Elon Musk says you can skip retirement savings in the age of AI. Not so fast

Billionaire Elon Musk recently told people not to worry about "squirreling" money away for retirement because advances in artificial intelligence would supposedly make savings irrelevant in the next 10 to 20 years.

Let me translate that into plain financial English: Don’t bother preparing for your future because robots and automation will take care of it.

That may sound exciting on a podcast. Even my own "Red, White, and Green" podcast. It may even sound comforting to those who don’t have a 401(k) plan.