If there is one thing that Chatgpt is good at, it quickly compiles information. This can be extremely useful if you are trying to organize yourself for your retirement planning. Since there are so many considerations related to inventing, when you can afford to retire, it is extremely useful to have an AI bot like Chatgpt to provide a list of factors to consider.
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One warning is that no AI instrument can accurately predict variables like your long -term investment return, time of inflation in time or your ability to remain within your budget. But then again, no human financial advisor. What Chatgpt can do is allow you to turn on different numbers and deal with your model to see when you may be able to retire based on changing circumstances.
With all this in mind, here is a look at Chatgpt’s answer when you can retire based on your finances.
Like a human financial advisor, Chatgpt first asked to gather more information about personal variables before he could spit out a recommendation.
“I will be glad to help you determine when you can retire,” the message said. He then asked for a series of specific data points for my current financial situation and retirement goals, including:
Income and savings
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Current age:
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Target retirement age (if meant):
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Annual Income (before taxes):
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Current Pension Savings (401 (K), IRA, Mediation, etc.):
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Other assets (equity, savings accounts, etc.):
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Expected Social Security benefit (full retirement age):
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Monthly Pension Accounts (401 (K), IRA, etc.):
Spending
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Current Monthly Life Costs:
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Expected monthly retirement costs (often 70% -85% of running costs):
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Do you expect to have a mortgage or retirement rent?
Investment information
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Average Investment Return you are accepting (eg 5-7%):
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Desired annual withdrawal at retirement (if known):
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Do you want to leave a property or spend to zero?
“Once I have this information, I can judge your” readiness to retire “and a project when you can reasonably stop working while maintaining your lifestyle,” continued Chatgpt. “Tell me if you prefer conservative or aggressive projection style.”
Read more: I asked Chatgpt how much money I will need to retire in 5 years
Chatgpt is the embodiment of what computers and AI makes both good and bad. They are as valuable as the data you submit to them. While the old expression goes, “garbage, garbage outside.” Therefore, it is important to do your own foot work, even if Chatgpt can do some of the heavy lifts.