AI could be about to derail your plans retire earlysays an investment pro.
Nick Maggiuli, COO of Ritholtz Wealth Management, has a warning for those looking to move forward coast fireComprehensive Financial Freedom, a Strategy in the Early Retirement Movement.
This includes investors saving aggressively for retirement Until their nest egg reaches a sufficient level, they can stop contributing to their retirement accounts and focus solely on earning enough to cover living expenses.
This idea is popular among people who are looking for other career paths and “coast” until their retirement years, but this future may be in jeopardy in a world where AI is eating away. white collar job securityMaggiuli said.
“No matter how you feel about AI, you should probably ignore it coast fire “There must be more capital raised now before it is too late,” Maggiuli, whose firm manages more than $7 billion of assets, wrote in a Substack post.
AI’s impact is already visible in broad-stroke numbers job market. Consultancy Challenger, Gray & Christmas said in a report that artificial intelligence was the biggest driver of staff cuts by companies last month, accounting for 25% of planned layoffs in March.
retrenchment There has been a higher trend each year since 2022, the year ChatGPT first went viral.
Maggiuli said he believes AI can “definitely” take over more white-collar jobs, although the future is uncertain. He gave the example of someone who Leave the more stable 9-5 After moving to Coast Fire and working as a graphic designer, only to discover that work in the industry was becoming automated.
“I’m not asking you to predict the future, but you should think deeply about how you will make money in a world where LLMs are even more powerful than they are today,” he said of those interested in pursuing Coast Fire.
He said, “Why step back now when you can do it in a few years? After all, if AI doesn’t take your job, you’re fine. And if it does, you’ll be glad you made as much capital as possible while you still had the chance.”
Warnings about the impact of AI on the job market have intensified as hiring has slowed in the past year. Goldman Sachs said it believes AI can impact around 300 million full-time jobs Worldwide.
April 1st OpenAI report Found that 18% of all jobs are at high short-term automation risk.