Musk dismisses retirement savings

Elon Musk, whose net worth has surpassed 1,000 billion dollars, claimed on X that saving for retirement is unnecessary because of the rise of superintelligence, which he believes will make money irrelevant. He made this statement on October 29, 2026, in response to an online user who argued that future abundance could justify poor financial choices.

Experts urge continued savings

Business Insider spoke with seven experts in personal finance and AI, all of whom advised people to continue saving for retirement. They expressed doubt about Musk’s predictions, citing the uncertainty surrounding the development of superintelligence and its potential impact on society.

Musk has long held this view

Musk’s position is not new. In December 2025, he told investor Ray Dalio that savings would become unnecessary as poverty disappeared and a "high universal income" would be established. He repeated this idea in a January 2026 podcast and an interview with The Economist in July 2026, stating that money could become obsolete by 2036 if AI surpasses human intelligence.

French households save despite challenges

In contrast to Musk’s view, French households saved 17.2 percent of their gross disposable income in the second quarter of 2026, even as their purchasing power declined. A report by Matthew U. Scherer and Maya Jenkins noted that nine major tech companies had accumulated 3,700 billion dollars in debt, some of which is held in ETFs and pension funds, raising concerns about financial risks tied to the AI race.

Musk’s wealth fluctuates

Musk’s net worth has varied around the 1,000 billion dollar mark since SpaceX’s IPO in June 2026. Forbes reported he crossed this threshold multiple times, with his last instance on October 21, 2026, before it dropped to 922.9 billion dollars by October 25. A New York Times investigation revealed his foundation gave out 421 million dollars less than required in 2023, the third year in a row it fell short of legal requirements.

Musk plans to gift SpaceX shares to children

On October 19, 2026, Musk announced he would give a SpaceX share to each of the roughly 73 million American children in 2027, valued at about 10 billion dollars. This followed Anthropic’s decision to invest 5 percent of its shares in a public interest fund. However, questions remain about the practical value of a 150-dollar SpaceX share for recipients, as the actual financial benefit is uncertain.