""Savings? Where we're going, we don't need savings." That twist on Doc Brown's famous line from "Back to the Future" captures Elon Musk's controversial view that future retirees won't need nest eggs. "Don't worry about squirreling money away for retirement in 10 or 20 years," the Tesla and SpaceX CEO told the "Moonshots with Peter Diamandis" podcast earlier this month. "It won't matter." The world's richest man predicted that advances in AI, energy, and robotics will generate such an "abundance" of resources for all that individuals' retirement savings will be "irrelevant.""
""Most Americans should absolutely ignore these comments," said Geoffrey Sanzenbacher, a research fellow at Boston College's Center for Retirement Research (CRR). "Musk's speculation sends a dangerous and misleading message." Sanzenbacher cast doubt on Musk's timeframe, and said the tech billionaire's words were "especially dangerous" as Social Security is likely to be cut in the coming years due to a funding shortfall."
Predictions of future abundance from advances in AI, energy, and robotics claim retirement savings could become irrelevant. High inflation, elevated interest rates, weak wage growth, and record household debt are creating a widespread affordability crisis that puts retirement security at risk. Social Security faces a funding shortfall that could lead to benefit cuts, increasing reliance on personal savings. Personal finance and AI experts warn that optimistic technology forecasts are uncertain and potentially misleading, and they advise individuals to continue saving more rather than less to protect long-term financial stability.
Read at Business Insider
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