Elon Musk Claims AI Will Make Saving For Retirement Obsolete Within Twenty Years

Elon Musk is known for his futuristic predictions, but his latest advice might have financial advisors doing a double-take.

According to the world’s richest man, the traditional hustle of saving for your golden years is about to become a thing of the past. During a recent episode of the Moonshots with Peter Diamandis podcast, Musk argued that people won’t need to “worry about, like, squirreling money away for retirement in 10 or 20 years” because, in his view, it “won’t matter.”

Musk’s theory is built on the idea that artificial intelligence is moving so fast that it will eventually provide everything we need. He told listeners that “in the relatively near future, you could have whatever you want,” suggesting that AI will drive the cost of living down to nearly zero. The host, Peter Diamandis, agreed with this utopian vision, adding that in this future, essentials like housing, healthcare, and even entertainment would essentially be handled for everyone.

While some might find that idea comforting, Musk’s timeline is aggressive. He reiterated his belief that AI will surpass the collective intelligence of every human on Earth by 2030. “You won’t need to save for retirement,” Musk claimed, citing his confidence in the “universal high income” that he believes the technology will generate. However, not everyone on the podcast was ready to jump on board, with one guest pointing out that it is “fundamentally impossible” to know exactly what AI will be capable of just a decade from now.

Experts in the financial and tech worlds are also waving red flags. Business Insider recently spoke with seven specialists who all warned that people shouldn’t stop their retirement contributions just yet.

Geoffrey Sanzenbacher, a research fellow at Boston College’s Center for Retirement Research, was blunt about the risks of following Musk’s advice, stating, “Most Americans should absolutely ignore these comments. Musk’s speculation sends a dangerous and misleading message.”

The skepticism continues in the academic world as well. Ekaterina Abramova, a professor at the London Business School who specializes in machine learning, admitted that while AI will “undoubtedly reshape” our society over the next twenty years, that doesn’t mean money disappears. She explained that a world where nobody has to pay for anything relies more on politics than technology, noting, “A future of ‘universal high income’ would depend less on AI itself than on governments choosing to redistribute its gains generously and sustainably, across borders and amid inevitable social friction.”

Musk may be betting on a future of “radical abundance,” but for most people, the reality of rent and bills still exists.

For now, it seems the general consensus is to keep your 401(k) active, unless you’re a billionaire who doesn’t have to worry about a “bumpy transition” to the future.