Today things are much better, due in large part to our nation's very positive response through Social Security to the financial problems in old age. But nobody ever got rich on Social Security. To achieve financial security in the later years requires that individuals supplement their basic Social Security benefit with other pensions and savings. Financial planning is essential for almost everyone. Today's financial markets are very complex.
Many people feel they lack the information needed to make wise financial planning decisions.
Year after year untold numbers of people jeopardize their financial futures through procrastination, bad decisions, and falling victim to scams and frauds. That is simply not true. The nature of financial planning and actions taken often change as net worth in creases. But the basic need for planning is always there. You can't confuse lack of experience with lack of ability.