How confident are you in AI? Enough to bet your retirement on it?
This has become a debate thanks to Elon Musk’s bold declaration: Saving for retirement 10 or 20 years from now is “not a problem.”
Musk’s confidence comes from the work he is doing in artificial intelligence. The CEOs of Tesla and SpaceX said technological advances will make resources “abundant” and provide “universal high incomes” for everyone.
It’s easy to say that when I check my notes and almost pass out. Approximately $700 billion is held in banks. What happens to those who have far fewer zeros in their net worth?
A group of BI reporters contacted: Hear from 7 personal finance and AI gurus. They all agreed that direct deposits into 401(K)s shouldn’t be stopped.
Even if AI improves productivity and reduces costs over time, it is unclear whether the benefits will be distributed evenly across the population.
Meanwhile, Americans are already in a precarious position when it comes to retirement. Last year, BI’s Noah Scheidlower spoke to nearly 200 Americans who continue to work past age 80 as part of our work. “80 over 80” series.
Some people like the fact that they can still work, but others don’t have a choice. And it benefits from Social Security, a safety net that may not exist in the future.
What do you think?
However, Musk’s views cannot be completely rejected.
Yes, I am postponing my retirement believing that AI and technology will help me in the future. understand it A few decades from now is a big gamble. But the past few years have reminded us that technology can quickly overturn conventional wisdom.
Five years ago, a career as a computer programmer felt secure. Well…not so much.
It’s not a new phenomenon. My colleague Alistair Barr recently wrote about the Tech Memo newsletter (Subscribe here!) The U.S. horse ownership rapidly went from 25 million to less than 2 million. Thanks to the advent of the steam engine.
Even if Mr. Musk’s claims are correct, he will still need some change. Money is not just something you can buy. It’s also about access and exclusivity, but it’s not clear how that will work in this new utopia.
It’s not just about going to Disney World. It’s about being able to cut lines. It’s not just about getting tickets to the game. It sits courtside.
But if everyone had a “universal high income,” how would that perk work? Would we all be equal? Or are some of us more equal than others?
