In the 1980s there were no index funds. There were no discount brokers. There was no internet. Joe Average factory worker was not capable of picking up a phone during work hours to call his broker and manage his investments. There was not tax deferred IRS blessed retirement vehicle until 401ks were officially blessed in 1986. Before 401ks were CODAs which, again, tied a worker to investing in his employer. Retirement planning was whole life insurance and buying physical bonds down at the local bank branch, maybe investing in a single stock that paid a dividend with the hopes you could live off the dividend.