When you’re worth an estimated $700 billion, your retirement is probably secure. But for the rest of us, it’s a different story.

Elon Musk recently suggested that people shouldn’t stress about saving for retirement. His reasoning? Artificial intelligence and robotics will soon create a world without want or need.

In a recent podcast, Musk said: “Don’t worry about squirreling money away for retirement. In 10 or 20 years, it won’t matter. In the relatively near future, you could have whatever you want.”

Of course, Musk is heavily invested in AI and robotics, so he’s not exactly a neutral observer.

Still, pie-in-the-sky predictions aside, experts say this is terrible advice. Economists warn that a retirement crisis is looming, with possibly half of all Americans having no retirement savings whatsoever. Contrary to Musk’s comments, financial planners agree: You should save as aggressively as possible for your later years – and the earlier you start, the better.

In fact, you’ll probably need plenty of cash just to afford the robots Musk wants to sell you.

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