To extrapolate on what you said: "which will in turn allow people to live with much less money", I think this is absolutely true but the endgame is that most things will be nearly free but people will have no money to buy them.
For example computers are effectively free now, they are widely available on Craigslist for under $100 and capable smartphones are bundled into most cellular plans. Flat screen TVs, for all their perceived excess, halve in price each year. However houses and cars still cost $100,000 and $10,000, even used. What's beginning to haunt me is that soon there will be no money in so many industries that people think of as lucrative now: computing, transportation, services, etc, yet the things that constitute the core infrastructure of our society only appreciate in value. You'll be able to get what you want, but not what you need.
My prediction for America in 10 or 20 years, assuming there is no intervention soon, is that corporations will replace the state as the primary wealth manager and that nearly the entirety of the population, probably 400 million people by then, will have no wealth to speak of. People will be struggling to find high paying jobs because raises will be a thing of the past once automation progressively lowers costs each year. There will be a profound sense of being "locked in", running a perpetual rat race where work that used to be worth $100 per hour slips to $50, then $25, and so on until even the most trying work is not profitable, and stabilizes on some rate set by fear, perhaps $10 an hour. With everyone making this across industries, we'll have neo-communism. Your boss won't be able to afford a home, and neither will his or her boss. But go high enough up the ladder and houses will be gifted out as perks.
Then there will be some kind of revolution, it's tempting to think we don't know what form it will take, but if it's to be successful it will be a peaceful one. Basically we'll all look around and wonder why we're all working so hard in the most productive economy that's ever existed, and we'll throw out the bosses by deciding not to participate in the activities that they depend on. Suddenly everyone will have a substantial level of public wealth, you'll instantly own the home you're in, and it will be unclear whether you'll still pay a mortgage. The way it works is that the people and policies that help society are carried over post revolution, and the ones that hinder it are cast aside.
I kind of hope I'm wrong about all of this, but I know in my heart I'm not. We're living in the last heyday of the industrial age, "enjoy" it while it lasts. We can even pretend that we don't know what the post-revolution age will look like, but that's not true either. Everyone's standard of living will go up to what it would have been without oppression. Only this time it will feel unthinkable to coerce people into doing work you would disdain to do yourself, so robots will fill that role instead of other ethnicities, genders or foreigners. It may very well be the last revolution before we're a spacefaring society.
In fairness, and because this got so long, I just want to say that this is only one possible future, and that we may very well adopt robots on a personal level like the PC (hydroponic gardens, off-grid homes and cars built of recycled materials, a sharing economy like Airbnb for everything) before then and the next generation may follow a completely different path. I just think this is the most likely forecast, based on the evidence I see around me now.