Why Women Must Invest More Aggressively

This discrepancy in pay is compounded by the fact that women spend more years out of the workplace than men. According to the AAUW study, 10 years after graduation 23% of the women who had children were out of the work force, while 17% worked part-time. Those same stats for men with children were only 1% and 2%, respectively.

Time to Get Aggressive

Unfortunately, waiting for the inequities of the real world to balance out is not a viable option when investing and preparing for retirement. Women do have time on their side to compensate for the shortfalls, but this can be a mixed blessing.

According to the U.S. Department of Health and Human Services, women in the U.S. have a life expectancy of 80 years from birth, compared with fewer than 75 for men. That means women must save for an average of at least five years longer than men. But it also means five more years of investing -- time that can be used to close the gap.

Changing Fear Into Motivation

Despite the multitude of studies underlining these difficulties, "women are still not up to speed," says Barbara Stanny, author of several books on finance for women, including Prince Charming Isn't Coming: How Women Get Smart About Money and Secrets of Six-Figure Women.

Stanny tries to help women address the pay gap by overcoming their financial fears. She says she is on a crusade "to get women to wake up and make money a priority before they are jolted awake" like she was.