Kitchen Table Finance

S4E10 – CFP vs. ChatGPT for Retirement Planning

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In this special episode, Nick and Cole put artificial intelligence to the test in a fun and insightful financial planning battle—CFP vs. ChatGPT! They tackle some of the most common retirement and estate planning questions, comparing Nick’s expert advice to ChatGPT’s AI-generated insights. Who gives the better answers? You decide!

https://youtu.be/89elFdanuIU

Topics Covered:

✔️ Have I Saved Enough for Retirement?

  • Importance of budgeting and projecting income
  • Social Security, pensions, annuities, and investment returns
  • Using Monte Carlo simulations to stress-test retirement plans
  • AI’s reliance on rules of thumb like the 4% rule

    • ✔️ How Do I Avoid Running Out of Money in Retirement?

    • The power of adaptability in financial planning
    • Running regular projections and reviewing income sources
    • Emergency funds and cash reserves in retirement

      • ✔️ Planning for Healthcare & Long-Term Care Costs

      • Pre- and post-65 healthcare planning (Marketplace vs. Medicare)
      • Estimating rising healthcare costs
      • The role of HSAs (Health Savings Accounts) in retirement

        • ✔️ How to Reduce Tax Exposure in Retirement

        • Strategic Roth conversions and tax-efficient withdrawals
        • Understanding Required Minimum Distributions (RMDs)
        • State tax considerations and charitable giving strategies

          • ✔️ How to Plan for Inflation in Retirement

          • Investing in assets that outpace inflation (stocks, real estate, TIPS)
          • The “retirement spending smile” and adjusting spending over time
          • Diversification and balancing risk for long-term financial security
            • Key Takeaways:

            🔹 AI provides broad financial insights but lacks the personal, strategic, and emotional guidance a CFP offers.
            🔹 Financial planning is not just about numbers—it’s about adapting to life changes.
            🔹 ChatGPT is a great tool for learning financial concepts, but expert advice is crucial for making well-rounded decisions.

            Listener Poll:

            Who won the CFP vs. ChatGPT battle? Let us know! Email us at [email protected] or connect with us on our website.

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            Kitchen Table FinanceBy David Shotwell CFP(r) and Nick Nauta CFP(r)
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