Should You Use AI To Help You Budget and Save for Retirement?
Written by
Chris Adam
Edited by
Daria Uhlig
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If you’ve had the chance to use artificial intelligence, you know it can be a powerful tool to help you brainstorm, create written drafts and find good deals when shopping. What you might not know is that it can also help you plan your retirement.
The Pros of Using AI
One of the advantages of AI is that basic tools like ChatGPT cost nothing to use.
AI also takes the emotion out of budgeting. Rather than go with your gut based on how you feel about cutting back your spending in certain areas, you simply put in your question and get a straightforward answer with objective information to consider.
In addition, AI can generate retirement savings and budgeting recommendations based on data to help you make informed decisions, as U.S. News & World Report recently noted. And because AI can analyze data quickly, it can present you with relevant options in less time than it would take you with traditional research.
The Cons of Using AI
One of the cons of using AI for retirement planning is that the answers and advice can be generic. You need to think about complexities in your own situation and plan for unforeseen events.
Another con is data security. Just as with online activities such as banking and bill paying, you need to be careful about where you share sensitive and personal financial information.
How To get Started
If you’re ready to get started, you could head over to ChatGPT and try asking about how to start retirement planning and easy steps to begin creating your own budget. Then build the response, refining your prompts to get more detailed information specific to your needs.
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