Here are key steps women can take to close the retirement savings gap

For every $1 earned by men, women are compensated 83 cents.

Because of the income disparity, as well as other particular hurdles, it may be difficult for females to save as much as men do for retirement.

Nonetheless, there are steps that women may do right now to put themselves in a better financial position in the future.

When it comes to retirement planning, women confront a distinct set of obstacles.

Unfortunately, data shows that female employees fall short of their male colleagues

According to Catherine Collinson, CEO, "there is room for women employees to take steps now to improve their prospects for a better-quality retirement."

With 24 percent vs 35 percent, women are less likely than males to have $250,000 or more saved in total household retirement accounts.

In particular, 24% of women and 14% of men had less than $10,000 in savings or none at all. For every $1 earned by men, women are compensated 83 cents. For women of color, the disparity is considerably worse.