06/09/2015 12:50 pm ET Updated Jun 10, 2015

How Women Can Prepare Themselves Financially For Old Age

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Women are more vulnerable to financial insecurity because they typically live longer and earn less. Making the right financial decisions is therefore crucial for all women, from Social Security to the rest of their retirement planning.

Social Security is gender-neutral; however, a combination of several factors creates different levels of retirement security for women and men. Testifying before a Senate Committee, Janet Barr, chairwoman of the Social Security Committee of the American Academy of Actuaries, laid out the reasons that women have a higher risk of not having sufficient money in her retirement years:

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