“One side recommendation I have is: Don\u2019t worry about squirreling money away for retirement in 10 or 20 years,” Musk said in an episode of the “Moonshots with Peter Diamandis” podcast aired last week, as quoted by Business Insider.<\/p>\n
Musk said rapid progress in artificial intelligence, robotics and energy would reshape daily life and sharply boost productivity.<\/p>\n
He predicted that by 2030, AI would exceed “the intelligence of all humans combined,” and that humanoid robots would eventually outnumber people, with white-collar roles being displaced first.<\/p>\n
This would create an “abundance” of resources that would allow everyone to “have whatever they want,” including universal access to medical care “better than anyone has today” within five years and “no scarcity of goods and services.”<\/p>\n
“If any of the things that we\u2019ve said are true, saving for retirement will be irrelevant,” Musk said.<\/p>\n
But the transition to that future would be “bumpy,” with abrupt disruptions and social instability as people grapple with a loss of purpose as their job “won\u2019t matter,” he added.<\/p>\n
Musk is the world\u2019s richest person, with a net worth exceeding US$720 billion. He is the CEO electric carmaker Tesla and aerospace firm SpaceX, according to Forbes.<\/p>\n
His latest forecast contrasts with the financial reality for many in the U.S., where a large share of Americans is struggling to put money aside amid stubborn inflation and sluggish wage growth.<\/p>\n
Just 55% of U.S. adults said they had an emergency fund covering three months of expenses, down from 59% in 2021, Fortune reported, citing data from the Federal Reserve.<\/p>\n
Fewer than half said they could pay an unexpected expense of $2,000 or more using savings. Other surveys also show that many Americans are behind on retirement savings or have little saved for their post-work life.<\/p>\n