Elon Musk says saving for retirement is irrelevant because AI is going to create a world of abundance: ‘It won’t matter’
Saving for retirement is pointless, thanks to the coming “supersonic tsunami” of artificial intelligence and robotics that will create a world with zero scarcity, according to Elon Musk.
while Tesla’s And SpaceX The CEO admitted he was “more optimistic” than most; Contrary to the earnest advice of nearly every other financial professional, he insisted that people should not stress about creating a nest egg for the distant future.
“Don’t worry about blowing away money for retirement in 10 or 20 years,” the world’s richest man said. Moon Shots with Peter Diamandis podcast In January. “It’s not important.”
Part of Musk’s controversial approach is based on his vision of a world transformed by rapidly advancing artificial intelligence, robotics and energy technology.
Musk predicted that by 2030, artificial intelligence will “exceed the combined intelligence of all humans.” He also claimed that eventually there will be more humanoid robots on Earth than humans. Gradually, traditional jobs will take their place and white-collar positions will be at the top of the list.
“Other than shaping atoms, AI can probably do half or more of those jobs right now,” he said.
The developments could lead to productivity gains so large that they exceed what “people might think of as abundance,” he said.
He claimed that in the future everyone will have a “universal, ‘you can have anything you want’ income” rather than a universal income. In this world that Musk envisions, the connection between individual wages, savings and living standards will no longer have meaning.
Even without the savings, AI will help people get better medical care than is currently available in five years. It would also eliminate any limitations on the availability of goods, services or educational opportunities.
Musk’s comments build on his previous claims that artificial intelligence and humanoid robots will make work “optional” within 10 to 20 years, and It makes money itself irrelevant. Musk has previously compared the future of work to leisure activities such as sports or playing video games rather than the necessity of survival.
“If you want to work [it’s] Likewise, you can go to the market and buy some vegetables or grow vegetables in your backyard. “Growing vegetables in your backyard is much more difficult, and some people still do it because they love growing vegetables,” he said. US-Saudi Investment Forum in November.
Of course, Musk’s predictions about the future come at a time when many Americans are having difficulty saving. Due in part to persistent inflation and weak wage growth, only 55 percent of American adults said they have a “rainy day” fund equal to three months’ worth of expenses saved for emergencies. A survey by the Federal Reserve. Less than half of those surveyed said they could cover an expense of $2,000 or more with their savings.
