Equal pay for men and women has been the law since 1963. Yet, over half a century later, women are still paid less than men–even with similar education, skills and experience. According to the latest statistics, American women who work full-time are paid on average only 82 cents for every dollar a man is paid. That gap grows even wider when you differentiate by race.

Not to mention, when looking at key stages of life like parenting and caregiving, women are far likelier to take time off from their jobs than men. How does all of this translate financially? At retirement, a woman will have earned $1,055,000 less than a man. Because women earn less, they’re generally unable to save and invest at the same rate as men. This means that the wage gap persists in retirement. Just imagine how that additional amount could boost your nest egg.

Moreover, since your lifetime earnings and work history influence your Social Security benefits, women generally receive far less from Social Security than men. In 2019, the average annual Social Security benefit for women 65 and older was approximately $13,505, whereas their male counterparts brought in about $17,374.

Women also tend to be more reliant on Social Security. The Social Security Administration (SSA) notes that women at age 65 are expected to live about 21 additional years, compared to 19 years for men. Women reportedly represent 55.3% of all Social Security beneficiaries age 62 or older and about 64% of beneficiaries age 85 and above.

You don’t have to be a math whiz to calculate the immense impact these figures have on women’s retirement savings. The good news? There are a few ways to help mitigate the lifelong effects of a wage gap.

How to Incorporate the Wage Gap into Your Retirement Plan

1. Find Ways to Accelerate Your Savings

There are a few saving options we believe women should never pass up. One is taking full advantage of an employer match, if available. This is essentially “free money” that’s being offered in a tax-efficient savings vehicle. Even if saving is a challenge, everyone should seek to contribute at least the amount that will make them eligible for the match. This incremental amount likely won’t completely make up for the wage gap, but it will help.

Other opportunities that could help accelerate your savings include:

• Additional catch-up contributions to your retirement plan that can be made in excess of your typical limit if you’re age 55 or older
• Roth conversions in low-income years could provide tax-exempt savings and tax-free withdrawals later
• Increase savings contributions once major expenses are behind you (e.g. child’s college tuition)

2. Invest for Growth

Women generally have a unique investment strategy compared to their male counterparts. Notably, women tend to be more conservative investors than men, preferring to put their wealth into real estate, cash or bonds while steering clear of equities. While that may help with managing risk from volatility in the stock market and from fees associated with excessive trading, it also places women at risk of outliving their savings.

Women typically live much longer than men and are more likely to need long-term care services for longer periods of time, so they’ll need more money to sustain a longer life. It’s for this reason that women likely need to have a significant allocation to stocks in their portfolios–and women probably need to maintain that allocation well into their retirement years, which might conflict with their risk tolerance. Since women statistically live longer, It can be difficult to find the right balance between your risk tolerance and investing for growth to support you through retirement, which is why it’s important to discuss your financial plan with a professional advisor.

3. Have a Strategy for Claiming Your Social Security Benefits

Social Security is a big retirement planning asset–one that could potentially exceed a million dollars in accumulated benefits over your lifetime–and your claiming strategy involves a number of complex decisions requiring financial projections as well as knowledge of Social Security rules and regulations. If you are married, divorced or widowed, you have hundreds of claiming options beyond just your own earnings history.

4. Start Saving and Investing Early

The earlier you can start saving, the more powerful the impact of compounding interest. A person who begins investing $5,000 per year for 10 years and earns a 7% rate of return each year at the age of 20 will have more money at age 65 than a person who starts investing $5,000 per year from age 30 to 65 and earns the same 7% rate of return.*

5. Reduce your Income Taxes

This one is simple. The less you pay in taxes, the more you have available to save. Tax planning, however, is complicated. Is it a deduction? Is it a credit? Is the credit refundable? This is an area where subject matter expertise matters. Working with a tax professional can come at a cost, but if it decreases the amount of taxes paid annually, it may be worth the investment.

Until true pay equality is achieved, women will have to remain particularly vigilant when it comes to their financial plan, both during working years and through retirement. A knowledgeable financial advisor can help you work out which strategies may be best for your unique situation.

*This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.

The information presented in this material are for generation information only and are not intended to provide specific advice or recommendations for any individual. Stock investing involves risk including loss of principal.

Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.

A version of this article originally appeared on September 13, 2015 in the St. Paul Pioneer Press. You may view the article here.