Women continue to lag behind men when it comes to overall financial and retirement planning, so plan sponsors and financial services companies need to do a better job of helping them do both.

Even though reports show that women have made great strides in the past 30 years, in terms of earnings and financial power, they are still at a disadvantage because many of them spent less time in the workforce, took time off for kids or to take care of aging parents, said Delia DeLisser, director of women's marketing for ING U.S. Retirement. Many worked only part-time and have earned less and saved less than men.

Since they spent less time in the workforce, they have lower Social Security benefits and are going into retirement with less saved, she added. To magnify that, women are living longer than men, about eight to 10 years longer, so they are forced to take care of themselves until the end of their life, with whatever financial resources they have, DeLisser said.

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