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Elon Musk Says Retirement Saving Will Soon Be Unnecessary, Citing AI-Driven Abundance

Experts advise continuing retirement contributions, noting his forecast does not explain how gains would reach most people.

Overview

  • Musk told the Moonshots with Peter Diamandis podcast that people need not worry about saving for retirement in the next decade because AI and robotics will erase scarcity.
  • He predicted work will become optional and said AI could surpass the combined intelligence of all humans by 2030, with widespread humanoid robots doing many tasks.
  • Seven personal finance and AI specialists interviewed by Business Insider said people should keep funding 401(k)s and other accounts despite Musk's claims.
  • Experts questioned distribution of any AI-driven gains and highlighted that most households still need savings buffers given uncertain policy and economic conditions.
  • Context reporting noted Tesla’s Optimus humanoid robot program faces production delays and executive turnover, underscoring uncertainties around Musk’s timelines.