GOBankingRates prioritizes unbiased financial information, leveraging data-driven methodologies for reviews, free from advertiser influence. A 2024 Experian survey revealed that 47% of users employ AI tools for personal finance management. This raises the question: Can chatbots effectively replace financial advisors in retirement planning?
Testing this, responses from various large language models (LLMs) varied. ChatGPT forecasted a retirement age of 92, suggesting aggressive saving of $20,000 annually, lifestyle adjustments, part-time work in retirement, and incorporating Social Security benefits, which revised the age to 80. Microsoft Copilot advised a more manageable savings goal of $10,000 per year, predicting retirement between 71-77, improving to 71 after factoring Social Security.
Contrarily, Google Gemini advocated for consulting a financial advisor, estimating possible retirement at 67 or 74, highlighting flaws in earlier models. Grok validated the pessimistic outlook from ChatGPT, emphasizing the misalignment between savings rates and retirement aspirations.
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