RJ and Makay

When it comes to putting away money for retirement, women generally trail men by a wide margin, suggests a recent study by financial services research and consulting firm LIMRA.

"Women's average defined contribution (DC) plan balances are only 60% of men's," reports Cecilia Shiner, a senior analyst at LIMRA. "This is especially concerning because women live longer than men and thus need more retirement savings. In addition to a longer average lifespan, women are more likely to have work disruptions for caregiving that hinder their capacity to save. Therefore, they need to capitalize on savings opportunities while they are working."