And for delivery Elon Musk recently suggested that in 10 to 20 years, saving for retirement will not matter, arguing that advances in AI, energy and robotics could usher in an era of abundance that renders traditional nest eggs obsolete. The comments prompted swift pushback from retirement scholars and wealth managers who said the vision overlooks stubborn real world constraints and household risks. Now Musk's case rests on a sweeping productivity boom smarter software, cheaper power and ambitious automation driving down the cost of goods and services from healthcare to education until scarcity fades. Even if parts of that prospect materialize, it does not follow that workers can safely stop building financial reserves today. Now, researchers at leading retirement centers note that near term risks remain unavoidable market volatility, job loss, illness and potential changes to public benefits. Several emphasize that Social Security faces funding challenges that, absent legislative fixes, could increase the burden on personal savings rather than eliminate it. Advisors also stressed a basic point future abundance is just an idea. Rent, groceries and medical bills are always going to be there now. Some critics focused on distribution rather than technology. They argue that whether abundance translates into broad financial security depends on political choices, taxation, transfers and the design of social insurance, which rarely move in lockstep with engineering breakthroughs. Innovation can arrive quickly. Equitable systems to share its gains typically take decades now. Others pointed to history. Past technology waves lifted productivity without reliably shortening work weeks or even distributing wealth. One researcher recalled that in the 1950s, some employees at a defense think tank skipped pension contributions because nuclear war felt inevitable. That never came. The retirement shortfalls definitely did, though. Now, for households deciding what to do now, the guidance from academics and practitioners is consistent. Keep continuing to do what you're doing. Contribute to workplace plans at least enough to capture an employer match. Maintain an emergency fund so short term shocks don't force withdrawals. Revisit portfolio risk as retirement approaches and Assume Social Security will remain an important but incomplete pillar of support. It might go away. And if a world of abundance arrives on an aggressive timetable, accumulated savings will become an extra margin of freedom in a cheaper economy, an outcome few would regret. The broader debate remains unresolved. Though technological optimism imagines a future where scarcity recedes. The personal finance discipline recognizes that bills come due on schedule until policy catches up with the promise of abundance. Most households are just better off to save. And you treat abundance as a potential upside, just in case. So you'll have this nest egg. Let's say you save up $200,000 and the abundance does come. You know, we've been promised abundance in the past. Henry Ford for one. Let's just talk about that. Henry Ford talked about how everybody would be able to afford pretty much everything because cars would make it cheaper to transport goods, which it did. Of course, that's much easier than a train or a plane. But the vehicles transporting, they needed drivers. Those drivers needed jobs, so those drivers got paid. The abundance never came. Though we still work long hours, some of us don't make enough money to survive. The abundance never came. It's tried to happen a bunch of times. Basically, it's rich people saying that abundance is coming because of what rich people do. They already have abundance. They already have everything they'll ever need. And for us, we have to fall back on the same old ideas. We never know what's going to happen after the next paycheck. Your employer could fire you. No matter how secure you think you are, your employer could just pull the plug on you. They might give you a little bit of notice, but also you don't know how the financials are doing at your company unless you're in that department. Case in point. Recently I was hired on as a contract worker. I had a three month contract with a company. After two and a half months, the company said, hey, we ran out of money. We did two giant acquisitions. Everybody that's a contractor is not a contractor anymore. So I didn't have that extra half a month to work. And after that it was a contractor to hire position. So now they're not going to hire me full time because of that. You never know what's going to happen. And because of things like that, I need your support. I've been doing this show for six or seven years straight and I will continue doing this for the next 10 years. And all I need is one minute of your time. One second, actually hit the subscribe or follow button. You don't even know how much that means to the show, how much that means to me personally. And if you have been listening to the show for a while, I get it. Sometimes you forget to hit the subscribe or follow button. I do it all the time on YouTube. I do it all the time on podcasts. And I every once in a while I'm like, oh, yeah, this show is great. I don't know why I have not followed it. It's in my recommendations, sure. But on podcasting, it's very important to follow or subscribe to a show because that's how we get our audience. And if we have a bigger audience, it means I can continue doing this and making this podcast better. Also, let me know in the comments if you have comments on your podcast player. What do you think of this? Do you think there's going to be overabundance with robo Taxis? You're still going to need money to do all the things that you need to do. You're still going to need to eat food. You'll be able to, of course, you'll still be able to own a car. You'll be able to own a home. But if the price is so expensive for you where you live, it might be time to think about living someplace else. Someplace with a lower threshold to buy a home. There are plenty of places outside of the United States that are much cheaper than the United States. I mean, if you go to the grocery store and you have one bag of groceries and it costs $200, that's a problem. And if this abundance is a promise that Elon Musk and the ultra mega wealthy can predict and they can actually make this promise come true, that's great. It's never happened in the past and it will never happen. How many thousands of years have humans been humans? The rich people get richer and the poor people stay poor. Sometimes there's a nice middle class some places all over the world, there is a nice middle class. In the United States right now, there's not really a middle class anymore. You can't have a regular nine to five job and feed a family of four. Say if you have two kids, two parents, anybody might have a dog, might have a cat, white picket fence. The American dream. You know, you can have that big house. You could buy a house with that wage and also buy a car and also go on vacation and have some time off. That doesn't exist anymore. You have to have side hustle and your side hustles have to have side hustles just to get by. You can't just have one person making the money anymore. You have to have two people in the household making money and that's just the normal life of a normal person. I'm not saying some people are outside of that because of course there are. There's some people that make a bunch of money and live in a place where it doesn't cost as much. But for the most of us, most people here, the abundance, according to these experts, is not going to come. But if it does, that's great. That's great. Maybe it's another bubble. Maybe people are going to start making a bunch of money. But also remember that Elon Musk says a lot of things and I'm here as the podcaster as the the world moves fast your workday even faster. Pitching products, drafting reports, analyz data Microsoft 365 Copilot is your AI assistant for work built into Word, Excel, PowerPoint and other Microsoft 365 apps you use, helping you quickly write, analyze, create and summarize so you can cut through clutter and clear a path to your best work. Learn more@Microsoft.com M365Copilot this episode is brought.
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