"You can't completely discredit Musk's take, though. Yes, forgoing retirement on the belief that AI and tech will just figure it out in a few decades is a massive gamble. But the past few years have reminded us that tech can quickly flip the script on conventional wisdom. Five years ago, a career as a computer programmer felt secure. Now ... not so much."
"A group of BI reporters reached out to seven personal finance and AI gurus to get their take. They all agreed you shouldn't stop those direct deposits into your 401(K). Even if AI increases productivity and reduces costs over time, it's not clear whether the benefits will be distributed evenly across the population."
"Meanwhile, Americans are already in a precarious position regarding their retirement. Last year, BI's Noah Sheidlower spoke to nearly 200 Americans who continue to work past the age of 80 as part of our "80 over 80" series. While some like the fact that they can still work, others don't have a choice. And that's with the benefit of Social Security, a safety net that might not exist in the future."
Elon Musk predicts that AI-driven technological advances will create abundance and a universal high income, potentially rendering retirement saving unnecessary within 10–20 years. Personal finance and AI experts warn that relying solely on that outcome is risky and recommend continuing retirement contributions. AI may boost productivity and lower costs, but gains might not be evenly distributed. Many Americans already face precarious retirements, with nearly 200 older adults working past age 80 and Social Security possibly weakening. Rapid tech shifts have disrupted jobs historically, so uncertainty and distributional risks make banking retirement on AI a gamble.
Read at Business Insider
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