While everyone should make long-term plans for retirement, women may want to pay special attention to when and how much they save for their later years. Because more than half the workforce is now female, retirement planning is no longer a male-only responsibility. In fact, 95% of all women in America will ultimately bear sole responsibility for their finances. Why? Women live longer than men. According to the Department of Labor, Bureau of Labor Statistics, US Census Data, women on average can expect to live 19 years in retirement while men can expect to live 15 years. Consequently, women end up needing to accumulate more income to carry them through their retirement years.

Although they may need more retirement income, women often start saving later and more cautiously than men do. A study done by the Investment Company Institute shows the average age of a first-time mutual fund buyer is 43 for men and 47 for women. Women also tend to be more "cautious" investors than men and often make more conservative investment choices. The end result is that many women are left with fewer resources to draw upon in retirement.

Take control with these simple steps:

• Get started. The most important thing to do is to begin an investment program, regardless of how much you invest. Make savings a priority. Instead of buying a can of soda, save the money and you could be on your way to greater financial security.
• Review your current portfolio. Are you well diversified in both stocks and bonds? Or are you overly invested in conservative options like fixed income funds?
• Get educated.

*Assumptions: The investment yields 12% per year; figures are calculated to allow for an average 4% inflation rate per year.

This chart illustrates what setting even a small amount aside can do. If you added this amount on a monthly basis to your retirement savings account, along with your regular contribution to your retirement plan, you'd benefit from even greater compounding and tax deferral.