If you think the process of saving for retirement is the same for men and women, think again.

Kim Mustin, BNY Mellon Investment Management's co-head of global distribution, said there's a retirement savings gap between men and women.

"The gap is real and it happens for a number of different reasons," she said. "We talk about the wage gap between men and women and that still exists today. That means women have less opportunity from their wages to be able to save for and invest in retirement."

She said the other headwind facing women is that they may not have access to employer sponsored retirement vehicles. "If you look at the employee population, women have a higher likelihood to work part-time or below the 1,000 hour (a year) minimum requirement to participate in most defined contribution plans," she said.

Other challenges, according to Mustin, are centered around family related costs.

"We also find that women, being caregivers, tend to take more time out of the workforce and also take their own personal savings to try to take care of other people in their family," Mustin added.

Mustin said a financial plan is key for a sound retirement though this plan will largely involve investing in the stock market, especially if you're younger and have more time on your side to recover from potential losses or bear markets. After all, the broad S&P 500 is up almost 200% since its March 2009 low.

"Not being in the stock market can be a detriment because as women, we're going to live longer than our male counterparts, so it will be important to outpace inflation and some of the other high hurdle rates around health care costs," she said.

Though she said some may have a lower risk tolerance, making stocks a less attractive investment.

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