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AI may be useful, but you still need to save for retirement
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The purpose of saving and investing is to hedge against an uncertain future.
PHOTO: REUTERS
Allison Schrager
Put me down as an AI optimist. Artificial intelligence has the potential to transform the economy and make Americans richer, healthier and more productive. I would bet money on it – in fact I have, through the shares I own in an index fund, which means I am long the US economy.
That said, there are certain things not even AI can do, and one of them is suspending the basic laws of economics. Billionaire Elon Musk recently predicted that AI will create such abundance that in a decade or two, people will not need to bother saving for retirement. Feel free to check my answer with your favourite AI, but: Do not count on it.
