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AI and Retirement Planning: Are the models ready for use?
The rapid evolution of Artificial Intelligence (AI), with its standard definition of “computer systems designed to perform tasks that typically require human intelligence,” might appear to be a reasonable path for some seeking to create a plan for their future retirement. That raises the question of how effective the results of AI-created or AI-assisted plans would be in securing one’s financial future. In a four-minute video from MIT OpenCourseWare’s “Chalk Radio” series, MIT Economist Andrew W. Lo addresses the timeliness of AI development and the appropriateness of using AI’s large language models (LLMs) for financial planning at this stage of their development. Click here to view the video.
If you’re thinking about relying on AI services for this critical planning effort, this is a worthwhile video to watch. The key, of course, and Mr. Lo stresses this in the video, is to engage with financial professionals for guidance. As an adjunct to this topic, see this previous post on the use of AI in the world of Social Security. Considering Social Security’s myriad rules and complex regulations, prime time for AI in this area is still a thing of the future.