Women tend to live longer than men, which means they need even larger nest eggs than their male counterparts to maintain their quality of life in retirement. Yet when it comes to saving for the future, they often find it more difficult than men to grow that nest egg.

Women still struggle with a gender pay gap. Some also have to take time out of the workforce to prioritize family caregiving requirements, which limits their earnings and may affect their advancement within their field. The effects of this are clear when you compare the average woman's retirement savings to the average man's.

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Source Fool.com