Should you stop saving for retirement? Elon Musk says AI and robots could make money less important in future! But how?
Elon Musk has sparked fresh debate over personal finances after claiming that saving money for the distant future may become unnecessary as artificial intelligence (AI) advances. The Tesla and SpaceX CEO posted this comment on X (formerly Twitter) on Thursday, October 29, saying that the rise of superintelligent AI could lead to an economy where goods and services are everywhere.
Musk was responding to an X user who joked about justifying questionable spending decisions by expecting a future of abundance. The user suggested that people shouldn't be too carefree with their money, but many financial decisions they make about money today may not be that significant in the near future. Musk replied, “Saving money for the distant future is pointless with the advent of super-intelligent abundance.”
It's not the first time that Musk has suggested that the idea of traditional financial planning might be obsolete. In an interview with entrepreneur Peter Diamandis a few months earlier this year, Musk talked about a future where AI systems and robots would do the majority of human work and create goods and services on an unprecedented scale.
According to Musk, automated production could eventually push the cost of goods and services towards zero. The traditional function of money may also be affected if continuous production and provision of services by robots can replace human wages.
“I think money will stop being relevant at some point in the future,” Musk said during the conversation. Diamandis questioned the timing of the prediction, pointing out that Musk could become a multi-trillionaire just as money loses its importance. Musk replied, “Yeah, pretty much.”
Musk has also outlined his vision of an AI-driven economy in a July 2026 interview with The Economist. He said that artificial intelligence will soon surpass the combined intelligence of mankind in about five years.
He predicted the possibility of an “age of amazing abundance”, where AI and robotics could provide people with almost anything they want. Musk also said that eventually, it will allow people to work out of interest rather than financial necessity.
However, this vision will rely on the rapid development of AI and robotics, which must have a transformative impact on production, jobs, and access to key services.
Musk has already suggested Universal High Income (UHI) as a solution to the issue of unemployment due to AI and robotics. He posted a statement on X in April 2026 suggesting the possibility of payments to citizens due to the automation of the labour market by the US government.
“Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment resulting from AI,” Musk wrote.
He suggested that artificial intelligence could enhance productivity and boost the production of goods and services in greater quantities than the volume of money, which would help prevent inflation.
While Musk remains optimistic about an automated future, his advice against long-term savings has also drawn attention to the gap between his predictions and the financial realities faced by ordinary households.
Pragya is a Technology reporter with over four years of experience in digital media and content writing. She holds a Master’s degree in Journalism and has covered a wide range of stories spanning space, smartphones, gadgets, artificial intelligence, emerging technologies and the ways technology is transforming everyday life. She focuses on breaking down complex technology and science developments into clear, engaging, and reader-friendly stories, with a keen interest in emerging trends and their real-world impact. Before joining her current newsroom, Pragya worked with News9Live, where she covered the technology beat extensively, reporting on smartphones, consumer technology, AI, space and science, while also contributing to video and visual content. Her experience includes breaking news, explainers, SEO-driven stories, product coverage, interviews, unboxing videos and live event reporting. She has also covered major technology and AI events, giving her experience in both newsroom and on-ground reporting. Beyond journalism, Pragya is an avid gamer and a passionate reader of fiction. She enjoys exploring immersive worlds through games and books, with a particular interest in stories that offer new perspectives, ideas, and experiences.
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