elon Musk, the CEO of Tesla and SpaceX, predicts conventional retirement savings will become obsolete as advancements in artificial intelligence, energy, and robotics usher in an era of abundance. He believes production will increase to the point where access to resources becomes nearly limitless.
Business Insider reports that Musk shared his views on the “Moonshots with Peter Diamandis” podcast, stating, “My suggestion is: Don’t worry about retirement in the next 10-20 years. It won’t matter.”
“If we get to the point where AI can do almost anything,and robots can do almost anything,and energy is cheap and abundant,” Musk explained,”then the whole concept of work and retirement changes.” he anticipates a future where goods and services are so readily available that the need to accumulate wealth for retirement diminishes substantially. He further suggested that focusing on experiences and contributing to society might become more valuable than traditional financial planning.
Musk isn’t alone in considering the potential impact of automation on the future of work.experts are increasingly discussing the need for new economic models,such as worldwide basic income,to address potential job displacement. However, Musk’s prediction focuses specifically on the diminishing relevance of retirement savings in a world of widespread abundance.
