Although usually thought of as a male hormone, testosterone is also made in small quantities in women. It is produced in both the ovaries and the adrenal glands (located at the top of the kidneys). In men, the testes produce testosterone. As women age, their bodies produce less of all the sex hormones, which include estrogen, progesterone and testosterone. By age 40, the production of testosterone in a woman's body is about half the amount made in the 20s. Although the ovary does continue to produce testosterone after menopause, these levels drop gradually after this time. Women who have their ovaries surgically removed have even lower levels of testosterone.