Why Women Must Invest More Aggressively

Koch adds that, by design, the discussions often aren't heavy on the financial information and jargon. Topics include how to create and pass along a family heirloom while avoiding family fighting; how to buy, lease and sell a car; and how to put a family philanthropy project together.

"We are finding that women are more involved in finances, but still look to the husband for approval," says Koch. "We are hoping to empower women to feel competent and confident in making these types of decisions."

Take Action

As Stanny says, all the gloom and doom studies don't do much to change women's financial status. That takes action. Here are some tips that can help:

• Don't be so conservative. Studies show women are more conservative investors than men, when in reality they need to be more aggressive. Taking an overly conservative approach increases the chances that inflation will erode your retirement savings. Take the extra time that longevity has given you, and don't be afraid to invest in growth-oriented stocks. The longer you have to invest, the easier it is to ride the market's ups and downs.

  Since 1925, according to Wachovia, the chances of losing money invested for any one year has been 28%. But hold an investment for five years, and the chance you will lose money falls to 10%. More than 10 years, and it's 3%. Over 20 years: 0%.

• Get yourself a financial adviser. You don't have to navigate your financial course alone. A good adviser will do more than just tell you how to invest; he or she will sit down with you and discuss your life's goals and come up with a clear, sound strategy for achieving them. And, just as importantly, they can help take the fear out of finances.
• A little bit can add up. You don't have to have a lot of money to invest. Some mutual funds have minimum investments of as little as $50 a month. Setting aside even a small amount for your retirement on a regular basis will pay off in the future.
• Stuff your 401(k). If your employer offers a retirement plan, participate as much as you can. If your company matches, try to at least invest as much as the matching limit to get the most "free money" from your boss.
• Think of yourself first. Almost any parent's instinct is to think of their children's well-being ahead of their own. While this is laudable, it doesn't apply to saving for retirement; you should do this before you save for your kids' education. There are all kinds of ways to borrow money to pay for school, but no one will lend you money for your retirement.