Women will retire with less money than their male counterparts because men tend to contribute higher percentages of their pay into an employer-sponsored retirement account, with the exception of women ages 50 to 64, according to a new ING Retirement Research Institute report titled "What about Women and Retirement?"

Over time, because women historically make less money than men, these percentage/contribution gaps can lead to significantly lower lifetime retirement savings for women, who will likely need more in savings to account for longer lifespans in retirement.

The report found that 73 percent of women currently contribute to an employer-sponsored retirement plan, compared to 77 percent of men, and fewer women (55 percent) than men (61 percent) report that they also are saving outside of an employer's plan.

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