Yes money would be gone. That would have to precede not needing to work.
My guess is that the answer will be unintuitive. For many people regular work schedule is what the rest of their life is built around. If you remove the need for work eveything else falls apart too and this would derail the lifes of the vast majority of humanity. Ofcourse there's some number of people that do have interesting hobbies and other projects that could take the place of their previous job but for many people this is not the case and they would now just be sitting around with nothing to do and no purpose to their life.
If I had to guess what the optimal situation would be it would be something like UBI + less work. UBI would give you the peace of mind to not have to constantly stress about your personal finances which would then allow you to choose a job you actually like doing and instead of doing it 8 hours a day 5 days a week you could perhaps work only 3 days or every day but just for 5 hours or so.
We'd form a socialist government and go explore space to learn about the universe and ourselves.
Hunting and gathering is work. If you want to eat you need to work to get food.
Lots of degeneracy
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