There are things women can do to improve their financial outlook as they age. (Photo: Shutterstock)

Women have it tough when it comes to finances. Not only do they make substantially less than men, overall, they spend less time in the workforce, carry higher levels of college debt and often don't have access to a retirement plan at work.

All these things, in addition to others—serving as caregivers for family members (and devoting not just time but precious income to helping them), having less money with which to save for retirement, having to get by on lower Social Security because of years of lower income—all come together to create a perfect storm at retirement for many.

Women are more likely to end their days in poverty and to spend whatever they might have less on long-term care (since they're usually the caregivers, there's seldom anyone around to care for them when they need it).