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Elon Musk says saving for retirement will be “irrelevant” if his view of the future is correct.
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The Tesla and SpaceX CEO predicts artificial intelligence will help create “abundant” resources for all.
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People will have “whatever they want” and have access to first-class health care and education, he said.
Saving for retirement has been a cornerstone of personal finance for more than a century. Elon Musk says this may soon become meaningless.
“My one piece of advice is: Don’t worry about saving for retirement in 10 or 20 years,” the Tesla and SpaceX CEO said on the latest episode of the “Peter Diamandis Moonshot” podcast. “That’s okay.”
“If anything we say is true, then saving for retirement is irrelevant,” Musk added.
The world’s richest man, with a net worth of more than $600 billion, described a future in which advances in artificial intelligence, energy and robotics will dramatically increase productivity, create “abundant” resources and give everyone access to “universal high incomes.”
“The wonderful future is one where anyone can have anything they want,” Musk said. That means “in five years everyone will have access to better health care than today,” he continued. “Goods and services are not scarce. You can learn anything you want for free.”
However, the serial entrepreneur warns that the transition to this utopian world will be “bumpy,” marked by dramatic change and social upheaval. He also noted the possibility of losing the target.
“Now, if you do get everything you want, is this really the future you want?” he asked. “Because it means your job no longer matters.” “
Musk is known for revolutionizing the auto industry with Tesla’s electric cars and revolutionizing the aerospace industry with SpaceX’s reusable rockets.
His companies are developing self-driving cars, humanoid robots, brain-computer interfaces, artificial intelligence assistants and other innovative products, paving the way for him to become history’s first trillionaire.
Despite his proven track record, Musk’s latest predictions clash sharply with the reality facing many Americans. Years of stubborn inflation, high interest rates and lackluster wage growth have created an affordability crisis.
Millions of people feel unable to earn a college degree, access quality health care, own a home or have children. A comfortable retirement also feels out of reach, with surveys showing that most Americans don’t have nearly enough saved.
