What All Women Should Know About Retirement

It's a fear that lurks in the back of every woman's mind -- the fear of being a bag lady. It doesn't take the sight of an older woman pushing a shopping cart with all her belongings to summon up the worry about being older, alone and without enough money to stay in control of our own life.

Women worry with good reason: They outlive men. At age 60, a man has a life expectancy of 18.9 years. But a woman at age 60 now has a life expectancy of 23.1 years. Those four extra years of life will be expensive. And they'll come when you may have the least ability to make good decisions.

That's why it's important to start planning while you're in good health and when time is on your side. Here's what women must do as they approach retirement.

Take a Reality Check

Go to livingto100.com. Answer the questions about your eating and exercising habits, as well as genetic factors such as your parents' longevity. They even ask whether you floss your teeth every day! Then, with a click of your mouse, they'll predict how long you're likely to live -- and give you some advice for living longer. That's a great place to start your reality check.

Get a Good Financial Adviser (or Two)

You need a professional adviser you can trust. Or perhaps you need a team of advisers to do checks and balances on each other. Search here for financial planners who do not sell products to earn a commission.