The retirement income needs for women are similar to those that apply to men; however, there are some factors that make it more challenging for some women to achieve their retirement planning goals and objectives, particularly in the area of finance.

SEE: Retirement Planning

Longer Life ExpectanciesWhile living longer is definitely a plus for many individuals, it adds to the risk of outliving one's retirement savings. This is of a greater concern for women, who statistically live longer than men. According to a report by the National Center for Health Statistics, the life expectancy at birth for a man is 75 years, whereas it is 80.9 years for women. The same report indicates that the life expectancy for men at age 65, which is a generally accepted retirement age, is 17.6 years for men and 20.3 for women.

A three to four year difference in life expectancy may not seem like much, but when the cost of medical expenses during retirement is considered, along with other living expenses, the cost of living for a few years can be relatively high. According to a recent Fidelity report, "A 65-year-old couple retiring in 2012 is estimated to need $240,000 to cover medical expenses throughout retirement," if they are not covered by an employer medical coverage plan.

Women can manage these and other retirement living expenses by planning ahead and implementing practical solutions to saving for retirement.

Determine How Much Is Needed to Finance Your RetirementWhile there are no guarantees on how long you will live. Your health status and the lifestyle that you will actually live during retirement can be used to make reasonable assumptions about how much you will need to finance your retirement years. Ideally, you should work with a financial advisor who is able to prepare a comprehensive analysis, which takes into consideration factors such as:

These and other factors that affect the financial aspect of your planned retirement will help determine how much you will need to save.

Determine How Much You Can SaveIdeally, you want to save the amount needed to ensure that you meet your retirement savings goal. However, from a practical perspective, the amount that you can afford to add to your retirement nest egg should be limited to what you can afford.

For example Assume that you are 30 years old, you plan to retire at age 65 and your financial advisor projects that you will need $1 million, in addition to what you have already saved, to finance your retirement. Assuming a rate of return of 4% and an inflation rate of 3.1%, you will need to save about $1,100 per month in order to reach your goal.

However, the question becomes whether you can afford to save $1,100 per month. If you find that saving $1,100 per month causes financial challenges, including causing you to increase your amount of debt, it may be practical to reduce your savings amount and/or revise your retirement goals and objectives.

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Retirement Planning Tips For Women