Can AI help you plan for retirement? If you know the right questions to ask (and the right followup questions), it might be helpful for validation. But be mindful of how current the information is, and note that there might be gaps in the advice you’re getting.

I asked ChatGPT several common questions about retirement planning. The answers varied from great to not-so-great. In this video, we review how valuable this type of advice might be with current models.

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Questions include:
- I have $1 million and I get $24k in Social Security. Can I retire?
- How much should I convert to Roth this year?
- Which accounts should I spend from: pre-tax, Roth, and taxable?

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While the model is easy to use (quite impressive, really), it’s important to triple-check the answers you get. For starters, some of the numbers might be old, causing you to miss opportunities. And some of the logic might not be the best.

Ultimately, we know that AI is getting more powerful, and the advice should only get better over time. But for now, it’s probably best for somebody who already knows more than the machines.

More Resources:
How a Social Security Bridge Works:    • Social Security Bridge: Maximize Income  
Robert Powell Talks AI and Financial Advisors:    • Why AI Poses A Mortal Threat To Finan...  
ChatGPT: https://chat.openai.com/

CHAPTERS:
00:00 Potential Benefits of AI
01:13 Can I Retire at 60 With $1 Million?
03:40 How Much Should I Convert to Roth?
07:25 Which Accounts Should I Take Income From?
10:55 Can AI Help You Plan for Retirement?

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Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states.

IMPORTANT:
It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Any referenced returns are merely assumptions for educational or informational purposes and should not be construed as actual or hypothetical performance figures in connection with the firm’s investment advisory services. Past performance does not indicate future results. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.