sorry for you, but I will endeavor to educate you , please read the following :
Insufficient savings or investments
Not saving enough during working years.
Living expenses outpacing savings rate.
Poor investment returns
Bad investment choices (too conservative or too risky).
Market downturns at critical times (especially right before or after retirement).
High cost of living
Living in an expensive location.
Inflation eroding purchasing power faster than anticipated.
Unexpected expenses
Major health issues or medical bills.
Family emergencies (supporting children, parents, etc.).
Debt problems
Carrying mortgage, credit card, or personal loan debts into retirement.
Underestimating retirement duration
Living longer than expected (great for life, tough for finances).
Lifestyle inflation
Increasing spending habits when income rises, rather than saving the extra.
Lack of a clear financial plan
No retirement budget or withdrawal strategy.
No contingency planning for market crashes or emergencies.
Unexpected economic events
Severe recessions or financial crises.
Currency devaluation (important if living abroad).
Changes in government policies
Reduced pension or superannuation benefits.
Higher taxes or loss of social security supports.
Divorce or relationship breakdown
Legal costs and asset division can severely impact retirement savings.
Bad financial advice or scams
Falling victim to fraud or poor financial advice.
Over-reliance on one asset
For example, counting only on a house appreciating or a business sale.
Health preventing work continuation
Forced early retirement due to injury, illness, or disability.
Poor insurance coverage
Not enough health, life, or long-term care insurance coverage.
so as you can see there are many reasons which could lead to an individual not being financially well off later in life , and perhaps stop showing a lack of wisdom and maybe just show more empathy and understanding.