led to lower expense ratios across the industry. That cost pressure ultimately benefited mutual fund investors as well, driving fees down across both structures.

Today, both mutual funds and ETFs can be low cost, particularly when tracking broad indexes. However, ETFs often retain a slight advantage in terms of tax efficiency and intraday pricing flexibility.

Active vs. Passive Management

While ETFs were once almost exclusively passive, that is no longer the case. Actively managed ETFs now exist across many asset classes. That said, mutual funds still offer a wider universe of active strategies simply because they have been around longer.

Rob Hoxton explains how advisors often use both vehicles strategically. In highly efficient asset classes , such as large U.S. companies, low-cost passive ETFs may make the most sense. In less efficient asset classes, such as small-cap stocks or emerging markets stocks, active mutual funds or active ETFs may provide an advantage.

This is not about choosing sides. It is about choosing tools.

Other Practical Differences to Consider

There are additional nuances investors should understand.

Mutual funds trade once per day, which can be beneficial for investors who prefer simplicity and are less concerned with intraday price movement. ETFs trade throughout the day, offering flexibility but also requiring more attention when placing trades.

Mutual funds can also be more forgiving if a trade error is made. ETFs behave like stocks, where timing and pricing matter.

The Bigger Picture

As Archie and Rob emphasize, neither mutual funds nor ETFs are inherently superior. Each has strengths and weaknesses. The right choice depends on the type of account, tax considerations, investment goals, and the role each investment plays within a broader financial plan.

The most important takeaway is that investment vehicles should support your plan, not drive it.

Your Next Step

If you are unsure whether your current investments are structured in the most tax-efficient and strategic way, clarity is the first step.

Hoxton Planning & Management offers a Retirement Readiness Checklist to help you evaluate how your investments, accounts, and income strategy fit together. It is a practical tool for identifying gaps and asking better questions.

You may also choose to schedule a complimentary conversation with the Hoxton team to review your portfolio and understand how mutual funds and ETFs are being used within your plan.

Move from information to intention.

Download the Retirement Readiness Checklist or schedule your meeting.
Download the Checklist
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 133 – Big Brand or Independent Advisor? How to Choose

Insights from Last Paycheck Podcast Episode 133

Choosing a financial advisor is one of the most consequential financial decisions you will ever make. Yet many people start in the same place. They open a browser, search for “financial planner near me,” and are immediately faced with a confusing choice.

Do you work with a large, nationally recognized firm?
Or do you choose a local, independent advisor?

In Episode 133 of the Last Paycheck, Rob Hoxton and Jimmy Sutch, both financial planners at Hoxton Planning & Management, unpack this question in a practical, transparent way. Rather than positioning one option as universally better, they focus on what clients should understand before deciding who to trust with their financial future.

Understanding the Two Models

At a high level, most financial advisors fall into one of two categories:

  • Advisors affiliated with large firms such as banks, wirehouses, or broker-dealers
  • Advisors working at independent Registered Investment Advisor (RIA) firms

While both can provide competent advice, the structure behind each model affects how decisions are made, how advice is delivered, and whose interests are prioritized.

How Large Firms Operate

Large financial institutions offer scale, brand recognition, and extensive research capabilities. For many advisors, they provide a structured environment with built-in compliance, oversight, and predefined investment platforms.

Rob Hoxton brings a unique perspective to this discussion. Over his 30-plus-year career, he has operated both as an independent advisor and as part of a large Wall Street firm, that experience revealed a key distinction.

In large organizations, many investment decisions, recommendations, and guardrails come from centralized committees. These committees may be far removed from the day-to-day realities of individual clients, especially those living outside major metropolitan areas.

This does not mean advisors at large firms are ineffective or untrustworthy. In fact, Rob emphasizes that many excellent advisors work in those environments. However, the structure itself limits how customized and locally responsive advice can be.

What Independence Really Means

Independent advisory firms operate differently.

At independent firm, decisions are often made at the local level with the specific client in mind. There are usual no centralized product mandates dictating what advisors can or cannot recommend.

Jimmy Sutch explains that many clients value this independence because it aligns incentives more clearly. Advisors are accountable directly to the client, not to a corporate hierarchy. In smaller communities, that accountability is amplified. Advisors see their clients at the grocery store, at community events, and at their children’s baseball games.

That proximity creates trust and responsibility in a way no national brand can replicate.

Fiduciary vs. Suitability Standards

One of the most important distinctions discussed in this episode is the difference between fiduciary and suitability standards.

A fiduciary is legally obligated to act in the client’s best interest at all times. Suitability, by contrast, requires only that a recommendation be appropriate, not necessarily optimal.

This distinction becomes murky when advisors operate in environments where they may act as a fiduciary in some situations but not others. Rob points out how confusing this can be for clients trying to determine when advice is truly conflict-free.

Independent RIAs typically operate under a fiduciary standard across all aspects of their work. For many clients, this clarity is a deciding factor.

Custody, Safeguards, and Misconceptions

A common concern when choosing a smaller firm is safety. Clients often ask whether independent advisors can offer the same protections as large institutions.

Rob and Jimmy address this directly. Independent advisors do not normally hold client assets themselves. Instead, assets are custodied at well-known third-party firms such as Fidelity or Charles Schwab. These custodians provide the same safeguards, reporting, and protections clients expect from large institutions.

This separation between advisor and custodian is intentional and plays a critical role in protecting clients from fraud or misuse of assets.

Conflicts of Interest and Transparency

No financial relationship is entirely free of conflict. Even an independent advisor wants a prospective client to say yes. The difference lies in disclosure and transparency.

Rob and Jimmy explain that commissions can still exist in certain products, particularly insurance solutions, even within a fiduciary framework. The key is that compensation is clearly disclosed and aligned with the client’s best interest, not hidden behind opaque structures.

Clients should feel comfortable asking how their advisor is compensated and why specific recommendations are being made.

The Changing Landscape of Independence

The episode also explores a newer trend. Private equity and consolidation are reshaping the advisory industry. Many firms still market themselves as “independent” while operating at a massive scale that closely resembles traditional broker-dealer models.

While these firms may technically qualify as RIAs, important decisions are often centralized, reducing the very independence clients believe they are getting.

Rob draws a clear distinction between independence in name and independence in practice.

What Should Clients Take Away?

This episode is not about steering everyone toward one model. Instead, it equips listeners with the right questions to ask.

  • Who ultimately makes decisions about my financial plan?
  • Is my advisor acting as a fiduciary at all times
  • Where are my assets held and who safeguards them?
  • How transparent is the compensation structure
  • How customized is the advice to my life and community?

Understanding these factors helps clients make confident, informed choices rather than relying on brand recognition alone.

Your Next Step

If you are currently evaluating financial advisors, or wondering whether your current relationship truly aligns with your best interests, clarity is the first step.

Hoxton Planning & Management offers a Retirement Readiness Checklist designed to help you evaluate your financial picture objectively. It can also serve as a useful framework when comparing advisory relationships.

You may also choose to schedule a complimentary conversation with the Hoxton team to ask questions, understand their process, and determine whether an independent approach is right for you.

Start with clarity.

Download the Retirement Readiness Checklist or schedule a meeting with us!
Download the Checklist
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 132 – Fun Facts About the Stock Market That Matter for Retirement

Insights from Last Paycheck Podcast Episode 132

When most people think about the stock market, they focus on headlines. Is the market up or down today? Should I wait to invest? Is this time really different?

In Episode 132 of the Last Paycheck, hosts Archie Hoxton and Rob Hoxton step back from the noise and share a series of data-driven “fun facts” about the stock market. While some of the statistics are surprising, the real value lies in what they reveal about long-term investing, retirement planning, and how everyday investors actually benefit from participating in the market.

These are not trivia points. They are perspective builders.

Below are the most important takeaways, and why they matter to your financial future.

1. The Stock Market Has a Strong Long-Term Track Record

Since the end of World War II in 1945, the S&P 500 has delivered an average annual total return of roughly 13 percent. Even more striking, about 79 percent of all years since 1945 have been positive years for the market.

That means in any given year, the odds favor positive returns roughly four out of five times.

This matters because many investors hesitate to invest due to fear of short-term losses or uncertainty about what comes next. History shows that market declines are the exception, not the rule. Long-term participation has consistently rewarded patience.

2. “This Time Is Different” Almost Never Is

It is human nature to believe the current market environment is unprecedented. Political events, economic uncertainty, rising interest rates, global conflict. Every generation feels like they are facing something entirely new.

The data tells a different story.

Markets have endured wars, recessions, inflation spikes, bubbles, crashes, and recoveries. Despite all of it, the long-term trend remains intact. What feels unique in the moment is often just another chapter in a very long book.

This perspective is critical for investors who are tempted to abandon their plan when emotions run high.

3. The S&P 500 Evolves, and That Is the Point

Many people assume the S&P 500 represents the same companies decade after decade. In reality, the index is constantly changing.

Since 1999, only 193 of the original 500 companies remain in the S&P 500 today. The rest have been replaced due to mergers, acquisitions, declines, or loss of relevance.

This constant turnover is not a flaw. It is a feature.

Owning the S&P 500 means owning an evolving collection of leading U.S. companies, not clinging to yesterday’s winners. It allows investors to benefit from innovation and economic growth without needing to guess which individual companies will succeed next.

4. Time in the Market Beats Timing the Market

One of the most powerful illustrations shared in this episode centers on a simple example.

If you invested $1,000 in the stock market in 1945, stayed fully invested, and reinvested all dividends, that investment would be worth approximately $7.3 million today.

However, if you tried to time the market by only investing during certain months or skipping periods you thought were risky, the results change dramatically. In some scenarios, that same $1,000 would grow to only a few hundred thousand dollars.

The lesson is clear. Missing even relatively small windows of market participation can drastically reduce long-term outcomes.

5. Dividends Are Not a Side Detail. They Are a Core Driver of Growth

One of the most overlooked components of investing returns is dividends.

When dividends are reinvested, they significantly amplify long-term growth. In the example above, removing dividend reinvestment reduces the ending value from millions to a fraction of that amount.

Dividends represent real profits paid by real companies. Reinvesting them means continuously buying more ownership in productive businesses over time. This compounding effect is one of the most powerful forces in long-term investing, yet it is often ignored in casual market conversations.

6. Everyday Households Own Most of the Stock Market

Many people believe the stock market is dominated by hedge funds, institutions, or billionaires. In reality, U.S. households own more than 50 percent of the public equity markets.

That ownership happens through retirement accounts, pensions, mutual funds, ETFs, and individual brokerage accounts. Hedge funds, by comparison, account for only a small percentage of total market ownership.

In other words, the stock market is largely owned by people saving for retirement, education, and long-term financial goals. Participating in the market means participating in the growth of the broader economy, not competing against it.

7. Efficient Markets Support Retirement Success

The United States has one of the most efficient capital markets in the world. Businesses can raise capital directly from investors, and investors can participate in business growth without needing insider knowledge or complex strategies.

This efficiency is a key reason the stock market has been such a powerful tool for retirement planning. It allows long-term investors to grow wealth systematically, transparently, and at scale.

As Archie and Rob emphasize, the goal is not speculation. The goal is participation.

Bringing It All Together

These stock market facts reinforce a simple but powerful message. Successful investing is not about predicting the next market move. It is about having a plan, staying disciplined, reinvesting intelligently, and aligning your strategy with your long-term goals.

Markets will rise and fall. Headlines will come and go. What matters most is whether your financial plan is built to endure all of it.

Your Next Step

Understanding how the market works is only useful if it connects to your personal retirement plan.

If you want to assess whether your current strategy is built for long-term success, we recommend starting with Hoxton Planning & Management’s Retirement Readiness Checklist. It helps you evaluate income sources, investment alignment, risk exposure, and planning gaps that could impact your future.

Alternatively, if you prefer a more personalized conversation, you can schedule a complimentary, no-pressure meeting with the Hoxton team to review your situation and next steps.

Take action today.

Download the Retirement Readiness Checklist or schedule your meeting Schedule a meeting with us!
Download the Checklist
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 131 – How Financial Planning Helps You Live More Meaningfully

Weekly wisdom to help you retire—and stay that way.

At Hoxton Planning & Management, we often say financial planning is about more than money—it’s about helping people live lives that are rich in purpose, security, and joy. In this episode of The Last Paycheck, hosts Archie Hoxton and Rob Hoxton share two powerful, real-life stories from their careers as CERTIFIED FINANCIAL PLANNER™ professionals. These tales—one a cautionary lesson, the other an inspiring example—highlight the emotional, relational, and life-altering power of thoughtful financial planning.

Story One: When a Friend's Advice Costs More Than Just Money

Archie opens the episode with a sobering story from early in his career. A client, newly assigned to him after her previous advisor retired, was nearing or already in retirement and relying on her investment portfolio to fund her lifestyle. Despite Archie’s prudent advice to maintain a diversified portfolio—including bonds and other risk-adjusted assets—she was swayed by a friend in an investment club who encouraged her to move all of her funds into high-growth tech stocks, the so-called FANG stocks (Facebook, Apple, Amazon, Netflix, Google).

Her friend’s rationale? “These are the only stocks that matter. Everything else is holding you back.”

Unfortunately, just months later, the market took a sharp downturn, and those same stocks lost nearly half their value. Because the client was living off her investments, that loss meant selling significantly more shares at depressed prices to meet her income needs—or worse, panic-selling and locking in catastrophic losses.

The lesson is clear: financial planning isn’t about chasing returns—it’s about designing a strategy that matches your stage of life, risk tolerance, and real-world goals. Investment advice from well-meaning friends or headlines rarely considers the whole picture. And as Archie puts it, “Be careful who you take advice from. Most people don’t know what they don’t know.”

Story Two: Giving While Living—Leaving a Legacy that Matters

Rob follows with a story that strikes an entirely different emotional tone—one that illustrates the life-changing potential of financial planning done right.

He tells the story of a long-time client couple with no children. The wife, a former reading teacher, had a deep love for their local public library where she regularly volunteered to read to children. The couple had always intended to leave a significant portion of their estate to the library to expand its small children’s section—ideally with a reading room named in her honor. But when she was diagnosed with a terminal illness, the couple worried that giving money away too soon might leave the surviving spouse financially insecure.

Rob ran the numbers. And what the planning revealed was that they didn’t need to wait. They had enough assets to fulfill their philanthropic goals and ensure long-term financial stability.

The result? Before her passing, she was able to see the new children’s reading room built and named after her. She spent her final months doing what she loved—reading to children in the space she helped create.

This story exemplifies what’s possible when financial planning is approached not just as a numbers game, but as a way to help people live more richly, with clarity and intention. The wife’s legacy lives on, and the husband’s peace of mind was preserved through careful planning.

Take the Next Step Toward Financial Clarity

These aren’t just anecdotes. They’re proof that working with a trusted advisor isn’t just about retirement income or minimizing taxes—it’s about transforming financial uncertainty into peace, possibility, and purpose.

Whether you’re navigating retirement, weighing a gift to your favorite charity, or just trying to avoid a costly mistake, a solid financial plan provides the clarity you need to make decisions that align with your values.

As Rob puts it, “Financial planning helps people live their lives more richly.” That richness isn’t always measured in dollars—it’s measured in impact, legacy, and peace of mind.

Take the Next Step Toward Financial Clarity

If you’re wondering how prepared you are to create your own version of a meaningful life, take our free Financial Freedom Score assessment. In just a few minutes, you’ll gain insight into your financial health and areas that might need attention. Or, download our Retirement Readiness Checklist—a simple but powerful tool to help you evaluate your goals, timelines, and needs as you prepare for life’s next chapter.
Download the Checklist
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 130 – From Wealth-Building to Finding Purpose — Our Guide to Meaningful Money

Money without meaning can feel empty.

In Episode 130 of The Last Paycheck Podcast, Rob and Archie Hoxton explore a powerful question that many people face — once you’ve achieved your financial goals, what’s next? They tackle the tension between building wealth and living with intention, and how redefining your financial goals through the lens of purpose can reshape your relationship with money.

This episode is especially relevant for high earners, small business owners, and anyone approaching or entering retirement who wonders whether “more” is always better.

Rob and Archie reflect on their own professional journeys and how chasing financial milestones eventually felt unfulfilling without a deeper reason behind them. The message is clear: wealth is just the fuel. Purpose is the destination.

Key Takeaways from the Episode:

1. Financial Success Isn’t the End Goal

Many people spend decades saving and investing for retirement, only to find that achieving their financial targets leaves them feeling aimless. Financial freedom is important, but it isn’t the finish line — it’s a tool to pursue what really matters.

2. Define Success on Your Own Terms

Whether it’s spending more time with family, traveling, giving back, or mentoring the next generation, success looks different for everyone. The key is to align your financial plan with your values. That requires self-reflection and clarity — not just goal setting, but meaningful goal setting.

3. Avoid the Trap of “More is Always Better”

Financial anxiety doesn’t always disappear with more money. In fact, Rob shares a moment when hitting a revenue goal only brought fleeting joy. Lasting satisfaction comes from using wealth intentionally, not accumulating it endlessly.

4. Know When to Spend, Not Just Save

A well-constructed financial plan gives you permission to spend confidently. If you’ve met your savings goals, you may be able to redirect funds toward experiences, family time, charitable giving, or other meaningful endeavors without compromising your future.

5. Prevent Unintended Consequences for Future Generations

Building wealth without passing on financial values can do more harm than good. Use your financial plan as a framework for legacy planning — teach your children and grandchildren how to align money with their own purpose.

Your Financial Plan Should Reflect Your Values

The episode’s core message: money should be a reflection of what matters to you. That’s where a financial plan comes in — not just to build wealth, but to give it purpose.

If you’re uncertain whether your financial goals are aligned with your values, now is the perfect time to take a step back and reassess.

Start With the 6 Disciplines of Financial Planning

Revisit the fundamentals that help build a meaningful and complete plan. Download our free resource.
The Six Disciplines of Financial Planning
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 129 – Key Reasons to Hire a Financial Planner

When should you hire a financial advisor? If you’re asking that question, you may already be closer to the answer than you think.

In Episode 129 of The Last Paycheck Podcast, Archie and Jimmy dive deep into the reasons people seek out financial planning support, the milestones that trigger those decisions, and what truly makes someone “ready” to hire a financial planner. Contrary to popular belief, financial advice isn’t just for the wealthy — it’s for anyone approaching complexity, transitions, or uncertainty in their financial life.

What It Really Means to “Be Ready”

Many people disqualify themselves before they ever make the call. They assume they don’t have enough money to justify working with an advisor, or they’re not sure what a planner even does. Archie and Jimmy walk through the key signs that someone is actually ready — and how much it matters to reach out before making costly decisions.

Here are a few readiness “trigger points” they explore:

  • Approaching a major transition: Retirement, job changes, buying a house, or handling a complex compensation package.
  • Facing higher financial stakes: As your net worth grows, so does the potential cost of poor decisions — and the benefit of good ones.
  • Wanting continuity for your spouse: If one partner handles the finances, it’s critical to establish a trusted resource before something happens.
  • Seeking help with estate planning: You know your goals for your legacy, but don’t know how to structure things correctly — or how to integrate them into your financial accounts.
  • Feeling overwhelmed or uncertain: Even if you’ve managed everything well so far, anxiety about the future can signal it’s time to bring in a professional.

Why Delegation Is a Superpower

One of the most common concerns new clients bring up is uncertainty — “I’m not sure if I even need this.” That hesitation is valid, but what often changes the equation is a willingness to delegate. A good financial planner helps reduce stress, structure long-term goals, and prevent emotionally driven mistakes.

Archie and Jimmy are candid about what makes a strong advisor-client relationship work:

  • Coachability: Are you open to advice and willing to act on it?
  • Collaboration: Are you ready to engage in a planning process that prioritizes your goals?
  • Commitment: Will you follow through and let the planner guide you through hard decisions?

Financial planning is not about beating the market. It’s about aligning your investments, goals, risks, taxes, and estate plan into one cohesive strategy.

Moving Beyond the Myths

Archie and Jimmy call out a persistent myth: that a planner’s job is to outperform the market. While strong investment strategy matters, it’s just one piece of the puzzle. A great advisor also:

  • Optimizes your tax position
  • Engineers sustainable income through retirement
  • Helps avoid emotional or behavioral missteps
  • Ensures your family is protected if something happens to you
  • Provides long-term strategy for wealth and legacy

In other words, it’s not just about growing your money — it’s about making your money work for your life.

Your Next Step: Get a Clear Picture

If you’re thinking about hiring a financial advisor, your first move should be to understand your current financial position. Download Hoxton’s Net Worth & Budget Worksheet to clarify where you stand — and to determine if you’re ready for next-level planning.

Your Next Step: Get a Clear Picture

If you’re thinking about hiring a financial advisor, your first move should be to understand your current financial position. Download Hoxton’s Net Worth & Budget Worksheet to clarify where you stand — and to determine if you’re ready for next-level planning.
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 128 – The Compounding Power of Financial Decisions

In this episode of The Last Paycheck Podcast, CFP® professionals Rob and Archie Hoxton tackle a deceptively simple question: how much do your financial decisions actually matter? The answer, as it turns out, is profound. Whether a decision adds or subtracts from your net worth, the long-term compounding effect can transform your entire financial future—for better or worse.

Why Every Financial Decision Matters More Than You Think

We tend to think of money choices in isolation—pausing a 401(k) contribution here, spending a little more on healthcare there—but those choices rarely remain small. Rob and Archie explore the concept of “compounded subtractions” and “compounded additions” to your net worth, illustrating how one good (or bad) move today can ripple across decades.

Here are just a few key insights from the conversation:

  • Stopping contributions to retirement accounts for even a short time has long-term consequences. Lost compounding today is lost growth forever.
  • Early retirement may sound appealing, but it comes with hidden costs: less Social Security, more out-of-pocket healthcare, earlier withdrawals, and reduced contributions.
  • The decision to get more conservative with your portfolio might offer peace of mind—but it can also cost hundreds of thousands of dollars in long-term value.
  • On the flip side, smart moves like making Roth contributions, increasing savings, or sticking with the market during downturns can significantly increase future flexibility and freedom.

The Real Cost of Emotional Decisions

Many of us react emotionally to market swings, media headlines, or economic uncertainty. But the real danger lies in locking in those reactions with impulsive actions—like selling investments during a dip. As Rob and Archie point out, those dollars don’t disappear—they’re transferred to investors who understood the power of long-term thinking.

Every dollar you withdraw, misallocate, or fail to invest has a compounding impact. Knowing that—truly internalizing it—can help you make more intentional, less reactive financial decisions.

Reframing Retirement and Legacy

What if you’ve done everything right? What if your good decisions have left you with more than you need? Archie and Rob encourage listeners to explore ways to use that compounding surplus meaningfully—whether through philanthropy, travel, legacy planning, or family experiences. Financial freedom isn’t just about having enough—it’s about aligning your money with your values.

Take Control of Your Financial Decisions

The first step in making smarter decisions is understanding your full financial picture. Download our Net Worth & Budget Worksheet to gain insight into your current position and start planning for the long term.
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 127 – Are You Taking More Investment Risk Than You Think?

If you have been watching your accounts climb over the last few years, it is easy to assume your investments are “working” and your risk level is fine. Markets are up, statements look good, and nothing feels urgent.

The problem is that most people only discover how much risk they are actually taking when the market turns in the wrong direction. By then, the experience can be painful enough to cause emotional decisions that derail a sound financial plan.

In Episode 127 of the Last Paycheck Podcast, CERTIFIED FINANCIAL PLANNER® professionals Archie and Rob Hoxton talk about one of the most common blind spots they see: the gap between how much risk you are comfortable taking and how much risk you are actually taking in your portfolio.

This episode is a practical guide for anyone who wants to understand their risk exposure before the next downturn arrives.

Why Risk Feels Different When Markets Are Up

Archie frames the discussion around two core questions:

  1. How much risk are you truly comfortable taking
  2. How much risk are you actually taking right now

If you do not have clear, data based answers to both, you are at higher risk of being surprised during the next bear market. Surprise and fear are usually what drive investors to sell at the wrong time.

The goal is not to eliminate risk. That would leave you exposed to inflation and short of your long term goals. The goal is to align your risk exposure with your financial plan and your emotional tolerance, so you can stay invested through both good and bad markets.

Systematic vs Unsystematic Risk: What Are You Really Exposed To

The episode walks through two major types of investment risk:

  • Unsystematic risk
    This is the risk tied to a specific company, bond issuer, or sector. If you hold a single stock and that company runs into trouble, your portfolio can suffer badly. Diversification reduces this type of risk by spreading your money across many holdings, industries, and regions.
  • Systematic risk
    This is the risk of the entire market or system. In a true bear market or financial crisis, nearly all stocks fall together. You cannot diversify this risk away completely. You manage it through asset allocation, time horizon, and behavior.

A concentrated portfolio in just a handful of positions may look fine in a rising market, but it is exposed to both kinds of risk at once. A broadly diversified portfolio, built around your plan and withdrawal needs, behaves very differently when volatility returns.

How Much Could Your Portfolio Drop

One of the most practical points in the conversation is that every investor should have at least a ballpark answer to a simple question:

“If we experienced another 2008 style downturn, roughly how far might my portfolio fall”

Most investors, and many advisors, do not have a precise answer. They may speak in generalities like “moderate risk” or “balanced allocation,” but they have not quantified what that means in real dollar terms.

Rob and Archie describe the value of using planning and risk tools that:

  • Analyze your actual mix of funds and holdings
  • Estimate potential downside in severe historical scenarios
  • Compare that with your stated comfort level and goals

You may discover that your portfolio is much riskier than you thought, or that it is actually too conservative to meet your retirement objectives. Either way, you are better off knowing before the next storm, not during it.

Balancing Risk, Return, and Your Life Goals

The episode also emphasizes the tradeoffs involved in dialing risk up or down:

  • If you take very little risk, your expected return may only be a few percent per year. That may require working longer, saving more, or spending less.
  • If you take very high risk, you might see higher long term returns, but also deeper temporary losses that are hard to live through, especially near or in retirement.

The right balance depends on your age, savings, time horizon, and the lifestyle you want to support. A realistic financial plan needs to answer two questions together:

  • What rate of return do I need to reach or sustain my goals
  • What level of downside volatility can I reasonably accept along the way

Those answers then drive your asset allocation and diversification choices, rather than gut feelings or headlines.

Why Now Is the Time To Check Your Risk

We are currently several years into a strong market. That is exactly when it pays to pause and ask:

  • Has my risk level crept up as markets have risen
  • Am I relying on past performance without understanding downside risk
  • Does my portfolio still match my time horizon and withdrawal plans

Archie and Rob point out that corrections of 10 percent tend to happen every couple of years, and bear markets of 20 percent or more tend to show up every five to six years. They are not rare, and they are not permanent, but they are inevitable.

Getting clear on your risk profile now can prevent panic and regret later.

Final Thought: Do You Know Your Real Risk Profile

Ignoring risk does not make it disappear. It only makes the next downturn more stressful.

Taking the time to understand:

  • How your portfolio is currently invested
  • How it might behave in bad markets
  • Whether that aligns with your goals and comfort level

is one of the most important steps you can take for long term financial confidence.

You do not have to become an investment expert to get this right. You simply need a clear plan, honest expectations, and a risk level that you can live with when markets are rising and when they are falling.

If you are not sure whether your investments match your comfort level and retirement goals, now is the time to find out.

Use Hoxton Planning & Management’s Investment Alignment Worksheet to, map your current allocation, compare it to your true risk tolerance, and identify where you may be taking too much or too little risk. Then, if you want a professional second opinion, schedule a conversation with the Hoxton team to review your results and your overall retirement plan.
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.