By now, we’ve all heard of AI, but many people still have mixed feelings about this revolutionary tool. Since I’ve been using it in my life on a daily basis, I have been wanting to share how you all can use AI to help with retirement planning.

When I came across this article from Business Insider, I knew I found my opportunity. Even if you’ve never used AI before, you’ll want to listen in to hear how you can use this versatile tool to help you plan your retirement.

Outline of This Episode

  • [1:52] How AI is changing the way we work
  • [4:04] Comparing AI advice with a human financial advisor
  • [6:34] How I would use AI in retirement planning
  • [16:22] How to set up an AI prompt

AI is quickly becoming an essential tool for many professionals

When ChatGPT launched in November 2022, the people’s reactions ranged from utter fear to total fascination. There was naturally a mix of concern over AI taking over jobs and excitement about the possibility of using it to simplify a variety of tasks.

Now that we are about a year and a half removed from the launch of Chat GPT, it is being used by many as a tool to make work and other responsibilities easier.

An AI experiment in financial planning

The freelance writer who wrote this Business Insider article decided to use ChatGPT to explore retirement planning and then compare the experience with that of using a financial advisor.

The author wanted to test ChatGPT’s effectiveness in providing retirement advice tailored to their specific situation.

By comparing the advice from ChatGPT and the advisor, the author aimed to determine how well AI could complement human expertise in retirement planning.

The difference between AI and a financial advisor

While the AI and the advisor gave many of the same recommendations, the human advisor provided more nuanced advice based on experience.

The financial advisor emphasized reducing risk as retirement approaches by shifting investments to more secure options like treasuries and bonds and advised against impulsive decisions such as relocating without a trial period or rushing to pay off debts without reviewing interest rates. This personalized advice reflects the unique insights a human advisor can offer.

This led the author to conclude that AI is a helpful starting point for basic retirement strategies but it lacks the depth and personalized touch of a human advisor. ChatGPT’s own advice to seek professional guidance underscores this limitation.

While AI can provide a foundation, a certified financial planner is essential for a comprehensive and personalized retirement plan.

My thoughts on using AI to help plan your retirement

This interesting experiment highlighted the complementary roles of AI and human advisors in retirement planning.

ChatGPT can quickly generate lists of viable options and important considerations, making it valuable for initial research. However, the intricate and personal nature of retirement planning requires the expertise, empathy, and nuanced understanding that only a human advisor can provide.

Combining the strengths of AI and human advisors allows for robust and tailored retirement plans addressing both general principles and specific needs.

Listen in to hear some do’s and don’ts for using ChatGPT for your retirement planning as well as an example of exactly how you can prompt the AI to get the best results.

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