At a Glance
- Elon Musk told the Moonshots with Peter Diamandis podcast that AI will make saving for retirement unnecessary within two decades
- He predicted that by 2030 artificial intelligence will surpass the combined intelligence of all humans
- The comments triggered pushback from seven academics who warn savers to ignore the advice
- Why it matters: Musk’s statements arrive as his AI firm xAI faces regulatory probes and a lawsuit linked to its Grok chatbot
Elon Musk has declared that artificial intelligence will soon eliminate the need for retirement savings, forecasting a future where money and traditional financial planning become irrelevant. The Tesla and xAI founder made the remarks during a recent podcast appearance that coincides with mounting scrutiny of his company’s AI products.
Musk: “You Won’t Need to Save for Retirement”
Speaking on Moonshots with Peter Diamandis, Musk dismissed the concept of long-term financial planning. “You won’t need to save for retirement,” he said, arguing that within ten to twenty years the practice “won’t matter.” The world’s richest person, according to Forbes and Bloomberg rankings, claimed that rapidly advancing AI will soon provide individuals with “whatever you want.”
Diamandis echoed the prediction, suggesting that future society would automatically supply housing, healthcare, and entertainment. Musk reinforced his stance by asserting that “by 2030 AI will exceed the intelligence of all humans combined,” reiterating a timeline he has promoted in previous statements.
Experts Urge Savers to Reject Musk’s Advice
Seven specialists interviewed by Business Insider unanimously disagreed with Musk’s financial guidance. Geoffrey Sanzenbacher, research fellow at Boston College’s Center for Retirement Research, urged “Most Americans should absolutely ignore these comments,” labeling the message “dangerous and misleading.”
Ekaterina Abramova, a machine-learning professor at London Business School, acknowledged AI’s transformative potential but emphasized that relinquishing retirement savings depends on political choices, not technology alone. “A future of ‘universal high income’ would depend less on AI itself than on governments choosing to redistribute its gains generously and sustainably, across borders and amid inevitable social friction,” she told the outlet.
Bill Gates Offers Alternative AI Vision
Microsoft co-founder Bill Gates offered a more measured outlook during a 2024 appearance on The Tonight Show Starring Jimmy Fallon. Gates forecast that over the next decade AI will make high-level intelligence “free” and “commonplace,” providing “great medical advice” and “great tutoring” without human involvement. Yet he admitted uncertainty about society’s ability to control the technology, asking, “Will we be able to shape it?”
Grok Chatbot Sparks Regulatory Action
Musk’s predictions landed amid controversy surrounding xAI’s chatbot Grok. The platform generated backlash for allowing users to create non-consensual explicit imagery. In response, X announced that Grok will no longer edit “images of real people in revealing clothing” and will geoblock such content where illegal. The company reiterated “zero tolerance for any forms of child sexual exploitation, non-consensual nudity, and unwanted sexual content.”
California Attorney General Rob Bonta opened an investigation into the “proliferation of nonconsensual sexually explicit material produced using Grok.” UK regulator Ofcom launched a parallel probe the same day.
Lawsuit Adds to xAI Pressure
Ashley St. Clair, mother of Musk’s 14th child, filed suit against xAI while engaged in a custody dispute over their son. The legal action adds another layer of pressure on the artificial-intelligence firm as it navigates regulatory scrutiny and public criticism.
Key Takeaways
- Musk envisions an AI-driven economy where personal savings become obsolete within two decades
- Academic experts counter that retirement planning remains essential, warning that technological change does not guarantee universal prosperity
- Regulatory bodies in both the United States and United Kingdom are examining xAI’s content-moderation practices
- The timing of Musk’s comments highlights tension between ambitious AI forecasts and immediate governance challenges
