Episode 107 – Why Beneficiary Designations Matter More Than You Think

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

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

Probate: The Process You Want to Avoid

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

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

Where You Should Assign Beneficiaries

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

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

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

The Common Mistakes People Make

  • Leaving old beneficiaries on old accounts: Think ex-spouses, estranged relatives, or outdated family dynamics.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

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

Why Consolidation Helps

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

Final Advice

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

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

Think your beneficiaries are up to date?

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

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

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

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

The Hidden Cost of Generosity

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

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

Know the Difference: Crisis vs. Chronic

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

Rob and Archie offer questions to help parents reflect:

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

Strategies for Setting Boundaries (Without Guilt)

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

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

When to Say “No”

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

Are you helping your kids more than your future self?

Download our Parent’s Financial Boundary Audit and find out if your generosity is sustainable—or setting you back. Schedule a no-pressure consultation to see how your current support impacts your retirement plan.
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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.
Download the Guide
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 85: Tired of Tax Season Chaos? Here’s How to Prepare Like a Pro

In Episode 85 of Last Paycheck, Rob and Archie Hoxton lay out a plan to make tax time easier and more strategic.

1. Decide Who’s Doing What

  • Book a CPA early
  • Block time for DIY filing
  • Gather your documents in advance

2. Get Organized

  • Account statements
  • Tax forms (1099s, W-2s)
  • Life event documentation

3. Don’t Skip the Review

You are legally responsible for what’s filed. Review every line.

4. Strategy > Scramble

Tax planning starts in November, not March. Make Roth contributions, harvest losses, and give charitably before year-end.

Make tax time smoother with our Tax Prep Organizer Kit.

Download the Kit
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.