Two recent studies paint an unpleasant picture for women and retirement.

OppenheimerFunds found that while 93 percent of women surveyed said saving for retirement is their primary investment goal, 47 percent aren't contributing to a retirement plan.

In fact, 73 percent of the women said they spend more on clothing, shoes and entertainment than they invest.

The second study, sponsored by Americans for Secure Retirement, highlights the increased retirement risks facing women. They stem from three factors, according to Cindy Hounsell, co-author of the report: Women live longer and are likely to live without a husband for some time; they earn less; and they receive less from Social Security and employer-sponsored retirement plans than men do.

The average woman "doesn't have an awareness that this is going to be a problem for her in the future," says Ms. Hounsell, who is executive director of the Women's Institute for a Secure Retirement. The institute was founded in 1996 by a grant from the Heinz Family Philanthropies.

Here's the story by the numbers.

A woman who is 65 can expect to live an average of 20 more years vs. 17 for a man the same age, according to U.S. Department of Health and Human Services statistics. The longer life expectancy -- plus the fact men tend to marry younger women, according to the U.S. Census Bureau -- means women should expect to spend some of their retirement years alone. That means getting by on one Social Security check instead of two and a smaller pension check or no pension at all.

As for their earning power, women working full-time had a median salary of $30,724 in 2003 vs. $40,668 for men, according to Census figures. Over a career, the disparity adds up to a tidy nest egg. Moreover, because they take more time off than men do to raise children, they are likely to receive smaller Social Security benefits and less likely to qualify for an employer-sponsored retirement plan.

Consequently, the average woman received a monthly Social Security check of $774 per month in 2002 vs. $1,006 for a man, according to the Social Security Administration. The agency says unmarried women 65 or older had medium income of $1,028 from investments that year, not quite $86 a month. (Unmarried men weren't much better. Their $1,461 in investment income amounted to $122 per month).

Including all sources of income, women aged 65 and older had median income of $11,845 in 2003 vs. $20,363 for men, according to the Census Bureau.

No report from a high-powered Washington think tank would be worth its salt unless it included recommendations. For Americans for Secure Retirement, the answer is annuities. That's not surprising because the coalition's members include the American Council of Life Insurers, the Association for Advanced Life Underwriting, the Committee of Annuity Insurers and the National Association for Variable Annuities.

Annuities come in many flavors. Basically, you buy one and get regular income checks for life. From the coalition's point of view, that's a good thing for women because they can't count on as large a stream of predictable retirement income as men.

Immediate annuities are one basic flavor. They are purchased at or after retirement. Payments to the investor begin immediately and are based on how much you invest, your age and sex, interest rates and which income option you select. Two options are an annuity that stops payments when you die and one that provides smaller payments while you're living, but keeps paying a survivor after you're gone.

For some investors, knowing they'll get a set amount for life is more comforting than having to balance tapping their retirement savings for living expenses with keeping enough in the account to last their lifetime.

In keeping with their prerogatives as a special interest group, Americans for Secure Retirement suggests tinkering with the tax code to promote their cause. The coalition supports the Flexible Retirement Security Act, a proposal that would make half of income from annuities tax-free up to a maximum of $20,000.

"It's a sound policy option," Ms. Hounsell says.

U.S. tax law already has plenty of incentives for retirement saving, so many in fact that a White House panel charged with reforming the tax code is recommending replacing them with a simpler system. While incentives motivate many, the ability and discipline to save for retirement cannot be overlooked.

"Our survey data shows that women have a clear understanding of the importance of saving for retirement but they are not yet taking the financial steps necessary to ensure their own financial stability," says OppenheimerFunds executive Lauren Coulston.

While the fund company survey indicates women shoulder most of the day-to-day responsibility for family finances, they "may lack the confidence or knowledge to take a more active role in investing for the future," she says.

Investing shouldn't just be a guy thing. In fact, according to a recent Merrill Lynch survey, women make fewer investing mistakes than men even though men are more knowledgeable and interested in the topic. The reason: Women are more willing to seek professional help.

You go girl. And there's no better time to get going than now.