Your 401k wouldn't need 40 years to build a comfortable retirement, only 4 weeks.
We may drown in oceans of audio, video, novels, poems, films, porn, blue prints, chemical formulas, etc. dreamed up by AI, but to realize these designs, blueprints, formulas, drugs, etc. ("production") we need to actually resource the materials, and have the necessary energy to make it happen.
It will not be AI that catapults humanity. It can definitely mutate human society (for +/-) but it will not (and can not) result in any utopian outcomes, alone. But something like cold fusion, if it actually becomes a practical matter, would result in productivity that would dwarf anything that came before (modulo material resource requirements).
If this is true you can pretty much say goodbye to the concept of money. The inflation this brings about will be legendary