While all workers need to save more for retirement, women face additional challenges because they have lower earnings, experience higher job turnover, and are employed in industries with low or no pension coverage.

Yet saving, especially for retirement, should start early and continue throughout your lifetime. Here are fifteen questions to help you think about retirement and take charge of your financial future:

Do you work for an employer that offers a pension plan?
 
If your employer offers a pension or retirement savings plan, join it as soon as you can and contribute as much as the plan allows. Most employers providing a 401(k) plan also match a percentage of the employee contribution. This match is usually 25 - 50 percent of the investment, a much higher rate than that which can be found in an alternative investment. While all job categories may not be included in your employer plan (those of part-time or temporary workers, for instance), your job may be one of those included in your employer's plan. Remember, by saving early you have time on your side. Your savings will grow and your earnings will compound over time.

Do you know what type of plan it is?

There are two basic types of pension plans. A traditional plan promises a specified pension benefit at retirement usually based on the years you worked and your salary. A defined contribution plan, such as a "401(k) plan," maintains separate accounts for each person and retirement benefits are based on the amount in your account.

Are you included in the plan?

Pension plans do not have to include every worker. Some jobs may be excluded from the plan and part-time workers may not be covered. Check with your plan administrator (the person running the plan), personnel office or union representative to make sure that you are a plan member or to find out how to become one.

Have you worked at the job long enough to earn a pension?
 
In many companies, you may have to work for five years to become eligible to receive pension benefits. Some workplaces have a shorter vesting period. (Vesting simply means that you have worked long enough to earn the right to benefits from a saving or pension plan.)
Too often employees, especially women, quit work, transfer to another job or interrupt their work lives just short of the time required to become vested. Ask the personnel office, pension plan administrator or union representative about the vesting period and other details of your company pension plan.

Do you know how much your pension will be?

The summary plan description should tell you how your benefit will be calculated. Your employer may give you or you may request an individual benefit statement showing the value of your pension benefit. The individual benefit statement should show the benefits you have actually earned to date and a projection of your benefit at retirement.

What happens to your pension if you change jobs?
 
You may lose the pension benefits you have earned if you leave your job before you have worked long enough to be "vested." However, once vested you have the right to receive benefits even when you leave your job. In such cases, the company may allow, or in certain cases may insist, that you take your pension money in a lump sum when you leave. However, some companies may not permit you to receive your pension money until retirement. The time when you can receive your pension money is spelled out in the SPD.
A word of caution: If you receive your pension in a lump sum, you will owe additional income taxes, and may owe a penalty tax. A better way is to reinvest your savings in another qualified pension plan or an Individual Retirement Account (IRA) within 60 days. You avoid tax penalties and you keep your long-term retirement goals on track.

If you do want to reinvest the money, it is important that you do not directly receive it. If you receive the money directly, you will have to pay a 20 percent withholding tax on the amount you receive and then file for a refund in the next year, providing proof that you have transferred the funds to an IRA. Instead, you should instruct the pension plan to transfer your pension money directly to an IRA or other qualified pension fund you have established. This is easy to do using simple forms supplied by the new plan. If you want help with the forms, representatives of the plan are generally available to assist you.

Do you know what happens to your pension if you retire early?

If your traditional plan allows you to collect pension benefits before "normal" retirement age (65 in many plans) your benefit may be reduced since you will be getting benefits for a longer period of time.

Do you know what happens to a pension if you or your spouse dies?

In a traditional private pension plan, you may be entitled to receive a benefit from your spouse's plan when he dies. This "survivor" benefit is automatic unless both spouses agree, in writing, to give it up. If you are in a government plan or a defined contribution plan the rules may be different.

Is your pension insured?

Most traditional company and union pension plans are insured by the federal government through the Pension Benefit Guaranty Corporation (PBGC). PBGC pays benefits up to a maximum guarantee if plans fall short. Plans where you have an individual account and government plans are not insured.

Are you tracking your Social Security earnings?
 
More women than ever work, pay Social Security taxes, and earn credit toward a monthly income for their retirement. These earnings can mean some income for you and your family in the form of monthly benefits if you become disabled and can no longer work. If you die, your survivors may be eligible for benefits.
 
In addition, you may be eligible for Social Security benefits through you husband's work and can receive benefits when he retires or if he becomes disabled or dies. Special rules apply if you and your husband have been employed and both have paid into Social Security. Special rules apply also if you are divorced, or if you have a government pension.

Can my pension benefits be reduced by Social Security or other government payments?

Some pension plans offset a portion fo your benefit by some of the amount you receive under Social Security. Likewise, if you or your spouse have a government pension, it may affect the amount of your Social Security benefits. Your plan administrator will be able to advise you.

Do you have pension information from all your jobs?

If you earned a pension at a previous job, contact the plan to get information on your benefit. Also, when you apply for Social Security, you can find out what private sector pension benefits you may have earned. Finally, contact PBGC for help in locating your benefits from a private sector plan that no longer exists. Be sure to keep all employment and pension-related records with other important papers.

Do you know what benefits your spouse's plan provides?

If you are a beneficiary under your spouse's pension plan, you may request a copy of a summary plan description from the plan administrator (generally the employer) which describes the plan, your rights under the plan, and whether survivor annuities or other death benefits are provided under the plan. You may also make a written request for copies of plan documents and a statement describing your spouse's vested benefits under the plan. There may be a charge for the information and your request may have to be in writing.

Are you entitled to a portion of your spouse pension benefit if you and your husband divorce?
 
As part of a divorce or legal separation, you may be able to obtain rights to a portion of your spouse. s pension benefit (or he may be able to obtain a portion of yours). In most private-sector pension plans, this is done using a qualified domestic relations order (QDRO) issued by the court. You or your attorney should consult your spouse's pension plan administrator to determine what requirements the QDRO must meet.

Do you know how you can save for retirement if you do not have a pension plan?