Key Takeaways<\/p>\n
ChatGPT can be a resource for retirement planning questions<\/a>, but it doesn\u2019t replace the advice of a human financial advisor<\/a>. ChatGPT is ready for your retirement planning questions. It can provide answers on subjects such as deciding when to collect Social Security<\/a>, estimating medical costs, and choosing which retirement accounts to tap first to minimize taxes.\n<\/p>\n But should you trust artificial intelligence (AI)<\/a> with your retirement planning<\/a>? Here’s what financial experts say.\n<\/p>\n ChatGPT Can Lack Critical Thinking <\/p>\n First off, ChatGPT doesn\u2019t use critical thinking. For that, you\u2019ll need a human financial advisor.\n<\/p>\n \u201cRemember that AI doesn\u2019t currently think critically or form new ideas. It finds existing ideas and connects them,\u201d said Robert Persichitte<\/a>, a certified financial planner (CFP) with Delagify Financial. \u201cThis can be useful if you don\u2019t have the time to do the research, but it won\u2019t invent anything that someone hasn\u2019t already written about. I like to think of it as a fancy Google.\u201d\n<\/p>\n Because it lacks critical thinking, ChatGPT is unable to distinguish between good and bad ideas.\n<\/p>\n \u201cOftentimes, it lacks discernment. That means it will copy ideas from any source, including those that try to rip you off, offer outdated advice, or provide an incomplete picture,\u201d Persichitte said.\n<\/p>\n It Can Be Helpful For Learning About Financial Concepts <\/p>\n But ChatGPT can be a way to familiarize yourself with financial concepts<\/a> that you\u2019ll need to understand as you retire.\n<\/p>\n \u201cChatGPT can be a great tool for explaining retirement concepts<\/a> or helping you understand your options, but it\u2019s not the whole toolbox. It can\u2019t anticipate human behavior, emotion, or life\u2019s curveballs,\u201d said Stephan Shipe<\/a>, a CFP and founder of Scholar Financial Advising<\/a>.\n<\/p>\n Consider the Reliability of the Sources It Uses <\/p>\n If using ChatGPT, make sure to review the sources ChatGPT is using to answer your retirement questions.\n<\/p>\n \u201cRead through its cited sources and conduct research, just as you would if a stranger recommended investment advice,\u201d Persichitte said.\n<\/p>\n Some more advanced AI models can do pretty comprehensive research<\/a>, and they can provide links to recent news articles, so you\u2019ll be able to see just where the information is coming from.\n<\/p>\n Try Taking Its Advice to a Human Financial Advisor <\/p>\n Take the retirement advice from ChatGPT<\/a> with you to a human financial advisor<\/a>.\n<\/p>\n \u201cThere\u2019s no question that AI can be a powerful tool for retirement planning. It\u2019s a great resource for learning and working alongside your advisor. I\u2019ve even had clients come in after using ChatGPT to prep questions or understand key concepts\u2014which I think is fantastic,\u201d said Luke Harder<\/a>, a certified financial planner with Claro Advisors.\n<\/p>\n But solely relying on ChatGPT answers for retirement advice is not a good idea.\n<\/p>\n \u201cAI isn\u2019t perfect, and when it comes to retirement, the stakes are too high to rely on it blindly. It doesn\u2019t know your full financial picture: your portfolio<\/a> composition, tax situation, or how you personally handle market volatility<\/a>,\u201d Harder said.\n<\/p>\n
\nWhen using ChatGPT for research, be sure to verify the sources of information that ChatGPT uses to answer your question.
\nTake your ChatGPT answers with you as you discuss your in-depth retirement plans with a human financial advisor.<\/p>\n