How Retirees Are Using ChatGPT To Cut Everyday Costs
Written by
Karen Doyle
Edited by
Zuri Anderson
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Retirement certainly has its joys, but there are challenges as well, and making ends meet is one of them.
How can retirees cut everyday expenses now that their income has likely been reduced? Making good use of technology is one way.
Here’s how retirees are using ChatGPT to cut everyday costs.Â
Housing
Housing is most people’s largest single expense. Even if your house is paid off, you’re still looking at property taxes, maintenance, services like lawn care, and, in some cases, homeowners’ association (HOA) fees. If you have a large home that is paid off–or at least has a good chunk of equity–you may be considering downsizing.
ChatGPT can help with this by narrowing down your choices of where to relocate. You can write a prompt that has your specific criteria for an ideal retirement location and ask for suggestions on places to explore.
For example, asking ChatGPT to ‘provide a list of five coastal towns with a lower-than-average cost of living, warmer-than-average winter temperatures and no tax on Social Security benefits’ results in these recommendations: Pensacola, Florida; Galveston, Texas; Gulf Shores/Orange Beach, Alabama; Biloxi/Gulfport, Mississippi; and Myrtle Beach/Grand Strand, South Carolina.
Healthcare
Healthcare costs are a big concern for retirees, and rightly so. Fidelity estimates that a 65-year-old retiring today will likely spend $172,500 on healthcare and medical expenses during the course of their retirement. You want to keep costs under control, but you also want to get the care you need. Chat GPT can assist you with that.
You can ask ChatGPT whether you are better off with a Medicare Advantage plan or a Medicare Supplement — this is a big area of confusion for retirees. You’ll get a comprehensive explanation of the differences that will help you decide which way to go. You can also use it to find good care in your area, based on the condition you want to treat or manage.
The one thing you do not want to use ChatGPT for is diagnosis and treatment recommendations. ChatGPT and other AI tools scrape the internet for information and present it in an organized way, but without vetting it for accuracy or relevance. So be sure you are consulting with a medical professional to determine what is causing your symptoms and the best way to treat them.
Transportation
The cost of everyday transportation may not be as big an issue in retirement as it is when you are working, but it’s still an expense. And Chat GPT can help you save.
For example, when it’s time to buy a new car, you can ask for recommendations on what make and model is best for your situation. Then you can ask about the cost to buy versus lease and get an analysis of each to determine which makes the most sense for you.
You can also use ChatGPT to save money on transportation when you’re planning a vacation. It can recommend the best days to travel and places to stay that will save you the most money.
Entertainment
Retirement means lots of free time, but it’s not much fun if you can’t afford to do anything.
ChatGPT can recommend local activities and clubs to join that are free or low-cost. The AI tool can provide you with a list of local restaurants that offer early bird specials or movie theaters that have discounted shows.
Using ChatGPT or another AI bot can help you save money and help your retirement savings go further. Just be sure the verify the information you get from it, as it can be inaccurate.
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