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Commitment to Our Readers<\/p>\n
GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by ChatGPT is rapidly becoming a popular resource for retirement planning<\/a>, and for good reason. The artificial intelligence (AI) bot is easy to use, free of charge, and great at gathering information and performing calculations. The problem is that ChatGPT is only as good as the inputs it is given. If you don\u2019t know what information to ask for, you\u2019re not going to get an answer that\u2019s helpful. <\/p>\n Here\u2019s a list of things you should be aware of regarding ChatGPT\u2019s retirement planning abilities, followed by a list of prompts you can use to get real, viable answers from the service.<\/p>\n<\/p>\n Also see ChatGPT\u2019s top five money moves every retiree should make now<\/a>.<\/p>\n Garbage In, Garbage Out<\/p>\n Like all computing systems, ChatGPT can work only with the information and direction you provide it. While the AI bot is good at math and projections, most people don\u2019t know how to input all the necessary variables needed to get a viable answer. As the slightest tweak in a retirement projection can turn a fully funded retirement into a nightmare scenario, it\u2019s essential to get all the information correct.<\/p>\n While you can ask ChatGPT simple questions like, \u201cHow long will my money last in retirement?<\/a>\u201d it\u2019s essentially going to make up that answer unless you give it real-world information. Here are some of the many inputs that a good financial advisor would include when drafting a retirement planning scenario.<\/p>\n Your age This is just the tip of the iceberg when it comes to setting up a retirement projection. A good financial advisor<\/a> will also factor in many other variables and account for various risks, such as the sequence of returns risk. This is why, for most people, it still makes sense to work with a fiduciary financial advisor, even if you can draft a quick and easy retirement plan using ChatGPT.<\/p>\n Which Prompts Actually Work With ChatGPT?<\/p>\n The best way to get reliable information out of ChatGPT when it comes to retirement planning<\/a> is to provide it with as much information as possible. The list above is a good start when it comes to determining what variables can help ChatGPT provide a substantive, real-world answer. <\/p>\n<\/p>\n The bot itself is actually good at outlining its strengths and weaknesses, noting that, \u201cWhile ChatGPT can\u2019t predict the stock market or give you personalized legal advice, it can clarify rules, run comparisons and help you stress-test your ideas. The key is being specific with your prompts: include your age, income needs, city or account type. The more detail you provide, the more practical the response will be.\u201d<\/p>\n With that in mind, here\u2019s a list of prompts that can generate useful responses from ChatGPT:<\/p>\n \u201cEstimate how much I\u2019ll need to retire at [age], spending [$X] per month.\u201d Note that in most cases, these questions are just the starting point of your retirement planning journey. With all of these questions, will you have to provide follow-up information to continue the discussion with ChatGPT. But that\u2019s valuable in and of itself, as the more data you give the AI bot, the more the answers will be tailored to your unique financial situation.<\/p>\n In the case of more general prompts, like \u201cGive me strategies to reduce taxes,\u201d ChatGPT will provide you with broad, basic options that you should then discuss with your tax professional. But this information is also valuable, as you can use it to be prepared for your meeting and save both time and money.\u00a0<\/p>\n<\/p>\n The Bottom Line<\/p>\n ChatGPT isn\u2019t capable of providing the type of personalized, comprehensive retirement plan that a human advisor can. But if you provide it with the right information \u2014 and ask it the right questions \u2014 you can at least put in place the basic building blocks needed to construct a financial plan<\/a>. <\/p>\n Just remember that, by its own admission, ChatGPT sometimes \u201challucinates\u201d and makes up an entirely inappropriate or inaccurate answer. When it comes to retirement planning, those types of errors can be catastrophic. This is why it\u2019s always best to independently verify anything ChatGPT tells you about your retirement plan, ideally with a fiduciary financial advisor.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"MIND_AND_I \/ Getty Images Commitment to Our Readers GOBankingRates’ editorial team is committed to bringing you unbiased reviews…\n","protected":false},"author":2,"featured_media":267839,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,17299,147,530,14811,1666],"class_list":{"0":"post-267838","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-gobankingrates","10":"tag-personal-finance","11":"tag-personalfinance","12":"tag-planning","13":"tag-retirement"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/267838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=267838"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/267838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/267839"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=267838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=267838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=267838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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Millions of Readers<\/p>\n
\nNumber of children
\nThe expected rate of inflation both before and after retirement
\nYour projected investment return
\nYour income and expenses both before and after retirement
\nYour overall health and anticipated longevity
\nOther financial goals, such as funding a college education
\nYour Social Security projections
\nIncome from other sources, such as potential inheritances
\nYour tolerance for risk
\nWhether you plan to leave money behind or die with zero assets
\nYour tax bracket both before and after retirement
\nYour insurance coverage<\/p>\n
\n\u201cCompare the tax treatment of withdrawing from a Roth IRA vs. a traditional IRA in [my state].\u201d
\n\u201cIf I delay Social Security until age 70, how much more will I receive compared with starting at 62?\u201d
\n\u201cBuild a sample retirement budget for someone with [$X] monthly income in [city\/country].\u201d
\n\u201cWhat are the average healthcare costs in retirement, and how can I prepare?\u201d
\n\u201cShow me a sample investment portfolio for a conservative\/moderate\/aggressive retiree.\u201d
\n\u201cExplain how required minimum distributions (RMDs) work starting at age [X].\u201d
\n\u201cCompare the cost of retiring in [City A] vs. [City B] with [$X] per month.\u201d
\n\u201cCreate a step-by-step retirement planning checklist for someone age [X].\u201d
\n\u201cGive me strategies to reduce taxes on my retirement income.\u201d<\/p>\n