On average, women live longer than men. A female has a life expectancy in America of 5 years longer than a male.* That means if a woman is currently living in retirement on $40,000 a year, she is going to need $200,000 more in retirement savings than a man, not including inflation.

According to 2007 Census Bureau data, women still earn less than men (Males age 16 and over—$44,255; females age 16 and over—$34,278). Based on median earnings of full-time, year-round workers, the female-to-male earnings ratio in 2007 was 0.77.**

The earlier you start saving the better off you will be. There are many different ways to secure your retirement funds. Here are a few suggestions to get you started.

• 401(k)
  If you are working for a company that offers a 401(k) plan, enroll now. Find out what your employer's match percentage is and contribute at least that amount. To make even more progress, contribute as much as your budget will allow. For 2009, you can contribute as much as $16,500 of pre-tax income into a 401(k).

• Roth IRA
  The Roth IRA provides certain benefits a traditional IRA does not. The Roth allows you to make after-tax contributions (no more than $5,000 per year, $6,000 per year if you are age 50 or older) provided you or your spouse have earned taxable compensation and your adjusted gross income falls within established limits. After age 59 1/2, you may withdraw funds tax-free as long as you've had the account for at least five consecutive years. There is no mandatory withdrawal age for a Roth. This means you can make contributions to the account past age 70 1/2, and for women who face a longer life span, that additional time is a real benefit.

• Risk Tolerance
  Conservative investing is not entirely a bad thing. It can result in more carefully chosen stocks and mutual funds. However, when investing for retirement, the best investment choices may often be the higher risk ones. If you are saving for a retirement that is more than 20 years away, you may choose to take on market volatility and reap the potential benefits.

• Personal Finances
  Make smart financial decisions in all areas of your life. Avoid high-interest credit card balances and pay off current balances as quickly as possible. When you purchase a home, think about its future resale value and look for the best house you can afford to buy. Limit the amount of money you spend on groceries, clothing and entertainment.

• Social Security
  The Social Security Administration provides information for women divided into categories such as bride, new mother, working woman, beneficiary, divorced spouse, and widow on their web site at  http://www.ssa.gov/women/. Knowing what benefits you can expect to receive will help you determine the amount of additional savings you will need to maintain your current lifestyle.

One of the best things you can do when you realize the challenges ahead is take action to minimize the effects. Changes in your finances don't have to be radical to make a big difference to your retirement savings.

Information is empowering, but it can be overwhelming if it is something you are not familiar with. Stay focused, remind yourself of the long-term benefits of saving for your retirement, and get some professional advice.