As part of our Thriving After Divorce Speaker Series, our own Leah Hadley, Founder and CEO of Great Lakes Divorce Financial Solutions and Great Lakes Investment Management, discussed Social Security Considerations for Divorced Women.

Social security is a very important topic, especially for women who have been divorced (whether or not you're now remarried) and are approaching retirement age. Women represent 56 percent of all Social Security beneficiaries aged 62 and older and about 66 percent of all beneficiaries aged 85 and older. 

Even though progress has been made in bridging the gender pay gap, on average, women still earn less than men and have less retirement savings. BUT on average, women are LIVING LONGER than men, so how can you maximize the money you have so you can live the way you want in your retirement?

In Leah's presentation, she discussed the value of Social Security and the ways you may increase your lifetime benefits.

The Value of Social Security

First,...

People like to make a lot of proclamations about what to “always” or “never” do with your money. However, these are quite often total financial myths. And, when it’s coming from a source you trust, you tend to take these financial myths at face value rather than exploring the truth of the situation for yourself.

These five financial myths can negatively impact your mental wellbeing as well as that of your budget and financial security. So let’s play MythBusters and talk through some of the things we always hear about finances and the reality of the matter instead.

Financial Myth #1: You don’t need an emergency savings fund if you have a credit card.

The Reality: This is a very costly (and not always assured) way to cover emergencies.

This is one of the financial myths that always gets me going! There are so many things that could get you into trouble around credit cards and the way people use them is one of them.

The reality is that...

Juggling multiple financial goals can be stressful and confusing. It's especially challenging to make progress on other financial goals when you're drowning in debt. The message is clear when it comes to saving for retirement - start early! However, some financial gurus are adamant that you should pay off all of your revolving debt before investing for retirement. So, should you pay off your debt first or start saving for retirement? How do you decide? 

#1 Make a Budget

When making your budget, you have to consider everything. Evaluate how much you make, your expenses such as insurance (health and vehicle), utilities, groceries, etc. your debts, and your saving plans. When figuring out each month what you can afford, we have to make sure we have every aspect covered in our life. Going through the budgeting process will help you determine the money you have available for debt repayment as well as for retirement savings.

For each debt, be sure to identify...

As you learn more about investing, it can become apparent that there are many investment myths out there, ranging from absolutely ridiculous practices to things that may seem almost legitimate. No matter whether you get the information from a peer or an investment professional, be sure to keep an eye out for these common investment myths. 

Don’t Believe These Investment Myths 

Of course, each investor is different. There are no hard and fast guidelines that apply to everyone when it comes to balancing risk, but it does help to have a good understanding of what to look for.

Myth #1: Risk Definition is Static

Risk means different things to different investors. The way you manage risk has to do not only with the amount of money you’re investing but also your personality. Outside of investing, look at how you manage risks and how you associate them with your day-to-day life. Rather than focusing on whether something is “risky” in the market, consider...