True or False: Most Americans today are financially secure and wealthy when they retire.

The answer is indeed false because the statement that most Americans are financially secure and wealthy at retirement does not align with the current financial reality faced by many in the country. Numerous studies and surveys have shown that a significant portion of the American population enters retirement without sufficient savings. Factors contributing to this situation include increasing living costs, inadequate retirement planning, and the reliance on Social Security, which often does not provide enough income to maintain a comfortable lifestyle.

Furthermore, many people do not take advantage of employer-sponsored retirement plans, like 401(k)s, or fail to contribute enough to their personal savings. This lack of preparation leads to a substantial number of retirees living paycheck to paycheck and struggling to meet basic expenses. Thus, it is crucial to understand that financial literacy and proactive planning are essential for achieving financial security in retirement, highlighting a gap that exists for many individuals across various demographics.