Elon Musk believes that saving for retirement in the next 10 to 20 years could become completely irrelevant, if his predictions about the development of technology come true. In a guest appearance on the Moonshots with Peter Diamandis podcast, he said that rapid advances in artificial intelligence, robotics and energy systems could lead to a world of abundance, where everyone has access to everything they need, without financial constraints.
According to Musk’s vision, extreme productivity growth would enable what he calls “universal high income,” where people would have access to superior health care, education, and goods, without today’s barriers. Such a society, as he states, would mean the end of poverty and free access to knowledge and services for all.
A vision of the future without scarcity and its controversy
However, Musk warns that the road to such a future will not be without problems. The period of transition could be marked by major social upheavals, instability and a loss of sense of purpose, as many jobs would lose importance. There is also the question of the meaning of work in a world where basic needs are fully met.
This optimistic vision is in stark contrast to the current reality. Large numbers of people are already struggling with the rising cost of living, expensive education, healthcare and housing issues. Research shows that most citizens do not save enough for retirement, and economic uncertainty further increases fear of the future.
That is why Musk’s statements cause divided reactions. While some see his forecast as an insight into the technological future, others consider it dangerous advice, because giving up savings could have serious consequences if such a scenario does not materialize. In this context, Musk’s message seems more like a philosophical reflection on the possible development of the world than as practical financial advice for today’s circumstances, reports Business Insider.