Elon Musk, the billionaire CEO of Tesla and SpaceX, stoked debate about the future of retirement savings by saying that in the coming years, traditional retirement planning could become “irrelevant” amid technological advances.
“One side recommendation I have is: Don’t worry about squirreling money away for retirement in 10 or 20 years,” Musk said on the “Moonshots with Peter Diamandis” podcast. “It won’t matter. If any of the things that we said are true, saving for retirement will be 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. No scarcity of goods and services. You can learn anything you want about anything for free.
“Now, if you actually get all the stuff you want, is that actually the future you want? Because it means that your job won’t matter.”
Musk’s perspective stands in contrast to ongoing economic realities for many Americans, especially older adults preparing for retirement.
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 Clever Real Estate survey from January 2025 found that 45% of retirees fear they will outlive their savings, while roughly 25% of retirees spend nearly one-third of their income on housing costs — a substantial financial strain for older households.
Other recent reporting notes that confidence in retirement savings is fragile and divided, as workers and retirees contend with rising costs, along with uncertainties around Social Security benefits and long-term care financing.
Critics of Musk’s view argue that such comments could be interpreted as discouraging to prudent financial planning. His advice, they say, might mislead individuals who do not experience dramatic economic transformation or who face steady retirement cost pressures like health care, housing and long-term care.
Whether or how Musk’s futuristic vision could unfold remains speculative, but current trends show retirement security is still a pressing and tangible challenge for millions of Americans.
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