Retirement different ballgame for women

Every March, we celebrate Women's History month. It's an opportunity to focus not just on the past, but also on the challenges women continue to face in the 21st century.

Social Security plays a vital role in the lives of women. With longer life expectancies than men, elderly women tend to live longer in retirement and have a greater chance of exhausting other sources of income. Today, women represent 58 percent of all Social Security beneficiaries age 62 and older and about 70 percent of beneficiaries age 85 and older.

But when benefits are computed, Social Security treats men and women exactly the same. Yet career women face challenges such as time away from the office to raise a family, and the proverbial glass ceiling. For example, the median earnings of full-time female workers in 2002 were $30,203, compared to $39,429 for males.

As a result, experts generally agree that if women want to ensure that their retirement years are comfortable, they need to plan early and wisely.

So, what is a woman to do?

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