Author: Paul Sydlansky

professionals reviewing open enrollment benefit options with documents and a calculator on a desk

Open Enrollment Season Is Here: How to Evaluate Your Options

Written by Paul Sydlansky on October 6, 2025. Posted in Benefits.

It’s that time of year again—open enrollment season. Whether your health insurance comes through your employer or a state marketplace, fall is your once-a-year opportunity to review your benefits and make updates that will take effect on January 1, 2026.

For many busy families, it’s tempting to breeze through these decisions just to check the box. But this is one of the few times you can make strategic choices that directly impact your health coverage, income protection, and out-of-pocket costs for the year ahead.

Outside of this open enrollment window, changes are usually only allowed if you experience a major life event, like getting married, moving, having a child, or leaving your job.

And it’s not just about health insurance. Open enrollment also covers a range of important employer-sponsored benefits like life insurance, short- and long-term disability, and tax-advantaged accounts like HSAs and FSAs.

Because these decisions play a big role in your overall financial plan, it’s important to take time this enrollment season to evaluate your current benefits and make sure they still align with your family’s needs. Below, we’ll walk you through what to consider and how to make the most of this year’s open enrollment.

How to Review Your Employee Benefits During Open Enrollment

Even if nothing major has changed in your health this year, your benefit options may have. Open enrollment is your chance to review your needs and make sure your benefits still strike the right balance between affordability and protection from the unexpected.

As you consider your coverage for 2026, here are some key areas to review.

Choosing the Right Health Insurance Plan for 2026

First and foremost, think about your own health. Maybe you were diagnosed with a new condition, or maybe you’re feeling better than you have in years. Your current situation should guide your decisions. Relatively healthy individuals or families (including younger people with few medical concerns) may not need the same level of coverage as someone managing multiple chronic conditions or facing a family history of illness.

It’s also important to reflect on your health-related spending from the past year, particularly in relation to your deductible. If you chose a high-deductible health plan (HDHP), did the savings on premiums outweigh the higher out-of-pocket costs? HDHPs can make sense for people who don’t expect to use much care and want access to a Health Savings Account (HSA), which offers triple tax advantages and can serve as a powerful tool for managing current medical expenses or even saving for healthcare in retirement.

If you already contribute to an HSA or FSA, open enrollment is also the time to adjust your contribution amounts to reflect your anticipated needs for 2026.

Alternatively, if you had significant out-of-pocket expenses in 2025, you may want to consider a plan with a lower deductible. This can mean higher monthly premiums and no access to an HSA, but insurance would begin covering costs sooner—potentially saving you money overall.

You may also be choosing between different types of plans, like a Preferred Provider Organization (PPO) or a Health Maintenance Organization (HMO). PPOs usually offer more flexibility in choosing providers and don’t require referrals to see specialists, though they tend to come with higher premiums. HMOs often cost less but require you to stay in-network and get referrals for specialist care. Your decision should come down to what kind of access and flexibility you and your family want or need.

Don’t Overlook Life and Disability Insurance During Open Enrollment

Health coverage often gets the spotlight during open enrollment, but don’t overlook your other insurance options—especially life and disability insurance. Many employers offer access to these through group plans, but they usually require you to actively opt in, especially if you want coverage beyond what the company provides at no cost.

Take a moment to review any life and disability policies you already have. Ask yourself: would this be enough for my family if something happened to me? The default life insurance benefit is often tied to your salary, but that may not be enough to cover long-term needs like mortgage payments, college costs, or income replacement.

Disability insurance tends to fly under the radar, but it can be just as important. If an injury or illness kept you from working, would your family be able to maintain your current lifestyle? Short-term and long-term disability coverage can help replace lost income and provide financial stability while you recover.

Think about where you are today and what might change over the next year. You can’t predict emergencies, but you can prepare for them. A quick review of these coverages now can help you feel more confident about your family’s financial safety net.

Key Questions to Ask Before You Choose a Plan

As you continue to weigh your options, there may be other factors to consider.

If your spouse also has access to workplace benefits, it’s worth reviewing their plan details alongside yours. Make sure the plan you choose as a household is the best fit overall. Sometimes it makes sense to stay on your own employer’s policy. Other times, switching to your spouse’s plan could offer better coverage or save money.

Also, think about what’s ahead in 2026. Are you considering a job change, stepping away from full-time work, or even retiring? If so, it may be simpler to switch to your spouse’s employer coverage now, assuming they plan to stay in their current role. That way, you avoid the disruption of changing plans mid-year and potentially starting over on your deductible.

Big life transitions are stressful enough. Lining up the right coverage now can help you avoid surprises and keep things running smoothly later on.

Quick Recap: What to Focus On During Open Enrollment

Open enrollment is your annual opportunity to review and adjust employer-sponsored benefits for the year ahead.
Even if your health hasn’t changed, your coverage options or needs might have.
Review your health insurance plan type (PPO vs. HMO) and whether a high-deductible plan with an HSA is still the right fit.
Evaluate last year’s medical spending and adjust HSA or FSA contributions accordingly.
Consider switching to a lower-deductible plan if out-of-pocket expenses were high.
Don’t overlook life and disability insurance; employer-provided coverage may not be enough.
Review your spouse’s benefits to determine the most cost-effective and comprehensive household plan.
Factor in upcoming life changes, such as job transitions or retirement, to avoid mid-year coverage disruptions.

Need Help Reviewing Your Options?

Even if you don’t expect to make any changes, it’s always a good idea to review your options. Your employer (or your spouse’s employer) may provide new offerings, and this will be your only chance to opt in or out until next year’s open enrollment (barring any special enrollment periods).

Healthcare can be a significant expense, especially if you’re stuck with inadequate coverage. Policy “overkill” can mean spending more of your income on premiums than necessary, while being under-insured can lead to large out-of-pocket costs.

If you’d like some help sorting through your options during this open enrollment period, don’t hesitate to reach out to our team. We’d be more than happy to help you choose the coverage that best supports your broader financial plan.

Lake Road Advisors (LRA) is a virtual wealth management firm headquartered in Corning, NY, with offices in Ithaca, NY, and Vancouver, WA. Founded by Paul Sydlansky, CFP®, in 2016, it serves successful couples planning their next chapter—whether that’s retirement, part-time work, or a less demanding second act. Paul has worked in the financial services industry for 25+ years. Prior to founding Lake Road Advisors, he worked at Morgan Stanley in Manhattan for 13 years, where he was a senior-level manager within the Institutional Equities Department. In 2018, he was named to Investopedia’s Top 100 Financial Advisors list. Paul received a Bachelor’s degree in Economics from Marist College and holds an MBA from New York University Leonard N. Stern School of Business. Paul is a CERTIFIED FINANCIAL PLANNER® and a member of the National Association of Personal Financial Advisors (NAPFA) and the XY Planning Network. They can be reached by phone at the Corning, NY office at (607) 438-2914, Ithaca, NY office at (607) 463-8400, or Vancouver, WA office at (607) 292-2172 or at the firm’s website at https://www.lakeroadadvisors.com/

This material has been edited with the assistance of artificial intelligence tools. The information presented is based on sources believed to be reliable and accurate at the time of publication. This material is for educational purposes only and does not necessarily reflect the views of the author, presenter, or affiliated organizations. It should not be construed as investment, tax, legal, or other professional advice. Always consult a qualified professional regarding your specific situation before making any decisions.

Calculating savings rate during Fed rate cuts

What a Fed Rate Cut Means for Your High-Yield Savings

Written by Paul Sydlansky on October 1, 2025. Posted in Cash Flow, Economy, Financial Planning.

Thinking about switching savings accounts for a better rate? This video walks through how Fed rate changes affect what banks pay you and why chasing small gains may not be worth the effort. Paul shares a smarter way to manage your cash during shifting interest environments.

Topics Discussed:

Understand Fed rate cut effects
Avoid chasing minor yield gains
Prioritize savings habits

Transcript:

Hi everybody. I’m Paul Sydlansky, and welcome to Unlocking Hidden Value. Today we’re going to talk about your high-yield savings accounts and how the interest you earn on that will be impacted by a Fed rate cut.

When the Fed cuts rates, it ultimately lowers the borrowing rate that banks will charge each other, then ultimately, what they will charge you or what they will credit you in interest. When the banks cut rates, what you will see, either before it happens or after it happens, is that your high-yield savings accounts, the interest rate that you earn on that will drop. Now, some banks are a little bit slower than others and might take time to catch up, but it will happen.

So we do not want you during this time chasing yields or running around and moving all your cash, spending that time to set up new accounts, set up new linking, just over 0.25% or 0.5%, because all banks eventually will fall in line. Instead, focus on saving, making sure you have enough money in that account, making sure that you have habits set up to fund that account in case there is a rainy day where you need to use that money. Again, the high-yield savings accounts’ interest rates will be impacted by any Fed rate cuts, and some banks may be slower than others to react, but it will happen. So spend your time focusing on having the right amount of money in that account instead of trying to chase a little bit of yield and switching all your cash around. If you have any questions or we can be helpful, feel free to reach out.

Person accessing digital assets on laptop

Protecting Digital Assets: A Smart Estate Planning Move

Written by Paul Sydlansky on September 8, 2025. Posted in Estate Planning.

Between your career, family calendar, and planning the next getaway, it’s easy to push estate planning to the back burner. But here’s a quick gut check: if something unexpected happened, would your spouse know how to access everything? Your logins, your investment accounts, even where key documents are stored? And flip the script—would you know where to start if the roles were reversed?

This isn’t just a conversation for later in life. In fact, most surviving spouses are still in their working years. According to U.S. Census data, the average age of widowhood in America is just 59, and more than three-quarters of widows are under 60. That’s why estate planning today needs to go beyond wills and bank accounts. It now needs to include your ever-expanding digital life: your logins, devices, and important online records that your loved ones might need to access.

What Counts as a Digital Asset?

Today, estate planning needs to consider more than your traditional bank accounts, retirement funds, and real estate. The rise of digital platforms, online accounts, and cryptocurrency has reshaped what it means to build and protect a legacy. What we think of as “assets” has expanded far beyond the physical and financial and now includes the first new asset class in decades, digital assets.

For most families, digital assets include things like:

Financial logins: online banking, Venmo, PayPal, investment platforms
Cloud storage and subscriptions: iCloud, Dropbox, Amazon, streaming accounts
Personal archives: photos, videos, email, and websites
Social media: Facebook, Instagram, X, and LinkedIn
Cryptocurrency, NFTs, or other blockchain-based holdings
Gaming or gambling assets

While estate professionals are becoming more attuned to digital estate planning, many people believe these accounts will handle themselves automatically. But without a plan in place, families can run into challenges accessing accounts, preserving digital memories, or protecting sensitive information.

Why Your Digital Assets Belong in Your Estate Plan

When you think about what your family may one day need access to, it’s easy to focus on the obvious: bank accounts, investment portfolios, property titles. But the truth is, much of what matters most now lives online. Without clear instructions, account providers may deny access, privacy laws can create unexpected barriers, and both financial value and sentimental treasures can be lost.

We’ve seen families lose access to years of photos and videos stored in a cloud account after their loved one passed away. The spouse assumed their marriage certificate and will would be enough to unlock the account, but strict privacy laws prevented the provider from granting access without specific digital authorization, and the family faced a lengthy and expensive legal process, only to discover some memories were unrecoverable.

We occasionally hear stories of individuals who held significant balances in Bitcoin or other virtual currencies. If wallet access or private keys aren’t documented, families may not even know the assets exist, let alone how to retrieve them. Cryptocurrency doesn’t have a customer service line or account recovery process; the assets were permanently lost. Stories like this are a sobering reminder that valuable digital wealth can vanish instantly without clear instructions.

These are the kinds of scenarios estate planning attorneys and financial advisors encounter more and more often in recent years, and it underscores why digital assets deserve a place in every modern estate plan.

How to Plan Your Digital Estate

With all of the responsibilities you deal with every day, setting up a plan for your digital estate may not seem urgent, but it’s one of the most meaningful ways to reduce stress for your family later on. Without a plan in place, your loved ones may find it difficult to navigate account access and privacy protections during an already emotional time.

Taking the time now to document your wishes frees your family from guesswork and headaches later.

Take Inventory of Your Digital Assets

Start by conducting a digital self-audit. You’ll want to create a full list of your online accounts and logins to know exactly what you have. This will include:

Email accounts
Financial platforms (bank accounts, investment platforms, digital wallets)
Subscription services (Netflix, Amazon, cloud storage, etc.)
Revenue-generating accounts (business websites, online shops)
Social media profiles and personal websites
Devices themselves (computers, tablets, phones)

This step is essential because it prevents assets from slipping through the cracks. Many accounts no longer send paper statements, which means that without an organized list, your heirs may not even know they exist.

Record Your Wishes Clearly

Once you’ve made a list of your digital assets, think about how you’d like each to be handled. You may want some accounts to be closed, others memorialized, and others passed along. For example, you would probably like to have family photos saved and shared, but may prefer for your Facebook account to be deleted. For financial assets, just like anything else of value, specify who should inherit them and how.

Think of this as your legacy as much as logistics. You’re deciding how your digital presence should live on. Documenting these preferences now spares your family from making emotional decisions in the midst of a difficult time.

Choose a Digital Fiduciary

Just as your traditional will has an executor, your digital estate needs someone responsible for carrying out your instructions. A digital fiduciary can be the same person, but it’s often best to choose someone comfortable with technology. Not every loved one will know how to navigate password managers, cryptocurrency wallets, or two-factor authentication. Naming a person you trust, as well as a backup, ensures your plan is practical as well as legal.

Secure Your Access Information

The most common reason families lose digital assets is a lack of access. Passwords, two-factor authentication codes, and private crypto keys can all create barriers if not recorded securely. A password manager is the easiest and most secure way to organize logins, account details, and even important documents. Just keep in mind, your loved ones will need to know how to access that password manager, too.

For crypto and NFTs, take extra precautions: never store public and private keys in the same place, and leave clear instructions for how they can be accessed, sold, or transferred. Because blockchain is decentralized, once access is lost, recovery is impossible.

Make It Legally Binding

Finally, formalize your digital estate plan. Avoid placing sensitive logins in your will, since it becomes public record after probate. Instead, acknowledge the existence of your digital estate plan in your will and grant authority to your digital fiduciary. Store the full instructions separately in a secure digital vault, safe, or safe deposit box, and share access details with your fiduciary or attorney.

How Much Planning Do You Need?

In approaching your digital estate planning, you really have three choices.

You can do nothing, which might be reasonable if your online presence is minimal—but even then, it’s wise to leave at least basic access details so sentimental items like family photos aren’t lost. You can create a digital will addendum, which outlines your accounts and wishes but doesn’t guarantee access; families often face costly hurdles if credentials aren’t properly shared. Or you can establish a digital asset trust, the most thorough option for anyone with significant digital or financial holdings. A trust records your instructions and provides a clear legal framework for how your assets should be managed and transferred, which offers confidence that financial and personal legacies are preserved without unnecessary complications.

Protect Your Digital Legacy

Digital estate planning isn’t just a nice-to-have anymore—it’s an essential part of protecting your financial life and easing the burden on your loved ones. With a little foresight, you can avoid common challenges like locked accounts, lost assets, or lengthy delays.

The most frequent mistakes are simple ones: forgetting certain accounts, storing information in the wrong places, or relying on outdated documents. And because technology and platform rules change often, keeping your plan up to date is just as important as setting it up.

Every digital footprint is different, which is why it helps to work with a financial advisor and estate planning attorney who understand the landscape. A thoughtful digital estate plan can give your family clarity and peace of mind, preserving both your wealth and your wishes.

Sources:

This material has been prepared in collaboration with Crystal Marketing Solutions, LLC, and has been edited with the assistance of artificial intelligence tools. The information presented is based on sources believed to be reliable and accurate at the time of publication. This material is for educational purposes only and does not necessarily reflect the views of the author, presenter, or affiliated organizations. It should not be construed as investment, tax, legal, or other professional advice. Always consult a qualified professional regarding your specific situation before making any decisions.

person depositing some extra money for future needs

How Much Cash Should You Really Keep on Hand?

Written by Paul Sydlansky on September 2, 2025. Posted in Cash Flow, Video.

Too much cash can be just as risky as too little. This video walks through a practical method to figure out the right amount of cash to keep on hand for monthly bills, emergencies, and upcoming big expenses. It’s a key step in aligning your money with your goals.

Topics Discussed:

Emergency fund strategy
Cash for short-term goals
When to invest excess cash

Transcript:

Hi, everybody. Welcome. I’m Paul Sydlansky and this is Unlocking Hidden Value. Today we’re going to talk about a question we hear all the time, which is how much cash do you need to have on hand, and how much cash is too much cash to have on hand?

When we think about investing, we don’t think about cash as an investment. It’s a store of value, so when we’re trying to figure out how much cash to have on hand, there’s only really two reasons we want to have cash. The first is to pay our monthly bills, so we recommend one to two months of expenses in your checking account, and then after that it’s to cover emergencies. For most folks, the biggest emergency you can have, it’s going to be a job loss, and so think about if you had a job loss, how long would it take you to get another job? Six months, nine months, a year? You should have that amount in expenses saved away and held in cash in a high-yield savings account in case there is that job loss. This way, you know you are prepared in case of an emergency.

Now, once you’ve stored away that one to two months plus 3, 6, 9 months – whatever it is that you decide is appropriate for your emergency account – we really don’t recommend holding too much cash on hand after that. The only other time you should have cash is let’s say you have something coming up in the next year, whether that’s a new car you’re going to buy or a down payment for a second property, whatever that may be. If it’s less than one year, you should have that goal in cash. Other than that, we want all extra dollars invested so they’re working towards your long-term goals.

If you are not sure how to go about this or where to start, you can click on the button below to get our free guide that helps you walk through the process that we use for clients to help them decide how much cash is enough and how to allocate their remaining cash. If you have any questions, please don’t hesitate to reach out. We’re happy to help.

Lake Road Advisors Resources & Guides

Lake Road Advisors, a Fee-Only, independent financial planning firm with offices in Corning, NY, Ithaca, NY and Portland, OR works with clients virtually all across the country. Paul Sydlansky, the founder of Lake Road Advisors LLC, has worked in the financial services industry for 20+ years. Prior to founding Lake Road Advisors, Paul worked at Morgan Stanley in Manhattan for 13 years. While at Morgan Stanley, Paul was a senior-level manager within the Institutional Equities Department. In 2018 he was named to Investopedia’s Top 100 Financial Advisors list. Paul received a Bachelor’s degree in Economics from Marist College and holds an MBA from New York University Leonard N. Stern School of Business. Paul is a CERTIFIED FINANCIAL PLANNER® and a member of the National Association of Personal Financial Advisors (NAPFA) and the XY Planning Network. They can be reached by phone at the Corning, NY office at (607) 438-2914, Ithaca, NY office at (607) 463-8400, or Portland, OR office at (607) 292-2172 or at the firm’s website at https://lakeroadadvisors.com/

Businessman thinking about Corning SIP enrollment decision.

What Corning Employees Should Know About the Supplemental Investment Plan (SIP)

Written by Paul Sydlansky on August 18, 2025. Posted in Insurance, Retirement.

If you’re a high earner at Corning, you may have access to an additional retirement savings tool: the Supplemental Investment Plan (SIP). While the plan can offer meaningful tax and savings advantages, it’s also layered with complexity and some very real risks.

So how do you know if it’s the right move for you and your family?

Let’s walk through how the SIP works, what makes it different from your 401(k), and what to consider before making your annual deferral election.

What Is the Corning SIP?

The SIP is a nonqualified deferred compensation plan. In plain terms, it lets eligible Corning employees defer more of their income—up to 75% of base salary and/or bonus—beyond the IRS limits of your 401(k). Your contributions grow tax-deferred, and Corning provides contribution credits that mirror what you’d receive in the Investment Plan.

It’s meant for high-income professionals looking to save more for the future, reduce taxable income today, and build long-term wealth outside of traditional retirement plan limits.

Who’s Eligible?

Eligibility is determined annually and is generally limited to highly compensated, U.S.-based Corning employees who also participate in Corning’s Investment Plan.

If you qualify, you’ll be notified during the enrollment window, typically held in October.

3 Reasons the SIP Can Be a Smart Move

1. You can defer more of your income, tax-deferred.

If you’re already maxing out your 401(k), the SIP allows you to keep saving—up to 75% of your salary and bonus. That can significantly reduce your taxable income now, while allowing your investments to grow over time.

2. You receive additional company contributions.

Corning adds “contribution credits” to your SIP account, just like the matching contributions you’d get in the Investment Plan. Over time, that can meaningfully boost your savings, especially for high earners.

3. You choose how your deferrals are invested.

Your SIP investment options mirror those in the Investment Plan (Vanguard funds and core strategies). That makes it easier to align your asset allocation across both plans.

But Be Cautious: 5 Things to Know Before You Enroll

1. Your decision is locked in for the year.

During open enrollment, you choose how much income to defer, and that choice is irrevocable until next year. If your cash flow changes unexpectedly, you can’t go back and adjust.

2. It’s not protected like a 401(k).

Unlike your 401(k), the SIP is unfunded and unsecured. If Corning were to face financial difficulty, your SIP balance could be at risk. You’re essentially an unsecured creditor of the company.

3. Distributions aren’t flexible.

At the time you enroll, you must also choose how and when your SIP balance will be paid to you, either as a lump sum or in installments over two to five years. This decision can’t be changed later.

4. Vesting rules apply to company credits.

While you’re always fully vested in your own deferrals and earnings, Corning’s contribution credits vest after three years of service.

5. There are real tax implications.

Although income taxes are deferred, FICA (Social Security and Medicare) taxes apply to vested balances. And at distribution, all payments are taxed as wage income, so planning the timing is key.

How We Help Clients at Corning Decide

For many Corning professionals, the SIP can be a powerful tool if it aligns with your cash flow, tax strategy, and long-term goals. We help our clients evaluate:

Whether deferring income makes sense in a high-income year
How to coordinate SIP with 401(k), HSA, backdoor Roth, and college savings
What distribution timing makes the most tax-efficient sense
How to weigh the benefits against the creditor and liquidity risks

Let’s Talk Through It Together

You don’t have to make this decision alone. If you’re unsure whether to enroll in Corning’s SIP or how it fits into your overall plan, we’ll walk through it with you step by step. From SIP decisions to long-term planning, we help Corning professionals create flexible plans so they can say yes more often to their family, their goals, and their future.

Make the Most of Corning’s SIP is a one-page guide that outlines the key features, risks, and considerations—all in plain English. It’s a helpful snapshot to review as you weigh your options.

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Lake Road Advisors, a Fee-Only, independent financial planning firm with offices in Corning, NY, Ithaca, NY and Portland, OR works with clients virtually all across the country. Paul Sydlansky, the founder of Lake Road Advisors LLC, has worked in the financial services industry for 20+ years. Prior to founding Lake Road Advisors, Paul worked at Morgan Stanley in Manhattan for 13 years. While at Morgan Stanley, Paul was a senior-level manager within the Institutional Equities Department. In 2018 he was named to Investopedia’s Top 100 Financial Advisors list. Paul received a Bachelor’s degree in Economics from Marist College and holds an MBA from New York University Leonard N. Stern School of Business. Paul is a CERTIFIED FINANCIAL PLANNER® and a member of the National Association of Personal Financial Advisors (NAPFA) and the XY Planning Network. They can be reached by phone at the Corning, NY office at (607) 438-2914, Ithaca, NY office at (607) 463-8400, or Portland, OR office at (607) 292-2172 or at the firm’s website at https://lakeroadadvisors.com/

Mature woman helping elderly mother with paperwork

3 Key Areas to Help Your Aging Parents Plan for the Future

Written by Paul Sydlansky on August 15, 2025. Posted in Financial Planning, Video.

If the thought of navigating your parents’ finances and care makes you anxious, you’re not alone. In this video, Paul Sydlansky, CFP® walks through three key areas to help you simplify this process: getting organized, ensuring estate plans are current, and clarifying care preferences. Watch for guidance on starting these conversations.

Topics Discussed:

Organizing key contacts
Updating estate planning documents
Understanding care preferences

Transcript:

Hi everybody. I’m Paul Sydlansky and welcome to Unlocking Hidden Value. Today, we’re going to talk about something that we’ve been hearing a lot from our clients, which is the struggles that they face in helping their aging parents. Having these discussions can be stressful, complex, and most often, folks don’t even know where to begin. Today, we’re going to give you three areas that you can focus on to help your aging parents plan.

The first is organization. Start by getting a list together of all the contacts in your parents’ life, whether that’s attorneys, doctors, CPAs, financial planners. Do you know who these people are? Do you have their phone numbers, their emails? A list comprising all of these important decision-makers is a great place to start.

The second area where you can get organized is around their documentation, specifically their estate plan documentation. Do you know where their power of attorneys are? Healthcare proxy? Any of these documents you need to have access to, and you want to make sure that they’re in an easily accessible place for your parents and you. While you might have the documents, are they up to date? Are all of the right people still in the roles that they need to be? Whether that’s executors, trustees, beneficiaries. Oftentimes, estate plans can be outdated and things change. You really want to make sure that you have all the right people in the right positions to be able to help your family.

The third area that you want to start focusing on is care. More specifically, what are your parents’ wishes as they get older? Do they want to stay in their own home? Do they want to move to an assisted living facility? Do they have long-term care coverage? Understanding what your parents’ wishes are are the first steps in helping you build a plan to make sure that they’re cared for in the way they want to be.

These conversations are not easy, but you need to start somewhere. If you need help starting this conversation or have questions, please feel free to reach out. We’d be happy to help.

If you found this helpful, please also feel free to pass it along to someone else. Thank you and we’ll see you soon.

Young family managing finances and family life at home

When Is the Right Time to Start Working with a Financial Advisor?

Written by Paul Sydlansky on August 8, 2025. Posted in Financial Planning.

At some point, we all wonder: Am I where I’m supposed to be financially? If you’re in your 30s or 40s, that question might feel heavier. Maybe the future you once imagined feels further away—more expensive, more complex, and less certain. We often hear from people who’ve delayed planning because of fear or overwhelm. They’re waiting for “someday,” a time when they feel more established, less behind, and more prepared. But the biggest mistake we see isn’t lack of income; it’s waiting too long to create a plan.

The financial environment Millennials and Gen X find themselves in is not the same as their parents. This generation has faced a perfect storm: soaring housing costs, substantial student debt, economic instability, and fewer pensions to rely on. In contrast, many of their parents earned degrees without debt and bought homes at far lower prices.

It’s no surprise that a recent study shows 70% of Gen Xers and 66% of Millennials fear running out of money more than death. The numbers reveal many are behind on retirement savings and worried about catching up in time.

Still, the full picture includes hope. Today, we have access to more financial tools and information than any generation before. The opportunity to get on track is real. No matter where you’re starting, the earlier you begin planning, the more freedom you create.

High income doesn’t automatically bring financial confidence. But a well-crafted plan bridges that gap. Working with an advisor isn’t about being “wealthy enough.” It’s about putting your money to work with purpose.

Why You Don’t Want to Wait

There’s a common belief that financial advisors are only for people approaching retirement or already wealthy. But in reality, your 30s and 40s are some of the most strategic years to work with a professional, because there’s still time to make meaningful moves.

At this stage, you’re often earning more than ever, but also juggling some of life’s biggest financial responsibilities: buying a home, raising children, planning for college, and supporting aging parents. Without guidance, it’s easy to spread yourself too thin or delay decisions that could help you build real momentum.

Think of your financial journey like following GPS directions. Miss a turn early, and the system quickly reroutes you with minimal delay. But if you’re further along and moving fast, that wrong turn can take you miles off track, costing time, energy, and momentum.

For example, a couple investing $2,500 per month starting at age 35 could, with a 7% average annual return, build approximately $2.8 million by age 65. If they wait just five years and start at 40, they’d have around $1.9 million. That’s the power of compounding and a clear reason why starting early can dramatically improve your long-term outcomes.

But those outcomes don’t happen by accident. Without a coordinated strategy that factors in taxes, risk, competing goals like college or real estate, and cash flow, it’s easy to underinvest, misallocate, or miss opportunities. A financial advisor helps you direct every dollar intentionally toward the future you want to build.

We often talk to high earners who are outwardly successful, yet still feel a lingering sense of financial uncertainty. “I make a good living, so why does it feel like I’m not getting ahead?” they ask. More often than not, the issue isn’t income, but the absence of a coordinated strategy.

This is where an advisor delivers real value: providing structure, identifying overlooked opportunities, and helping you align your decisions with what you want in the long term. The idea is to transform financial complexity into clarity and put you in a stronger position to make confident, informed choices.

The Benefits of Starting Early

Starting financial planning in your 30s or 40s is one of the most powerful decisions you can make—not because you need all the answers now, but because time gives you options. When your finances are aligned with your life goals early on, you’re more prepared for what’s ahead and more free to enjoy life now.

More Time, More Flexibility

Want to transition to part-time work or travel more in your late 50s? Help your spouse launch a business? Support a talented child’s dream? These moves require financial runway. If you wait too long to build that flexibility, you might find yourself stuck at full throttle just when you hoped to slow down or having to say no to the people who matter most.

Smarter Choices, Aligned with Your Goals

Planning early helps you make better decisions around complex areas like legacy and estate planning. Structuring a trust, purchasing life insurance, or establishing charitable giving vehicles requires time and strategy, not just assets. Starting too late can mean higher costs or limited options that may not reflect your values.

Confidence Through Life’s Transitions

Whether you’re switching careers, moving states, or adjusting your household budget, having a plan gives you confidence through change.

Thinking about relocating for lifestyle or tax reasons? Early planning can help you move strategically, before you’re tied down by property, job commitments, or your children’s schooling. And if you’re considering a career pivot—like turning down a promotion that doesn’t align with your values or stepping into a riskier but more fulfilling opportunity—a solid financial plan helps you assess whether you can afford to take that leap without jeopardizing your family’s stability.

Knowing you can count on yourself financially is one of the most empowering advantages of planning ahead.

Avoid Future Stress

We often meet professionals in their 50s who are doing well but feel like they’re playing catch-up—updating outdated estate plans, reassessing insurance, and trying to juggle college and retirement all at once. With earlier planning, these could have been handled gradually and with less stress.

The takeaway: start while you still have time and flexibility. Your future self will thank you.

The Confidence to Move Forward

Working with a financial advisor means having someone in your corner to help you organize, prioritize, and take action with purpose. At LRA, we begin by getting to know you—your goals, your concerns, and your specific vision for the life you want to lead. From there, we build a plan that evolves with you, whether you’re planning for college, another child, or early retirement.

You don’t need to have everything figured out to get started. In fact, that’s exactly the right time to reach out. The earlier you begin, the more flexibility, freedom, and confidence you gain for the road ahead.

If you’re ready to stop wondering if you’re making the right moves and start building a plan you can feel good about, we’d love to talk. Schedule a complimentary 15-minute conversation—no pressure, just a chance to ask questions and explore your options.

Lake Road Advisors, a Fee-Only, independent financial planning firm with offices in Corning, NY, Ithaca, NY, and Vancouver, WA, works with clients virtually all across the country. Paul Sydlansky, the founder of Lake Road Advisors LLC, has worked in the financial services industry for 20+ years. Prior to founding Lake Road Advisors, Paul worked at Morgan Stanley in Manhattan for 13 years. While at Morgan Stanley, Paul was a senior-level manager within the Institutional Equities Department. In 2018 he was named to Investopedia’s Top 100 Financial Advisors list. Paul received a Bachelor’s degree in Economics from Marist College and holds an MBA from New York University Leonard N. Stern School of Business. Paul is a CERTIFIED FINANCIAL PLANNER™ and a member of the National Association of Personal Financial Advisors (NAPFA) and the XY Planning Network. They can be reached by phone at the Corning, NY office at (607) 438-2914, Ithaca, NY office at (607) 463-8400, or Vancouver, WA office at (607) 292-2172 or at the firm’s website at https://lakeroadadvisors.com/