Elon Musk Says Saving for Retirement Will Be ‘Irrelevant’ in 20 Years, Predicts AI and Robotics Breakthroughs To Usher In Era of ‘Universal High Income’

Austin, January 12: Tesla and SpaceX Chief Executive Officer Elon Musk has predicted a radical shift in the global economic landscape, claiming that saving for retirement will become “irrelevant” within the next 20 years. Speaking on the Moonshots with Peter Diamandis podcast, the billionaire entrepreneur suggested that rapid advances in artificial intelligence, robotics and energy technologies will create a world of “mass abundance”, where traditional financial planning is no longer necessary.

Musk urged listeners not to worry excessively about long-term savings, arguing that if technological progress continues at its current pace, setting money aside for the future may lose its relevance. He attributed this change to the growing efficiency of machines, which he believes will eventually perform most tasks faster and at a lower cost than humans, fundamentally altering the value of labour and capital. Grok Banned in Malaysia, Indonesia: Countries Become First To Block Elon Musk’s AI Chatbot Over Se*ualised Deepfakes Images.

Elon Musk on AI and the Future of Work

The billionaire, whose net worth is estimated to exceed USD 600 billion, described a future in which technological breakthroughs eliminate scarcity. He suggested that exponentially rising productivity could lead society towards a system of “universal high income”, ensuring a comfortable standard of living for everyone, regardless of employment status or personal savings.

Universal High Income and Access to Healthcare and Education

According to Musk, this transition would also democratise essential services such as healthcare and education. He predicted that within five years, advances in healthcare would provide universal access to treatments superior to those available today. He also claimed that education would become entirely free and accessible, enabling people to learn any subject without financial constraints.

Psychological Challenges of a Post-Scarcity World

Despite his optimism, Musk acknowledged that the transition to an automated, AI-driven economy would be “bumpy”. While technology may address economic challenges, he raised concerns about the psychological impact on individuals. Musk questioned how people would find purpose and meaning if work became optional and material needs were effortlessly met. Government Asking Smartphone Makers To Share Source Code? IT Ministry Refutes 'Mischievous' and 'Sensational' Reports.

Critics Question Musk’s Vision of a Post-Scarcity Economy

Musk’s vision of a world where “anyone can have whatever they wish” contrasts sharply with present-day economic realities, as rising inflation and living costs make retirement planning essential for many. Although Musk remains confident in AI’s ability to overcome resource scarcity, critics argue that significant regulatory, ethical and logistical challenges must be resolved before such a post-scarcity society can become a reality.

(The above story first appeared on LatestLY on Jan 12, 2026 01:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).