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Retirement Income Planning

Wealth management 

tax-free retirement

maximizing social security

long-term care

efficient tax planning

Retirement Income Planning

The idea of reliability during retirement can seem out of reach at best. Not only is it impossible to predict the severity of economic downturns or inflation, but the odds of sustaining a major illness or injury may increase as you age. If you’re nervous about what the future holds, a financial advisor at West Capital Advisors Inc. can show you how secure retirement income can pick up the slack. David West works with his clients to understand more about what they want from their golden years so he can figure out the best map to get there.

How to Plan Your Retirement Income

To make a living, the vast majority of people have to rely on a steady stream of revenue from their work. Whether they make the money on their own or they have an employer, they depend on a paycheck to help them pay their bills and save up for events, emergencies, education, etc.

Retirement income works much in the same way, except that you don’t have the benefit of your fulltime job anymore. An advisor can show you how different sources of revenue (e.g., Social Security, pension withdrawals, stock dividends, etc.) can help you replace what you lose during your retirement. By the time you reach retirement age, your secure income should be as diverse as your portfolio.

How much do I need to retire? This common question may be different depending on who you ask, but everyone should know the answer to it before they give up their 9 to 5. At a boutique retirement firm like West Capital, you get the benefit of an advisor with years of expertise. West can tell you more about how everything from property investment to parttime jobs can play a critical role in your strategy. He can also help you invest your money during your working years, so you have even more to play with. So, whether you see yourself on a yacht or in a log cabin, you’ll have everything you need to get by.

Wealth Management

Wealth management is a term that’s used largely in financial circles, and it refers to the art of tracking and optimizing a client’s portfolio. The details of wealth management can truly run the gamut due to the vast array of assets an individual can acquire. For instance, if your wealth was
largely tied up in physical property, like art, wealth management might include securing
insurance policies to protect yourself from unintended damage. A financial advisor would be the one to help you work out the specifics so you can rest easy about your future.

Wealth Management in the Wasatch Front Region

No matter who you are, the first bit of wealth that you come into can be a milestone. The first big paycheck, the first victory in the markets, the first price spike in a real estate property: whatever investments you favor, you likely didn’t need a lot of help back then to figure out how much you made.

As time goes by, though, it’s easy to get more and more removed from your assets. Your accounts and holdings rise and fall in value, but you’re not paying very much attention to them. A financial advisor is there to be your eyes and ears, so you’re less likely to wind up in financial
hot water. Even at the very beginning of an investor’s career, they can answer questions about the best way to diversify or when to offload an asset.

Wealth management in Utah is made for people who want to secure their portfolios without having to spend all of their time watching every last penny. At a boutique retirement firm like West Capital Advisors Inc., you can work with a professional who knows not only the state of your assets but also what you want your golden years to look like. Working with someone who understands your money in the context of your goals can make all the difference, whether you’re planning to travel, or you just want to be prepared for the unexpected.

Tax-free retirement

If you’ve ever heard the term taxfree retirement, you may have wondered exactly what it meant. Can you really avoid taxes if you live in the Wasatch Front region? As simple of a question as this seems, though, there are likely more options available to you than first meets the eye. The goal of this financial strategy is to first map out your portfolio according to your top priorities. From there, you start structuring your accounts so they’re not subject to taxes.

How a Tax-Free Retirement Works

The right financial advisor can go a step beyond what your accountant will do for you. Instead of just knowing the local, state, and federal laws, they can tell you how each rule can help or hurt your retirement goals. They may suggest a combination of exchanges, deferments, and charitable contributions that can drastically alter what the government is entitled to.

Every client at West Capital Advisors Inc. is treated like the individual they are. Advisor David West understands that it’s not always easy to organize your wealth, particularly if you have plenty of other responsibilities on your plate.

If you’re wondering how to have a tax-free retirement, he would be the one to explore what options are available to you. He’ll also explain the pros and cons of each tactic. You get to make the final decision, but you’ll at least have the background before you open a new trust, purchase another property, or roll over a retirement account.

Between the unpredictability of inflation and economic swings, planning for retirement can make people nervous about whether they’ll ever really have enough. No matter how you want to spend your wealth, whether it’s on your descendants or on the vacation you always wanted to take, a tax-free retirement can help you realize your dreams. West can also help you allocate funds to the causes that you care most about, giving you the chance to fight everything from world hunger to climate change on your own terms.

Maximizing Social Security

The Social Security program in the U.S. has always had a reputation. Ever since its debut nearly 100 years ago, people have had an opinion about what it is, how it can help, and whether the government is playing fair.

Today, it’s not exactly known for being the most generous system, and most Americans would agree that it’s certainly not a safety net for people who otherwise have no retirement savings. There is another side of the coin, though. The right financial advisor can tell you more about how to get paid from an institution you contributed to for nearly a lifetime.

How to Maximize Social Security in the Wasatch Front Region

Maximizing Social Security begins with understanding the full extent of the program, which turns out to be a long and complex set of rules and restrictions. Because these benefit checks are far from one-size-fits-all, the government is attempting to account for a variety of circumstances, so there are fewer disputes down the road.

Its complicated nature can work to people’s advantage, but more often, it does the opposite. When people are unclear about how to answer the questions, they can end up settling for far less than they’re worth. At West Capital Advisors Inc., David West can tell you more about how your profession, income, and years on the job all contribute to the final total. Your benefits are based on your work history, so it’s important not to make assumptions based on anecdotes that your friends and family have told.

Social Security is so much more than checking an online estimator and filling out a few forms. West can give you all the tips and guidance you need to answer every question correctly, so you don’t end up receiving any less than what you’re owed. It’s important to get everything squared away the first time you apply. While you can correct mistakes if need be (and receive backpay in return), the correction process is as time-consuming and painstaking as it sounds.

long-term care

Healthcare is more than just the costs of surgery and followup visits with your doctor. The problem is that not all healthcarerelated expenses are covered by your traditional health insurance policy. When expenses can be downright astronomical for so many people, you may be wondering how you can protect yourself from five or sixfigure medical bills. It may surprise you to learn that a financial advisor might be the best way to keep your portfolio safe.

What Is a Long-Term Care Policy?

Long-Term Care Insurance (LTC) is a policy that covers the costs associated with severe injury or illness. For instance, if you needed a home aide after a car crash to cook meals, run errands, or help with standard hygiene tasks, the cost of the care would be covered by the LTC policy.

This type of insurance is one of the more expensive premiums you’ll pay every month, so it’s not recommended for everyone. In addition, different carriers will have their own interpretations of the policy. For instance, some may offer a savings component, which can come in handy if you don’t actually need to use the policy.

A financial advisor at West Capital Advisors Inc. can tell you more about your options and whether the policy makes sense for you. Some people in the Wasatch Front region in Utah will categorically want this type of policy by the time they hit retirement age. They may base their decision on their family’s medical history or the ballooning costs of home healthcare aides and nursing homes.

Some studies show that LTC policyholders spend about six times less than those without it, so you can imagine the ripple effects this would have on your holdings. Others may want to look at different measures to safeguard their wealth during perilous times. If you have questions about how the policy would work, what kinds of terms the carrier offers, and whether it would fit in with the rest of your assets, a financial advisor can help you work through it all.

efficient tax planning

When millions of Americans file their taxes every year, it’s no secret that the process can be as timeconsuming as it is confusing. The predicament can lead to plenty of solutions, whether it’s an official one or a workaround. Some choose to hire an accountant and basically turn over all of their documents to them. The filer may not know exactly how the forms are being filled out, but they trust the accountant to work to their advantage.

But what if there was a better way to file? One that would help you either keep more of your money or at least allocate it to the causes you care about most? The right financial advisor will offer services that an accountant can’t. They look at the numbers from a much broader perspective, one that encompasses both your investment style and your long-term retirement goals.

Efficient Tax Planning in Utah

West Capital Advisors Inc. is a boutique retirement firm with David West at the helm. Here, clients meet with a partner who will get to know how they file and how they ideally want their money to be spent. Then, West will look at how different laws, whether state, federal, or local, can be applied to your finances. How this is done will depend on not only when you file (e.g., every quarter or every year), but also on the kinds of assets you have.

In some cases, you might be better off deferring certain taxes (e.g., capital gains) for several years so that you can invest in a new opportunity. Or you might choose to invest your money in different charitable trusts as a way of both supporting your favorite organizations and potentially lowering your taxable income. Tax planning isn’t designed to stiff the government, only to open up more options to the filer so they can make better choices. There are too many people out there who leave the government a tip, and David West doesn’t want you to be one of them.