Recent reports show that confidence in retirement savings is shaky, with many Americans unsure they’ll have enough to stop working comfortably. Meanwhile, Elon Musk has opened debate by suggesting that we will not need retirement savings in the future.

Talking with Peter Diamandis on his Moonshots podcast, Musk said about the future where AI, robotics, and energy breakthroughs create such massive productivity that we'd all have a "universal high income."

Retirement worries? Gone. Of course, he admitted the path there would be rocky. And there's a catch: in a world where work is no longer necessary, people might struggle to find meaning.

“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. No scarcity of goods and services. You can learn anything you want about anything for free. Now, if you actually get all the stuff you want, is that actually the future you want? Because it means that your job won’t matter.”

But we can argue that Musk's comments could discourage people from planning ahead and especially since most of us won't see his predicted economic boom. Meanwhile, retirement costs like healthcare and housing aren't going anywhere.

Research shows most retirees deal with surprise expenses - often around $6,000 a year mainly from healthcare and home repairs. Only about half have enough savings to cover a year of unexpected costs.

On top of that, many retirees worry about running out of money, with housing taking up a large chunk of their income. For older Americans, retirement remains less about abundance and more about making ends meet.

Other recent reporting notes that confidence in retirement savings is fragile and divided, as workers and retirees contend with rising costs, along with uncertainties around Social Security benefits and long-term care financing.

Years of stubborn inflation, elevated interest rates, and anemic wage growth have created an affordability crisis.

Millions feel unable to afford higher education, quality healthcare, homeownership, or starting a family. Many also doubt their ability to retire comfortably, with surveys indicating that most Americans are not saving enough for retirement.

If people stop saving and bank on the "universal high income" idea, they could find themselves unprepared when retirement rolls around. Sure, technology is evolving at breakneck speed and no one has a crystal ball - but everyday financial pressures aren't waiting around. Housing costs, healthcare bills and inflation? Those are hitting us right now.

The billionaire entrepreneur has a track record of predictions that don't quite arrive on time. Self-driving Teslas and Mars missions were both supposed to be here years ago - yet we're still waiting. He might be right about this future, but here's the real question: can we afford to bet on it?

For now, it makes more sense to keep saving, just in case the future takes longer than expected. We still live on Earth, not on Mars or in a sci-fi movie. 🌍 So it's smarter to plan realistically, save what you can, and reduce stress where possible. Betting your retirement on an AI-powered utopia arriving in time? That's a gamble most people simply can't afford to make.