How Will AI Affect Financial Planning for Retirement?

Spoiler alert: I think it has great potential to help both advisors and individuals.

The first iteration of AI tools has already improved retirement planning. For example, forward-thinking advisors are currently using AI note-taking tools, which allow advisors to listen more closely to their clients without missing any key details. A good AI tool will summarize the meeting, complete with a list of follow-up items.

For DIY investors, chatbots like Claude or ChatGPT are useful tools for researching financial products, tax rules, and harder questions like when to claim Social Security. AI performs reasonably well on well-defined questions with clear frameworks, though it can still provide misinformation when concepts are too nuanced or when inputs are incomplete.  

But AI’s greatest potential for retirement planning involves combining and analyzing separate data sources to gain new insights, such as identifying opportunities and vulnerabilities.

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