Elon Musk says retirement savings could become irrelevant'

"Musk envisions a future of unprecedented productivity, where advances in artificial intelligence, energy and robotics produce economic abundance and even a so-called universal high income that might make long-term savings unnecessary, Business Insider reported. 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."

"A recent study from the Center for Retirement Research at Boston College found that 83% of retirees face unexpected costs, which average about $6,000 a year over the course of retirement. Home repairs and health expenses dominate. Only 58% have enough cash to cover one year of costs, leaving many seniors vulnerable to debt, asset sales or early home equity use."

A vision of unprecedented productivity predicts advances in artificial intelligence, energy and robotics producing widespread economic abundance and a universal high income that could render long-term savings unnecessary. Goods and services would be plentiful and medical care improved and available within five years. Current retirement realities remain stark: many retirees face unexpected costs averaging about $6,000 annually, with only 58% able to cover one year of costs. A large share of retirees fear outliving savings and many spend a disproportionate share on housing. Rising costs and uncertainties around Social Security and long-term care increase financial vulnerability. Critics caution that assuming rapid economic transformation could discourage prudent financial planning.

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