Many women seek their mothers' advice on a wide range of topics as they grow older, but mom may not always know best when it comes to retirement planning.
That's because women today generally work longer and earn more money than their mothers did, meaning they need to pay closer attention to retirement savings than did previous generations of women, according to Sandra Timmermann, director of the MetLife Mature Market Institute.

"Women, in particular, can be very vulnerable in retirement," she said, since they typically live longer than men, are more likely to drop in and out of the work force to take care of children, and don't earn as much money as men. "They've got a lot at stake in preparing for retirement."

To that end, MetLife has published a free guide called "What Today's Woman Needs to Know: A Retirement Journey," available online at www.metlife.com.

Among its tips for women:

‰Consider the financial implications of leaving the work force to have a baby, or for other reasons. Consider putting money in a spousal IRA. If the financial burden of leaving work is too much, consider other options, such as reducing work hours, asking for a more flexible arrangement and restricting travel to save money.

Leaving the work force for any amount of time to raise a family is going to affect a woman's lifetime wealth, Timmermann said. "Sometimes, if you leave a job, you give up your rights to a pension, or perhaps you miss a match from your employer on a 401(k)," she said.

‰Learn investment basics. Know your options for retirement savings and learn how much risk each involves. Assess how much risk you want to take.

"For younger women, you've got to start saving right away," Timmermann said.

Whereas previous generations of women most commonly had defined pension benefits, where a pension director made most of the investment decisions for them, women today are more likely to have 401(k) accounts that give them more control over their savings, she said. As a result, they need to be more educated, she said.

‰Look for employers that offer benefits such as a pension or 401(k), as well as health care, life and disability insurance. If money is invested in a 401(k), do not make a withdrawal unless absolutely necessary. When leaving a job, roll savings over into the new employer's 401(k) or into an Individual Retirement Account.

‰Consider how the timing of your retirement will affect Social Security benefits. Early retirement benefits can start at age 62, while "normal" benefits begin between ages 65 and 67. The longer you wait to retire, the higher the monthly benefit can be. Women nearing retirement also should consider ways to budget their retirement benefits to ensure a steady flow of income once they stop working.

‰Know how and when to tap into home equity, and which mortgage is the best way to do so.

‰Follow a financial strategy that is right for your age. In your 20s, check out benefits that come with your job, get into the habit of saving, pay off debt and start saving for retirement. In your 30s, keep saving and focus more on investment, keep debt under control and assess the status of your insurance.

In your 40s, refine your retirement savings strategy and set more specific retirement goals. In your 50s, revisit savings goals, gauge how well investments are performing and review insurance. In your 60s, consider your retirement spending strategy and adjust investment strategy accordingly.

It is never too early to start planning for retirement, Timmermann said. "The sooner you start saving, the better off you are, no matter how old you are."