Episode 101 – Should You Take Social Security Early? It Depends on These 5 Key Factors

When should you take Social Security? It’s one of the most complex decisions retirees face.

In Episode 101 of Last Paycheck, Archie Hoxton and Jimmy Sutch walk through five major reasons someone might claim Social Security earlier than full retirement age. While the default advice often recommends waiting until age 70 for maximum benefits, the reality is far more nuanced.

1. Health and Longevity Expectations

If you expect to live into your late 80s or 90s, delaying Social Security could increase your lifetime payout. But if you have a family history of illness or personal health issues, it may make more sense to start sooner. Archie notes that the break-even point often falls in the mid-80s—if you’re unsure you’ll reach that, claiming early can be a rational choice.

2. Income Needs and Retirement Readiness

Many retirees don’t have large investment portfolios. If you need cash flow to cover basic living expenses, Social Security becomes a foundational income stream. Jimmy emphasizes that for some, claiming early isn’t just an option—it’s a necessity. Even forced early retirement due to layoffs or health can push this decision forward.

3. Legacy Planning Goals

What if your priority is passing on wealth to the next generation? In this case, taking Social Security early and investing it might help build an inheritance. This strategy assumes you don’t need the income immediately and can afford to put it to work elsewhere.

4. Doubts About Social Security Solvency

Worried the system won’t be around forever? You’re not alone. Archie places this concern in context—reminding listeners that Social Security has faced shortfalls before, and Congress has tools to fix it (like tax increases or raising the retirement age). Still, if personal peace of mind matters most, that’s a valid reason to file early.

5. Spousal Benefit Strategies

For couples with an age gap or income disparity, smart timing can boost household benefits. One spouse can claim early and then switch to a higher spousal benefit later. This staggered approach allows both cash flow and long-term gain.

Final Thought

There is no universal answer to when you should start Social Security. Instead of relying on a rule of thumb, consider your health, needs, legacy goals, and personal comfort with risk.

Wondering if you should take Social Security now—or wait?

Download our Social Security Timing Decision Tool to assess your health, income needs, and legacy goals so you can make the smartest choice for your situation.
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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 100 – Should You Buy Long-Term Care Insurance?

Episode 100 of The Last Paycheck Podcast is a major milestone, and to mark the occasion, Rob and Archie Hoxton are diving into one of the most overlooked but financially critical topics in retirement planning: long-term care insurance.

Most people don’t like to think about it—but the truth is, many of us will need some form of long-term care as we age. In fact, the U.S. Department of Health and Human Services reports that 70% of Americans who reach age 65 will need care, and nearly half will require paid professional services. This episode breaks down what long-term care really costs, what it covers, and how to decide whether insurance is a smart option for your situation.

What Is Long-Term Care—and Who Needs It?

Long-term care refers to the services that support people who can no longer perform two or more Activities of Daily Living (ADLs), like bathing, eating, or dressing. It also includes care for cognitive decline caused by dementia or Alzheimer’s. This care can happen at home, in assisted living facilities, or in nursing homes—and it isn’t covered by Medicare beyond short-term rehab.

The costs? Eye-opening. Professional care can run into $10,000–$15,000 per month, and memory care in particular may be required for years. That’s a major hit to most retirement portfolios.

The Three Main Options for Managing Long-Term Care Risk

Rob and Archie outline three broad paths:

  1. Do Nothing – Hope you don’t need care. (Spoiler: This is not a plan.)
  2. Self-Insure – Pay out-of-pocket if the need arises, which only works if you have significant liquid assets.
  3. Buy Insurance – Transfer the risk to a carrier in exchange for premiums.

Insurance isn’t cheap, but neither is doing nothing. If you don’t have children, a spouse, or someone willing and able to care for you, the lack of a support system could make this insurance essential. Even if you do, relying on family comes with emotional and logistical challenges that should be considered carefully.

When Long-Term Care Insurance Makes Sense

Rob and Archie recommend looking seriously at long-term care insurance if:

  • You’re in your 50s and financially stable (the “sweet spot” for underwriting and affordability)
  • You don’t have children or a spouse to act as a caregiver
  • You want to protect your assets for a surviving spouse or your heirs
  • You have a family history of cognitive decline or chronic illness
  • You’ve witnessed a loved one’s care experience and want to avoid similar stress

In short, long-term care insurance gives you more control over your future and can prevent your family from having to make difficult decisions under financial pressure.

When It Might Not Be Right

Insurance isn’t a fit for everyone. It might not make sense if:

  • You have limited income and can’t afford premiums
  • You’re wealthy enough to self-insure without compromising your legacy
  • You’re already in poor health and likely won’t qualify or will face very high premiums

In some cases, a hybrid policy (life insurance with a long-term care rider) or partial insurance (covering part of the expected cost) may be the middle ground.

Practical Next Steps

The episode encourages listeners to:

  • Research care costs in their area using resources like Genworth.com
  • Talk to a fiduciary advisor about how long-term care fits into their broader plan
  • Request insurance quotes to compare costs and benefits
  • Consider the emotional and financial impact on spouses and children

Long-term care planning isn’t just about risk—it’s about preserving dignity, control, and peace of mind.

Worried about long-term care costs?

Download our Long-Term Care Planning Readiness Guide to assess your risk, compare care costs in your area, and explore insurance options that protect your assets and your family.
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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 99: The Real Question Isn’t “When Can I Retire?”—It’s “What Am I Retiring To?”

Thinking About Early Retirement? Here’s What You Need to Know.

Retirement planning often focuses on a single target: age 65. But what if that’s not the only—or even the best—option? In Episode 99 of Last Paycheck, Rob and Archie Hoxton unpack five thoughtful, data-informed reasons you might want to retire early—and just as importantly, how to know if you’re ready.

1. Time Is Your Greatest Asset

Time isn’t just money—it’s freedom. Rob and Archie highlight how early retirement allows you to stop trading hours for income and start investing in what matters most: relationships, personal passions, and health. As Archie notes, “Retiring early is really about taking back your time.”

2. Your Health Has a Shelf Life

Energy wanes with age. Even healthy individuals face slower recovery times and decreased stamina. Waiting too long could mean missing out on the active retirement you envisioned—whether it’s hiking trails, traveling the world, or chasing grandchildren.

3. You May Be More Vulnerable Than You Think

Later in your career, you’re often the most expensive employee—and potentially the most expendable. In today’s volatile job market, Rob and Archie caution that planning for early retirement, even if you don’t take it, offers a security buffer in case of layoffs or corporate restructuring.

4. Your Expenses May Be More Flexible Than Expected

Healthcare is costly, but many retirees offset those expenses by cutting costs in other areas: commuting, business attire, and work-related spending. The key takeaway? Don’t assume early retirement will break your budget. Plan for it, and you may find it’s more feasible than you thought.

5. Phased Retirement Can Ease the Transition

Going from 40+ hours a week to none can be emotionally jarring. A phased approach—consulting, part-time work, volunteering—can provide structure, purpose, and even income during the transition.

But here’s the catch: early retirement doesn’t work unless you retire to something, not just from something. Without purpose, even the best-laid financial plans can leave retirees feeling aimless. That’s why planning emotionally is just as vital as planning financially.

To help you evaluate your position, we’ve created a comprehensive worksheet: “Savings by Age: Are You Where You Want to Be?” It walks you through benchmarking your retirement savings against both national averages and ideal industry targets.

Use it to:

  • Measure your current savings ratio
  • Benchmark against your age group
  • Understand gaps and identify solutions
  • Build a plan tailored to your goals

Download the Worksheet Now

And take 15 minutes to check your progress. Want more personalized advice? Schedule your free consultation with our team today. No pressure—just practical help from a team that wants you to retire and stay retired.
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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 98: How to Make Retirement More Meaningful – Smart Giving Strategies

You’ve saved diligently, planned carefully, and finally stepped into retirement. But after the celebrations fade, a deeper question often surfaces: now what?

For many retirees, the missing piece isn’t financial—it’s emotional. It’s the desire to do something more with this chapter of life. In Episode 98 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton explore how strategic giving—of time, wealth, and wisdom—can turn retirement from a finish line into a new beginning.

More Than Numbers: Why Giving Matters in Retirement

We often think of financial planning as a numbers game. But what if retirement planning could also be about impact, legacy, and joy?

This episode shines a light on how giving back—when done intentionally—can enhance your sense of purpose and satisfaction, without compromising your income or security.

Ask yourself:

  • What causes or communities have shaped my life?
  • Am I giving in ways that reflect my values?
  • Could my charitable actions also benefit my financial plan?

Tools That Make Giving Smarter

Rob and Archie break down several powerful giving strategies that retirees can use to align generosity with financial stewardship:

  • Qualified Charitable Distributions (QCDs): For retirees over age 70½, QCDs allow you to give directly from your IRA to a qualified charity—while reducing your taxable income and satisfying Required Minimum Distributions (RMDs).
  • Donor-Advised Funds (DAFs): These flexible giving vehicles let you make a charitable contribution, receive an immediate tax deduction, and then recommend grants to charities over time. They’re especially helpful if you’re trying to reduce taxes in a high-income year.
  • Gifting Appreciated Assets: Donating stocks or other appreciated investments can help you avoid capital gains taxes while supporting a cause you care about.
  • Non-Financial Giving: Mentoring, volunteering, or serving on boards can be just as fulfilling as writing a check. Retirement gives you time—and you get to choose how to invest it.

Giving as Part of Your Financial Plan

Integrating generosity into your plan isn’t just about tax benefits—it’s about personal alignment. Giving with purpose adds dimension to your retirement strategy and helps ensure your money reflects your values.

This episode encourages you to revisit your financial goals with a broader lens: What kind of legacy do you want to leave? How do you want to be remembered—not just by your family, but by your community?

Final Thought

The transition into retirement is one of the most personal financial events in your life. And the most successful retirees? They don’t just plan for longevity—they plan for meaning.

If you’re ready to align your wealth with your values, we’re here to help.

Schedule a free conversation at www.hoxtonpm.com/schedule and let’s explore how giving can become one of the most fulfilling parts of your plan.
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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 97: Financial Harmony for Couples – Avoiding Money Fights

Every couple handles money differently—but how you communicate about it can make or break your financial future.

In Episode 97 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton explore one of the most emotionally charged areas of personal finance: managing money as a couple. Whether you’re newly married or preparing for retirement together, learning how to talk openly and plan jointly is key to long-term harmony.

Why Money Fights Happen

Many disagreements over money aren’t really about dollars and cents. They stem from differing values, life experiences, and expectations. One partner might have grown up in a household that viewed money as a source of anxiety or scarcity, while the other saw it as a tool for freedom and opportunity. Without clear communication, those differences show up as tension.

What This Episode Covers

Rob and Archie walk through some of the most common stress points for couples, including:

  • Joint vs. separate accounts: There’s no one-size-fits-all solution, but there does need to be clarity.
  • Dividing financial responsibilities: Who tracks the budget? Who manages investments? These decisions matter.
  • Handling financial disengagement: When one partner checks out, it leaves the other carrying the emotional and administrative burden.
  • Dealing with secrecy: Financial infidelity—like hiding purchases or debt—can erode trust faster than any market crash.

Ask Yourselves:

  • Are we aligned on our spending and saving goals?
  • Do we understand each other’s financial history?
  • When was the last time we had a calm, open-ended conversation about money?
  • Have we scheduled regular financial check-ins as a couple?

Tips for Building Financial Harmony

  1. Schedule a money date each month to review accounts, upcoming expenses, and shared goals.
  2. Create a joint financial vision statement. What are we working toward as a team?
  3. Divide roles clearly—and revisit them periodically to ensure both partners feel confident and included.
  4. Use neutral language. Saying “I noticed” instead of “you always” keeps discussions focused and constructive.
  5. Work with a third party. A financial advisor can create a judgment-free space where both partners feel heard.

This episode isn’t about choosing the “right” way to manage money—it’s about finding the approach that works for both of you, built on trust, communication, and shared purpose.

Final Thought

Financial peace in a relationship doesn’t happen by accident. It’s the product of consistent conversations, mutual respect, and a clear understanding of what matters most to both of you.

Want help facilitating those conversations or creating a couple-centered financial plan?

Schedule a no-pressure session with our team at www.hoxtonpm.com/schedule and let’s move forward 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.

Episode 96: DIY Retirement Planning – Smart Moves and Big Mistakes to Avoid

Are you managing your own retirement plan? If so, you’re not alone. More investors than ever are taking a hands-on approach to their finances, using digital tools, forums, and spreadsheets to plot their path toward retirement.

It’s empowering—but it’s not foolproof.

In Episode 96 of the Last Paycheck podcast, Rob and Archie Hoxton take a balanced look at do-it-yourself retirement planning. They highlight what savvy DIY investors get right—and what they often miss.

The Appeal of DIY Retirement Planning

There’s a lot to like about going solo:

  • Lower costs with no advisory fees
  • Direct control over decisions
  • A sense of personal accomplishment

If you enjoy learning, analyzing, and staying current on financial topics, the DIY route can feel like a good fit. But confidence without caution can create blind spots—and some are more costly than others.

Where Even Smart DIYers Can Slip

Ask yourself:

  • Do I know when and how to take withdrawals from each account type?
    Drawing from the wrong bucket first—like tax-deferred instead of taxable—can increase your lifetime tax bill.
  • Have I reviewed how my income affects my future Medicare premiums?
    Many investors don’t realize that required minimum distributions (RMDs) or large Roth conversions can push them into higher Medicare brackets down the road.
  • Am I prepared for market downturns in the early years of retirement?
    Sequence-of-returns risk—drawing down your portfolio while the market is down—can derail even well-funded plans if you don’t have a backup strategy.
  • Do I have behavioral guardrails in place?
    It’s easy to stick with your plan when markets are rising. But what about the next 20% drop? How will you react when headlines turn negative and uncertainty sets in?

This episode walks through the most common errors seen in self-managed plans—and how to create systems that mitigate those risks.

The Value of a Check-In

Rob and Archie aren’t saying every DIY investor needs to hire an advisor for life. But they do recommend a periodic check-in with a professional. Sometimes a 60-minute conversation can uncover tax inefficiencies, investment misalignments, or missed planning opportunities that cost far more than a consultation ever would.

Think of it like managing your own business: You still hire a CPA to file your taxes. The same logic can apply to retirement planning.

Final Thought

Doing it yourself doesn’t mean doing it alone. If you’re confident in your ability to manage your plan, great. But every plan deserves a second set of eyes—especially when the stakes are this high.

Want a second opinion on your retirement strategy?

Schedule a free, no-pressure review at www.hoxtonpm.com/schedule. Let’s make sure your plan isn’t just functional—it’s optimized.
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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 93: The Real Risks of Early Retirement – What You Haven’t Considered

Thinking about retiring in your 50s—or even your 40s? You’re not alone. The appeal of early retirement is stronger than ever. But before you submit that resignation letter, there’s a lot more to consider than just having “enough” saved.

In Episode 93 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® Archie Hoxton and advisor Jimmy Sutch dive deep into the real risks of early retirement—and why it’s about more than just dollars and decades.

Early Retirement Is a Financial Shift—Not Just a Lifestyle Upgrade

Most early retirees envision freedom: time to travel, pursue hobbies, or simply escape the daily grind. But many are caught off guard by the structural, emotional, and economic complexities of retiring early.

You may no longer have a paycheck—but the expenses don’t stop:

  • Health insurance premiums
  • Unexpected home repairs
  • Market downturns in the first few years of retirement
  • Long-term inflation

These issues are especially problematic if you’re not eligible for Medicare yet or if most of your savings are tied up in accounts with early withdrawal penalties.

Ask Yourself:

  • Have I stress-tested my plan against a bear market in the first 5 years?
  • What if inflation is higher than projected for the next decade?
  • Can I bridge the gap between retirement and Medicare without draining my accounts?
  • Do I have a long-term income plan that adjusts with changing needs?

Many people rely on the 4% rule or online calculators that don’t factor in timing risk, tax sequencing, or variable spending. That might be fine for a theoretical plan—but not for a real-life retirement that could last 35 to 40 years.

It’s Not Just About Math—It’s About Meaning

Rob and Archie also explore the psychological impact of leaving the workforce earlier than your peers. The idea of “retiring to something” rather than “retiring from something” becomes vital.

Without a sense of purpose, structure, or community, early retirement can lead to boredom, regret, or even depression. That’s why retirees who plan not just financially—but emotionally—tend to report higher satisfaction over time.

What This Episode Emphasizes

  • Run a detailed plan that includes multiple scenarios—not just the average
  • Prepare for higher-than-expected spending in your first decade of retirement
  • Consider partial work or phased retirement as a buffer
  • Make sure your retirement isn’t just financially sustainable—but personally fulfilling

Final Thought

The dream of early retirement is possible. But only if you understand what it takes to turn that dream into a durable, purpose-filled reality. The earlier you want to retire, the more thoroughly you need to plan.

Curious whether your plan can support early retirement?

Our team at Hoxton Planning & Management can help you run the numbers, weigh your options, and make smart decisions for the long haul. Schedule a no-pressure consultation at www.hoxtonpm.com/schedule.
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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 92: Don’t Blow It – Inheritance Mistakes to Avoid

Receiving an inheritance can be a blessing—but without a plan, it can quickly become a burden.

In Episode 92 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton share the most common mistakes people make after receiving a windfall—and how to avoid them. Whether you’re anticipating an inheritance or navigating one right now, this episode offers clear, actionable advice to help you protect your future.

Why Inheritance Planning Is More Than a Windfall

An inheritance may feel like a gift, but it comes with weight: emotional, financial, and often, legal. Without thoughtful planning, what starts as an opportunity can turn into a missed chance—or worse, a long-term liability.

Too many people treat inherited money as “found” money. But in doing so, they make emotionally driven decisions, ignore tax rules, or fail to integrate it into a bigger financial picture.

The Most Common Inheritance Mistakes

Rob and Archie outline the top pitfalls they see, including:

  • Treating it like bonus money: Inherited wealth is not a lottery win. It needs to be managed within the context of your overall plan.
  • Spending first, planning later: Emotions often override logic after a loved one passes. But reactionary decisions—big purchases, early retirement, excessive gifting—can be difficult to undo.
  • Ignoring tax implications: Different assets come with different tax treatments. For example, inherited IRAs have strict withdrawal rules, and selling appreciated assets too soon could trigger unnecessary capital gains.
  • Overlooking your own estate plan: Any major change in net worth should prompt a fresh look at your own will, trust, and beneficiary designations.
  • Letting your guard down: Inheritances often draw unwanted attention. Scams, pushy salespeople, and opportunistic acquaintances can make you vulnerable when you’re least prepared.

What to Do Instead

This episode emphasizes the power of patience and planning. Rob and Archie recommend:

  • Wait at least 6 to 12 months before making major decisions
  • Work with a financial advisor and tax professional to understand your options and obligations
  • Build a purpose-driven plan that aligns the inheritance with your long-term goals
  • Update your estate documents so your wishes are just as clear as those of the person who left you the gift

Ask Yourself

  • Do I know the tax treatment of each inherited asset?
  • Have I reviewed how this changes my retirement, insurance, or giving strategy?
  • Am I making decisions that reflect my values—or just my emotions?

Final Thought

The best way to honor a legacy is to use it wisely. With the right plan, an inheritance can support your life’s goals, create new opportunities, and even help you leave a legacy of your own.

Want to avoid common inheritance mistakes?

Download our free guide: Inheritance Mistakes to Avoid, or schedule a one-on-one consultation at www.hoxtonpm.com/schedule.
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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 91: The 4% Rule – A Starting Point, Not a Solution

If you’ve done even a little research on retirement planning, you’ve probably come across the 4% Rule. It’s one of the most cited—and misunderstood—retirement strategies out there.

In Episode 91 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® Archie Hoxton and advisor Jimmy Sutch take a fresh look at this popular rule of thumb. They explore where it came from, how it works, and most importantly—why it’s a starting point, not a solution.

What Is the 4% Rule?

The 4% Rule suggests that if you withdraw 4% of your retirement portfolio each year, adjusted for inflation, your money should last 30 years. It’s based on historical data, assuming a balanced 50/50 stock and bond allocation.

For example, if you have $1 million saved, the rule says you could withdraw $40,000 in your first year of retirement, and increase that amount slightly each year to keep pace with inflation.

Why It’s Popular—and Where It Falls Short

The 4% Rule is simple. That’s part of its appeal. But real life rarely follows the neat assumptions built into the original model.

Here’s where the 4% Rule runs into trouble:

  • It assumes a fixed 30-year retirement. What if you retire early and live into your 90s?
  • It assumes steady market performance. What if you hit a bear market in the first few years?
  • It assumes predictable spending. What if you need to fund long-term care or help a family member unexpectedly?

Archie and Jimmy explain that while the rule is helpful for rough estimates, it ignores the fluid nature of real-life retirement planning. Retirees often need to spend more early in retirement before Social Security kicks in—or during high-spending years like early travel or home renovations.

Ask Yourself:

  • Is my retirement plan flexible enough to handle early market downturns?
  • Have I adjusted for taxes, healthcare, and changing income needs over time?
  • Am I prepared to draw more than 4% some years—and less in others?

A Better Approach: Dynamic Planning

Archie and Jimmy encourage listeners to treat the 4% Rule as a guideline, not gospel. Instead of a fixed rule, they recommend:

  • Creating spending guardrails that adjust for market performance
  • Using tax-efficient withdrawal sequencing based on account type and income
  • Coordinating Social Security timing with drawdown strategies
  • Re-evaluating the plan annually—not just once at retirement

Final Thought

The 4% Rule can be useful when you’re asking, “Do I have enough to retire?” But when you’re asking, “How do I make this money last through uncertainty?”—you need something more personal, more flexible, and more strategic.

Want a sustainable retirement income plan that evolves with your life?

Download the 4% Rule: A Starting Point, Not a Solution Worksheet and schedule a no-pressure consultation at www.hoxtonpm.com/schedule. Let’s build a plan that works in the real world.
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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 90: The 5 Retirement Risks You Can’t Afford to Ignore

When most people think about retirement planning, they focus on how much money to save, what to invest in, and when to claim Social Security. But in Episode 90 of Last Paycheck, Rob and Archie Hoxton remind us that what can go wrong is just as important as what can go right.

Even if you’ve saved diligently, retirement is full of risks that can derail your plan if left unchecked. In this episode, the Hoxtons break down five critical risks that retirees often underestimate—and offer practical steps to help you avoid common financial landmines.

1. Investment Risk: Playing It Too Safe Can Cost You

It’s tempting to go ultra-conservative with your investments once you stop working. After all, no one wants to see their nest egg drop 10% overnight. But as Archie and Rob explain, avoiding all market risk often means settling for returns that fail to keep up with inflation.

Over a 30-year retirement, that gap adds up. Staying in cash or low-yield CDs might feel safe now, but it can result in eroded purchasing power later. The key is to maintain a diversified portfolio that matches your time horizon and withdrawal needs, even in retirement.

“Very few people can afford the luxury of not taking investment risk,” says Rob. “Inflation wins in the long run if you’re not growing your money.”

2. Inflation: The Silent Wealth Killer

Even a modest 2–3% inflation rate can reduce your buying power by nearly half over a typical retirement span. And that’s before considering healthcare, which often rises at double the rate of general inflation.

Inflation isn’t just a number on a chart—it’s the real cost of your future lifestyle. The Hoxtons stress that your retirement plan needs to factor in rising prices for essentials like housing, food, and medical care.

3. Taxes and Medicare: The “Tax Torpedo” Surprise

If you think your tax burden will go down in retirement, think again. Depending on how your assets are structured, required minimum distributions (RMDs) from retirement accounts can suddenly push you into a higher tax bracket—triggering increased Medicare premiums and making Social Security benefits taxable.

Rob and Archie refer to this combination of unexpected costs as the “tax torpedo.” Without proper planning, your carefully saved money could disappear faster than you think. The good news? Thoughtful tax and withdrawal strategies can mitigate much of the damage.

“If you plan ahead, there’s a lot you can do to make that tax torpedo smaller,” Archie notes.

4. Longevity Risk: Will Your Money Last?

Planning to live until 85 might seem realistic, but what if you or your spouse lives into your 90s or even past 100? More people are reaching triple digits than ever before, and retirement could easily last 30 years or more.

“You don’t want to be the advisor calling someone on their 85th birthday to say, ‘This is the day you planned to run out of money,’” Rob jokes—but the risk is very real.

Rob and Archie recommend assuming a longer-than-expected life span in your financial projections. That means not just saving enough, but also managing your investments, spending, and tax exposure in a way that protects your long-term sustainability.

5. Lack of Planning: The Biggest Risk of All

Each of the previous four risks can be addressed with thoughtful planning—but too many retirees simply wing it. Whether it’s skipping a withdrawal strategy, failing to consolidate accounts, or never running the numbers with a professional, small mistakes can snowball into major problems.

A comprehensive financial plan doesn’t eliminate risk—but it gives you tools and strategies to stay one step ahead.

Final Takeaway

Retirement isn’t just about income—it’s about resilience. By recognizing these risks and proactively planning for them, you can make your money last and your retirement thrive.

Want a clear path forward?

Archie and Rob are offering a free Pre-Retirement Checklist to help you get ahead of these challenges.
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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.