Treasury Secretary Scott Bessent says AI could end need for retirement savings

Treasury Secretary Scott Bessent told Fox News that rapid advances in artificial intelligence may eventually make traditional retirement savings unnecessary. He echoed tech billionaire Elon Musk’s view that AI will generate abundant wealth, noting that many current jobs did not exist 26 years ago and that AI could surpass human intellect by 2030.

Bessent’s comments come as the Social Security system faces long‑term funding shortfalls, with the 2026 Trustees Report warning the main retirement fund could run dry by 2032 unless Congress acts. Analysts estimate the shortfall could cut monthly benefits for millions of retirees. Financial planners, however, continue to advise individuals to maintain savings despite the optimistic AI outlook.