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AI Fears: Jobs, Retirement at Risk for Americans
25 Nov
Summary
- Over half of Americans fear AI will reduce job opportunities.
- AI's impact on work type worries 45% of non-retirees.
- Diversification and annuities can mitigate AI's retirement risks.
A significant majority of Americans are apprehensive about artificial intelligence's potential to negatively affect their future financial security, particularly concerning job opportunities and retirement prospects. Survey data indicates that over half of non-retirees fear a reduction in available jobs due to AI, while a substantial portion also worry about how evolving job types might impact their retirement readiness.
Financial experts recommend proactive strategies to safeguard retirement savings against these emerging challenges. Diversifying investments across various asset classes and industries is advised to mitigate risks associated with AI's uneven impact on different sectors. Incorporating predictable income sources, such as fixed annuities, can provide a stable foundation irrespective of market fluctuations or job market changes.
Building flexibility into retirement plans is also crucial, given the ongoing evolution of AI's influence on the workforce. Options like phased retirement or part-time employment can offer income continuity and insulation from potential career disruptions. Experts also stress the timeless importance of starting retirement savings early to leverage compound growth over the long term.
