David Hyden is a Retirement Strategist and Educator that began his financial services career with The Equitable back in the mid-80’s. He has worked with and trained with some of the top financial companies in the industry. Over the years he has gained broad education and experience in Pensions, Social Security, Life Insurance, Annuities, Variable products, etc. helping clients with assets ranging in the millions to those in Middle America.
David is the President of Safe Secure Retirement Planning located in McKinney, Texas.
He is an Instructor for Adult Financial Education Services (AFES).
David holds the National Social Security Advisor designation, NSSA, giving him additional expertise in the area of Social Security Benefits and claiming strategies.
Earlier in his career David observed over a span of ten years as a close family member retired well only to be devastated financially due to poor planning. Though they had retired well, with over $1 million in assets in 401(k) and a brokerage account along with a generous pension and social security income, they fell into three major Retirement Traps:
- Risk Trap – They lost a substantial amount of their life savings when the Market crashed.
- Long-Term Care Trap – Government Spend Down forced them to spend over $6,000/month over a seven-year period (totaling $500,000+) when one of the spouses got sick and had to be placed in a Long-Term Care facility.
- Social Security Trap – Once illness finally gave way to death the surviving spouse was disqualified from receiving Social Security Widow’s Benefit due to a Social Security rule, Government Pension Offset, regarding Pension Income.
In addition, all retirement income including Social Security Income was fully taxable.
How did this happen? Upon examination the focus of this family’s Adviser was limited to buying and selling stocks, bonds and mutual funds in the Market. No strategies were ever discussed on how to reduce or eliminate taxes in retirement; no discussions were initiated on how to manage Market Risk or Long-Term Care Risk; their Adviser was completely unfamiliar with Pension and Social Security traps.
This incident inspired David to seek out solutions to these and other Retirement Traps. He has dedicated himself to helping as many families as possible through education and responsible planning.
David resides in McKinney, Texas with his wife, Valerie, and three kids Sam, Tim & Rachel.
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