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Sponsored Business Insider 1.1M Followers Why Elon Musk says saving for retirement will be 'irrelevant' in the next 20 years Story by tmohamed@businessinsider.com (Theron Mohamed) • 1d • 2 min read Elon Musk erupted at the EU all weekend, blasting Brussels over censorship and bureaucracy after X was hit with a major fine for "fake" blue checkmarks. AP Photo/Evan Vucci, File Elon Musk erupted at the EU all weekend, blasting Brussels over censorship and bureaucracy after X was hit with a major fine for "fake" blue checkmarks. AP Photo/Evan Vucci, File © AP Photo/Evan Vucci, File Elon Musk says saving for retirement will be "irrelevant" if he's right about what the future holds. The Tesla and SpaceX CEO predicted AI would help create an "abundance" of resources for all. People would have "whatever stuff they want" and access to superb healthcare and education, he said. Saving for retirement has been a cornerstone of personal finance for well over a century. It could become pointless soon, Elon Musk says. Join the Galactic Adventure Join the Galactic Adventure Foundation · Sponsored call to action icon more "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." sk700gd makita - Power Up Your Toolbox - Deals On sk700gd makita sk700gd makita - Power Up Your Toolbox - Deals On sk700gd makita amazon.ca · Sponsored call to action icon more However, the serial entrepreneur warned of a "bumpy" transition to this utopian world, marked by jarring change and social unrest. He also flagged a potential loss of purpose. "Now, if you actually get all the stuff you want, is that actually the future you want?" he asked. '"Because it means that your job won't matter." Musk is known for transforming the auto sector with Tesla's electric vehicles, and revolutionizing the aerospace industry with SpaceX's reusable rockets. His companies are developing self-driving cars, humanoid robots, brain-computer interfaces, AI assistants, and other innovations as he paves his way to becoming the first trillionaire in history. Despite his track record, Musk's latest prediction clashes hard with the reality faced by many Americans. Years of stubborn inflation, elevated interest rates, and anemic wage growth have created an affordability crisis. Millions of people feel priced out of getting a college degree, accessing quality healthcare, owning a home, or having children. A comfortable retirement also feels out of reach, with surveys showing the majority of Americans aren't saving nearly enough. Against that backdrop, Musk's blue-sky vision of an abundant future may seem like wishful thinking — or even dangerous advice if it leads people to stop saving, but the world doesn't change as he expects, leaving them short in retirement. Video Player is loading. Current Time 0:00 / Duration 0:00 Business Insider Satellite images reveal scale of Elon's empire 0 If you enjoyed this story, be sure to follow Business Insider on MSN. A future without work? What Elon Musk, Bill Gates, and others in AI are saying about the future. ©Getty Images and AP Photo What if AI doesn't just change the future of work but eliminates it entirely? Elon Musk has referred to this possible future as "universal high income." Musk isn't the only name in tech to ponder just how different work could be in a post-AI world. Is this heaven? No, this is the AI future — well, at least the one where we're not all dead. See more