Elon Musk claims that putting money aside for retirement is pointless, as artificial intelligence will usher in an era of plenty: ‘It will be irrelevant’

Elon Musk: Retirement Savings May Become Obsolete in the Age of AI

Elon Musk believes that putting money aside for retirement could soon be unnecessary, as the rapid advancement of artificial intelligence and robotics is expected to usher in an era of limitless abundance. According to Musk, the traditional approach to saving for the future may soon be outdated.

While most financial experts continue to recommend building a retirement fund, the CEO of Tesla and SpaceX takes a different stance. Musk, who describes himself as unusually optimistic, suggests that people need not worry about accumulating wealth for the long term.

Speaking on the Moonshots with Peter Diamandis podcast, Musk advised, “There’s no need to stress over saving for retirement in the next decade or two. It simply won’t be relevant.”

This perspective is rooted in Musk’s vision of a future dramatically reshaped by breakthroughs in AI, robotics, and energy. He foresees a world where scarcity is eliminated and technology transforms every aspect of life.

Musk’s Vision for the Future

Musk predicts that by 2030, artificial intelligence will exceed the combined intelligence of all humans. He also envisions a time when humanoid robots will outnumber people, gradually replacing traditional jobs—especially those in white-collar fields.

“AI is already capable of performing at least half of the tasks that don’t involve manipulating physical matter,” Musk explained.

He believes these technological leaps will drive productivity to levels far beyond what we currently imagine, creating a state of true abundance.

Rather than a basic universal income, Musk foresees a future where everyone enjoys a “universal ‘have anything you desire’ income.” In such a world, the connection between earnings, savings, and quality of life will become irrelevant.

Even without personal savings, Musk claims that AI will soon provide people with superior healthcare, unlimited access to goods and services, and expanded educational opportunities—all within the next five years.

These comments build on Musk’s earlier assertions that, within 10 to 20 years, work will become optional and money itself may lose its significance. He has compared future employment to leisure activities, like playing sports or video games, rather than a necessity for survival.

“If you choose to work, it will be similar to growing vegetables in your backyard instead of buying them at the store. It’s more challenging, but some people do it simply because they enjoy it,” Musk remarked at the U.S.-Saudi Investment Forum in November.

Challenges in a Post-Work Society

Despite Musk’s optimistic outlook, his predictions come at a time when many Americans are finding it difficult to save. Persistent inflation and sluggish wage growth have contributed to this struggle. According to a Federal Reserve survey, only 55% of adults in the U.S. have enough savings to cover three months of expenses in an emergency, a decrease from 59% in 2021. Less than half could handle an unexpected cost of $2,000 or more from their savings.

Other surveys consistently reveal that a significant portion of Americans are behind on retirement savings, with many having little or nothing set aside for life after work.

Musk also acknowledges the potential drawbacks of a society where earning a living is no longer necessary. He warns that a high universal income could lead to social challenges, including a loss of purpose for many individuals.

“If you can have everything you want, is that truly the future you desire? It means your job may no longer have meaning,” Musk cautioned.

This article was originally published on Fortune.com.