"Saving for retirement has been a cornerstone of personal finance for well over a century. It could become pointless soon, Elon Musk says. "One side recommendation I have is: Don't worry about squirreling money away for retirement in 10 or 20 years," the Tesla and SpaceX CEO said during the latest episode of the "Moonshots with Peter Diamandis" podcast. "It won't matter." "If any of the things that we've said are true, saving for retirement will be irrelevant," Musk added."
"The world's richest man, whose net worth exceeds $600 billion, described a future where advances in AI, energy, and robotics supercharge productivity, creating an "abundance" of resources that would allow everyone to be granted a "universal high income." The "good future is anyone can have whatever stuff they want," Musk said. That would mean "better medical care than anyone has today, available for everyone within five years," he continued. "No scarcity of goods and services. You can learn anything you want about anything for free.""
Advances in AI, energy, and robotics could supercharge productivity and generate abundant resources, enabling universal high income and widespread access to goods and services. Universal high income would provide better medical care for everyone within five years and free education on any topic. The transition to this abundance could be bumpy, producing jarring social change, unrest, and a potential loss of purpose as jobs become unnecessary. Saving for retirement may become irrelevant in an abundant economy where scarcity is eliminated. Companies continue developing technologies such as self-driving cars and humanoid robots that could accelerate this transformation.
Read at Business Insider
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