{"id":464343,"date":"2026-02-09T20:03:53","date_gmt":"2026-02-09T20:03:53","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/464343\/"},"modified":"2026-02-09T20:03:53","modified_gmt":"2026-02-09T20:03:53","slug":"elon-musk-says-you-dont-need-to-worry-about-saving-for-retirement","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/464343\/","title":{"rendered":"Elon Musk Says You Don\u2019t Need To Worry About Saving for Retirement"},"content":{"rendered":"\n

As AI becomes an increasingly integral part of daily life, Elon Musk believes it will become so powerful that people won\u2019t need to save for retirement. On an episode of \u201cMoonshots with Peter Diamandis<\/a>,\u201d Musk said, \u201cDon\u2019t worry about, like, squirreling money away for retirement in like 10 or 20 years\u201d because it \u201cwon\u2019t matter.\u201d<\/p>\n

The world\u2019s richest man believes setting aside money for retirement<\/a> is irrelevant because the workforce will completely change in a few short years, thanks to artificial intelligence (AI). He\u2019s \u201cconfident by 2030, AI will exceed the intelligence of all humans combined,\u201d but some experts disagree and encourage Americans to continue saving for retirement<\/a>.<\/p>\n

In an interview on \u201cVerdict with Ted Cruz,\u201d U.S. Sen. Ted Cruz\u2019s podcast, Musk said that goods and services people need will be almost free. Musk explained that \u201ctens of billions of robots that will make you anything or provide you any service you want for basically next to nothing.\u201d<\/p>\n

While that future might sound exciting, it doesn\u2019t sound realistic to finance experts.<\/p>\n

\u201cAutomation might lower the cost of gadgets or clothes, but it\u2019s not going to make healthcare free, guarantee affordable housing or ensure that government policy stays stable,\u201d said Danny Ray, founder of PinnacleQuote<\/a>, \u201cThe Life Insurance Experts.\u201d<\/p>\n

Ray also noted that the idea that everything will be free someday misses a big point \u2014 access. \u201cEven if services become cheap, access still depends on factors like who controls the tech, how it\u2019s distributed, and the laws in place,\u201d he said. \u201cSo banking on some future system to take care of you? That\u2019s risky.\u201d<\/p>\n

Read More: This \u2018Boring\u2019 Investment Could Be the Secret To Never Running Out of Retirement Income<\/a><\/p>\n

Check Out: 5 Clever Ways Retirees Are Earning Up To $1K per Month From Home<\/a><\/p>\n

Technology can make some things less costly; however, it won\u2019t magically fix issues like housing, healthcare or tax costs.<\/p>\n

\u201cThose are the big-ticket items that really shape whether retirement feels secure or stressful,\u201d Ray said. \u201cEvery wave of new technology brought price drops in some areas but made other things more expensive.\u201d<\/p>\n

Saving for retirement<\/a> isn\u2019t about pessimism; it\u2019s about realism. \u201cYou\u2019re not betting against technology; you\u2019re just giving yourself a buffer in case the future turns out slower or messier than expected,\u201d Ray explained.<\/p>\n

While Musk has insight into how AI can potentially shape the future, telling people not to save for retirement isn\u2019t realistic, according to Nicholas Juhle, Greenleaf Trust\u2019s<\/a> chief investment officer.<\/p>\n

\u201cThat\u2019s an easy (and irresponsible) declaration to make when you have a net worth of nearly $800 billion,\u201d he said. \u201cThe implication is that artificial intelligence will be so smart that people somehow won\u2019t need money in a few years from now?\u00a0If you\u2019re going to bet your financial security<\/a> on that notion, you\u2019re countering our entire historical experience and you had better be right.\u201d<\/p>\n

Musk might have an interesting viewpoint, but that shouldn\u2019t be used as an excuse to stop saving for retirement, said Eric Mangold, CWS, founder of Argosy Wealth Management<\/a>.<\/p>\n

\u201cNo one has a crystal ball and making such a monumental life change to stop saving for retirement because of something that may or may not happen, to me doesn\u2019t sound like a prudent financial move,\u201d he said.\u00a0\u201cYou probably don\u2019t want to be the one who, on the day you want to retire, has nothing saved because of something someone said many years prior.\u201d<\/p>\n

While Musk argued that AI-driven abundance will make retirement savings obsolete, critics say technological growth alone won\u2019t protect individuals financially.<\/p>\n

Kaveh Vahdat, founder and CEO of generative AI company RiseAngle<\/a>, believes AI could surpass collective human intelligence by 2030 but is wary of free services and programs to help people during retirement.<\/p>\n

\u201cIt\u2019s like saying that because the U.S. GDP is $30 trillion and there are many billionaires, you don\u2019t need to save for retirement,\u201d he explained. \u201cWhether you should save for your retirement or not has to do with social systems that can support and protect you as an individual in the wake of AI growth.\u201d<\/p>\n

He added that there isn\u2019t progress being made in that direction. \u201cWe not only don\u2019t have any of those systems in place right now, but we also see zero headway in that direction from leading AI companies in terms of how they intend to distribute this increased wealth back to society or present plans for doing so to the government,\u201d he said.<\/p>\n

In Vahdat\u2019s view, there are no serious steps being taken in this direction by any of the major AI players, including Musk. \u201cFor as long as this remains the case, no matter how much wealth is created by AI, it does not change the status of common folks,\u201d he said<\/p>\n

Bottom line: AI optimism isn\u2019t a retirement strategy<\/a>, and finance experts urge Americans to continue saving.<\/p>\n

More From GOBankingRates<\/p>\n

This article originally appeared on GOBankingRates.com<\/a>: Elon Musk Says You Don\u2019t Need To Worry About Saving for Retirement<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"As AI becomes an increasingly integral part of daily life, Elon Musk believes it will become so powerful…\n","protected":false},"author":2,"featured_media":464344,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[276,45,49,48,189632,250,133,131,132,175531,189633],"class_list":{"0":"post-464343","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-artificial-intelligence","9":"tag-business","10":"tag-ca","11":"tag-canada","12":"tag-danny-ray","13":"tag-elon-musk","14":"tag-finance","15":"tag-personal-finance","16":"tag-personalfinance","17":"tag-peter-diamandis","18":"tag-verdict-with-ted-cruz"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/464343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=464343"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/464343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/464344"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=464343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=464343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=464343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}