Saving for retirement is pointless thanks to the impending \u201csupersonic tsunami\u201d of AI and robotics, which will bring about a world of zero scarcity, according to Elon Musk.<\/p>\n
While the Tesla<\/a> and SpaceX<\/a> CEO admitted he\u2019s \u201cmore optimistic\u201d than most, he insisted people shouldn\u2019t stress over building a nest egg for the distant future, contrary to the staid advice of nearly all other financial professionals.<\/p>\n \u201cDon\u2019t worry about squirreling money away for retirement in 10 or 20 years,\u201d said the world\u2019s richest man on the Moonshots with Peter Diamandis podcast<\/a> last week. \u201cIt won\u2019t matter.\u201d<\/p>\n Part of Musk\u2019s controversial take lies in his vision of a world transformed by rapidly improving AI, robotics, and energy technology.<\/p>\n By 2030, AI will surpass \u201cthe intelligence of all humans combined,\u201d Musk predicted. He also claimed eventually there will be more humanoid robots than humans on Earth. Slowly, the traditional job will be replaced as well, with white collar positions first on the list.<\/p>\n \u201cAnything short of shaping atoms, AI can do probably half or more of those jobs right now,\u201d he said.<\/p>\n The advances could lead to such big productivity increases, he said, that they will surpass \u201cwhat people possibly could think of as abundance.\u201d<\/p>\n Rather than a universal income, everyone will enjoy a \u201cuniversal \u2018you can have whatever you want\u2019 income\u201d in the future, he claimed. In this world, the link between individual wages, savings, and living standards no longer makes sense.<\/p>\n Even without savings, AI will help people obtain better medical care than currently available within five years, as well as remove any limit on the availability of goods, services, or educational opportunities.<\/p>\n \u200bMusk\u2019s comments build on his earlier claims that AI and humanoid robots will make work \u201coptional\u201d within 10 to 20 years and render money itself irrelevant.<\/a> Musk previously compared the future of work to leisure activities like playing sports or video games rather than a survival necessity.<\/p>\n \u201cIf you want to work, [it\u2019s] the same way you can go to the store and just buy some vegetables, or you can grow vegetables in your backyard. It\u2019s much harder to grow vegetables in your backyard, and some people still do it because they like growing vegetables,\u201d Musk said during the U.S.-Saudi Investment Forum in November.<\/a><\/p>\n \u200bTo be sure, Musk\u2019s predictions about the future come at a time where many Americans are struggling to save. In part due to persistent inflation and weak wage growth, only 55% of American adults said they had a \u201crainy day\u201d fund of three months expenses saved up for an emergency, down from a high of 59% in 2021, according to a survey by the Federal Reserve<\/a>. Fewer than half of those surveyed said they could cover an expense of $2,000 or more with their savings.<\/p>\n","protected":false},"excerpt":{"rendered":"Saving for retirement is pointless thanks to the impending \u201csupersonic tsunami\u201d of AI and robotics, which will bring…\n","protected":false},"author":3,"featured_media":513466,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[64,66,11510,255,67,132,68],"class_list":{"0":"post-513465","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-elon-musk","10":"tag-humanoid-robots","11":"tag-personal-finance","12":"tag-united-states","13":"tag-unitedstates","14":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115888765165070814","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/513465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=513465"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/513465\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/513466"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=513465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=513465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=513465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}