Last Paycheck

One of your resolutions this year is to finally start working with a financial advisor? In this episode, Archie and Rob give their advice on exactly how to go about this.

They start by addressing the complexity of the task, given the multitude of credentials and compensation models in the industry. It's really important that you understanding your personal financial needs and concerns before seeking out an advisor.

They explain various compensation models, such as commissions, fees, and fee-based structures, shedding light on the potential conflicts of interest associated with each model. Additionally, they highlight the significance of working with a fiduciary advisor who is legally obligated to prioritize the client's best interests. In this industry, there is a great need for transparency and integrity in the advisor-client relationship, and Archie and Rob explain and share the practical tips for evaluating and selecting the right financial advisor for their individual needs.

What services does the FA offer?

What kind of credentials do they have?

Do they specialize in any one area financial services?

How are they compensated?

Do they offer one-off engagements or only ongoing engagements?

What is the scope of engagement? i.e. do they offer comprehensive financial planning paired with other services like investment management, tax preparation, etc.?

Are they a fiduciary?

Watch on YouTube: https://youtu.be/nl2r7IdYJYw

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it's excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation

Today, Archie and Rob Hoxton tackle the crucial yet often uncomfortable topic of preparing for the possibility of losing mental capacity.

With their expertise as financial advisors, they emphasize the importance of having the right legal authority and support system in place. They discuss the significance of being vigilant for signs of mental decline in oneself and aging loved ones, highlighting the vulnerability to financial scams and exploitation.

They share the essential documentation required, such as power of attorney, healthcare power of attorney, and living wills, to empower trusted individuals to make critical decisions when capacity is lost. Archie and Rob also touch on the value of long-term care insurance in ensuring a degree of independence and alleviating potential financial burdens on family members.

Watch on YouTube: https://youtu.be/-LvNzllJhEA

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it's excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation

Archie and Rob dive into the complex and crucial decision of when to take Social Security benefits. They provide valuable insights and research findings on common regrets related to Social Security, emphasizing the significance of making an informed and calculated decision.

They discuss the trade-offs of taking benefits early versus delaying and highlight the impact of continuing to work while receiving benefits. Additionally, they caution against seeking advice from the Social Security Administration and stress the importance of educating oneself or seeking professional guidance.

With approximately 10,000 baby boomers retiring daily in the United States, the episode serves as a timely and informative resource addressing pertinent issues surrounding retirement planning.

Watch on YouTube: https://youtu.be/OSsw6o3UTm0

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it's excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation

Today, Archie and Rob delve into the increasingly sophisticated world of financial scams. They cover various types of scams, including checkwashing, romance scams, and paycheck schemes, providing real-life examples and valuable insights on how these scams work.

Additionally, they shed light on the alarming use of artificial intelligence in grandparent scams, emphasizing the importance of increased vigilance and awareness in financial transactions.

Archie and Rob also highlight red flags and precautionary measures for safeguarding oneself against potential scams, such as being cautious with gift card requests and wire instructions received via email.

Watch on YouTube: https://youtu.be/ldBywJHGG7o

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it's excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation

It's that time of the year when people make New Year's resolutions! In today's discussion, Archie and Rob will talk about how to create specific financial goals. They explain how goal-based planning works and how to set clear objectives and strategies to reach them. They will also discuss how becoming a "saver" is possible, even if you're facing financial difficulties, by taking small steps to reach your goal. The conversation will cover how small changes in your financial habits can make a big difference in the long run.

They discuss how visualizing and manifesting future goals with support from coaches, friends, or financial advisors can help identify aspirations and take actionable steps towards realizing them. Most importantly, they highlight that sticking with it will pay off in the end.

Book referenced, Atomic Habits: https://www.amazon.com/Atomic-Habits-Proven-Build-Break/dp/0735211299

Watch on YouTube: https://youtu.be/1sT9IDCDJ_g

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it's excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation

Join Archie and Rob as they dive into the multifaceted realm of early retirement. They discuss the different tools at your disposal and the complexities of tapping into retirement accounts before the conventional age. They highlight the importance of having a diverse portfolio and "tax buckets" to help you have a comprehensive retirement plan. They discuss the impact of healthcare costs in retirement and the emotional hurdles associated with leaving the workforce, from adjusting budgets to coping with newfound freedom.

Finally, they discuss the complexities of Social Security decisions, weighing the temptation of early withdrawals against long-term trade-offs and recognizing Social Security as a pivotal retirement asset.

Learn more about Health Savings Accounts: https://youtu.be/0Lk9j8tMa_o

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it's excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation

Join Archie and Rob as they discuss the changes brought about by the Secure Act 2.0. This new legislation has overhauled the legal and tax landscape of American retirement. They break down the groundbreaking provision that allows the rollover of unused 529 funds into a Roth IRA. Together, they delve into the complexities surrounding this game-changing opportunity.

They discuss the maximum yearly and lifetime contributions, beneficiary criteria, and the intricacies involved in this process. They also highlight some of the outstanding questions that the public has, which are left unanswered by the government, and provide advice on how to navigate them. If you're considering moving your money under this new provision, it's wise to consult with a financial expert who has a comprehensive understanding of the new laws.

This episode on YouTube: https://youtu.be/ryQoUOAsPcU

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it's excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation

Archie and Rob discuss the topic of certificates of deposit (CDs). A CD is a financial instrument offered by banks where you deposit money for a certain period of time and earn interest in return. They break down the mechanics of CDs, including how they used to be represented by physical certificates but now mostly appear as line items in online banking statements. They also highlight the importance of FDIC insurance, which protects bank deposits, including CDs, up to $250,000 per person.

Archie and Rob delve into the advantages and potential risks of investing in CDs. They emphasize that while CDs can be beneficial for short-term financial goals and offer competitive interest rates in certain market conditions, they may not be the best long-term investment strategy due to potential inflation risk and limited earning potential compared to other investment options. They also discuss the importance of aligning investment time horizons with financial goals and the need to consider the ever-changing market environment when making investment decisions.

This episode on YouTube: https://youtu.be/Urd_COmgDN0

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it's excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation

Archie and Rob explore the topic of tax loss harvesting. They discuss its increasing popularity among financial advisors and individual investors, as well as the benefits it brings in terms of maximizing after-tax returns. Tax loss harvesting involves selling investments at a loss to offset taxable gains or income. Rob shares his experience of manually harvesting losses at the end of each year, but highlights the inconsistency and missed opportunities that came with this approach.

Chaudhuri, Shomesh and Burnham, Terence C. and Lo, Andrew W., (2020) An Empirical Evaluation of Tax-Loss Harvesting Alpha. Financial Analysts Journal, 76(3), 99-108. https://doi.org/10.1080/0015198X.2020.1760064

This episode on YouTube: https://youtu.be/nb0_dcA1R3w

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it's excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation

Archie and Rob delve into the topic of Health Savings Accounts (HSAs) and the tax advantages they offer. As certified financial planners, they bring their expertise to explain how HSAs can provide significant tax savings and work as a powerful investment tool.

Throughout the episode, they discuss the basics of HSAs, including how they function and who is eligible to open one. They also highlight the lesser-known aspect of HSAs, which allows account holders to invest their funds into various investment options like mutual funds and ETFs. By letting the funds grow and accumulate tax-free, HSAs can become a valuable addition to retirement planning.

This episode on YouTube: https://youtu.be/0Lk9j8tMa_o

Mentioned website links - https://www.irs.gov/publications/p502

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it's excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation