According to the Employee Benefit Research Institute (EBRI), a well-respected foundation devoted to the study of trends in employee benefits, "Poverty rates for women 65 and older were nearly double those of men in the same age group in almost every year from 2001 to 2009." In 2009, the most recent information available shows 13 percent of women age 65 and older lived in poverty.

Women tend to live, on average, nearly five years longer than men. And among racial and ethnic groups, Hispanics had the highest life expectancy (81.4), followed by non-Hispanic whites (78.8) and non-Hispanic blacks (74.8.)¹

Never in recent history has there been the "perfect storm" of factors converging -- increasing life expectancies, particularly among women, coupled with a global economic slowdown, and the prediction that the Social Security System in the U.S. is projected to become unsustainable at current levels.

That's why women need more money to sustain a longer life in a comfortable manner. It's critical to start saving now.

Many women rely on their husband's retirement savings, but divorce, unforeseen health problems, death, or prolonged job loss can deplete those retirement savings.

So what's a woman to do? Get her OWN retirement account.

Almost anyone can open an Individual Retirement Account (IRA). Even women who are not working can have a Spousal IRA in their own name. For employed women who have a 401k or other type of retirement plan at work, I would encourage women to find out about the details of the plan. If it's a contributory plan, like a 401k plan, which allows employee salary deferrals to be withheld from paychecks and put into the plan, I would urge women to sign up when offered a chance, and contribute as much as possible.