"Saving money? In the future we're heading to, having savings won’t be necessary." ,
Elon Musk, the renowned businessman and CEO of Tesla and SpaceX, who is also the richest person in the world with wealth exceeding 700 billion U.S. dollars, said this on the podcast Moonshots with Peter Diamandis last month.
"One piece of advice I want to leave is: don’t worry about saving money for retirement 10 or 20 years from now. It will no longer hold meaning." He said this while explaining his vision of a positive future.An idealfuture, he described, where rapid advances in AI, energy, and robotics will lead to an era of unprecedented resource "abundance," rendering retirement savings almost meaningless.
This "better future" would be a world where everyone can access anything they want, including better healthcare than what exists today. He added, it would be a world without shortages of goods and services, where everyone can learn anything about anything at no cost.
However, Elon Musk also warned that the path to such an ideal world would not be smooth. It would be a turbulent transition full of major changes, social upheaval, and could lead many people to lose their sense of purpose or meaning in life.
Although Elon Musk has made many accurate predictions in the past, this vision seems very much at odds with current realities.
Especially in recent years, the world is grappling with deeply rooted inflation,a crisis in employment where, despite labor shortages, companies do not hire due to skill gaps, and many people feel excluded from basic life opportunities such as education, healthcare access, home ownership, or even having children.This has raised a crucial question: in a world where living costs are high but incomes do not keep pace, is saving for retirement becoming increasingly unrealistic? Many currently lack sufficient retirement savings.
Against this backdrop, Elon Musk’s vision of a world of abundance may be seen as merely a hopeful dream or, worse, experts warn,
it could become dangerous advice if it causes people to stop saving, yet the world does not change as he expects, leaving many to face actual shortages in retirement. Source: Business Insider [1][2]
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