S4E10 – CFP vs. ChatGPT for Retirement Planning

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

✔️ 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