"Earlier this month, Elon Musk suggested that people don't need to sock away funds in their 401 (k) anymore because AI will make the scarcity of money a thing of the past. "If any of the things that we've said are true, saving for retirement will be irrelevant," Musk said of the predicted AI revolution during a recent podcast episode."
"Business Insider Today's Dan Defrancesco asked newsletter readers whether they trust AI enough to stop saving, and the results were pretty emphatic. Of the roughly 200 readers who responded, just 6% said they're not worried about retirement and that they'd let AI handle the future. Meanwhile, roughly 94% said they would stick with their savings plans rather than bet the farm that an AI revolution would make it moot."
A prediction emerged that AI could create resource abundance and universal high incomes, potentially making saving for retirement unnecessary. A reader survey of roughly 200 respondents showed only 6% would stop saving based on that outcome, while about 94% would continue current savings plans. Financial and technology experts recommended maintaining or increasing retirement savings. Seven retirement and AI specialists advised higher retirement spending. Technological revolutions historically have not boosted wealth equally across society, and implementing a universal basic income would require coordinated government action.
Read at Business Insider
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