Is Artificial Intelligence the Future of Retirement Planning? (I put ChatGPT to the Test)

What is ChatGPT? David starts the conversation by explaining what ChatGPT is and the things that make it so revolutionary.

ChatGPT is so advanced it has Google worried about its search engine's future.

Will the advanced AI chatbot ever replace retirement advisors? David tests the chatbot by asking it a series of questions designed to stretch its basic retirement planning capabilities.

When David asks ChatGPT whether tax rates will go up in future, the chatbot replies that it's tough to predict what future tax rates will be - a response David feels is rather "diplomatic."

David tries to push the chatbot further by asking it what a life insurance retirement plan is. He is impressed with its answer, which is much more specific and descriptive than what you'd normally find online.

After playing around with ChatGPT for over an hour, David believes the AI is not auditioning to replace financial advisors. 

The even more impressive thing about the chatbot is that its answers are much more balanced and devoid of emotions. 

Although the technology is not a replacement for financial advisors in the near future, David feels you can still use it to learn more about retirement planning. 

 

Mentioned in this episode:

David's books: Power of Zero, Look Before Your LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code

DavidMcKnight.com

PowerOfZero.com (free video series)

@mcknightandco on Twitter 

@davidcmcknight on Instagram

David McKnight on YouTube