It's a known fact that many Americans are having trouble with their retirement plans. However, women are struggling more than men when it comes to finances in retirement. In fact, at age 65 and older, women are 80% more likely than men to be impoverished, according to the National Institute on Retirement Security.

So, why are women more likely to face financial insecurity as they age? According to a Forbes article, these are some of the reasons:

1. The wage gap: last year women earned about 80% of what men earn, which means lower lifetime earnings
2. They’re more likely to be caregivers—of children and parents: caregivers often face career concessions such as lower hours, turning down promotions and possibly having to retire early
3. They’re more likely to work part-time: working less means lower lifetime earnings and possible eligibility issues for retirement plans
4. They outlive men: healthcare costs are more expensive and women will have to pay for those costs longer
5. Different women face different obstacles: minorities face an even tougher battle as they age

Click Read More below to be taken to the Forbes article for more details.