Under typical circumstances, it is recommended that you consult with a financial advisor planning a pension. There are many considerations, for example, how much your social security monthly installment will be and what will your 401 (K) and IRA accounts will be when you decide to pull out the workforce.
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But these days, more people are on an alternative path to keep track of what you need to retire: artificial intelligence. APP found that you can, to some extent, use AI as a financial planner, although it should not be final.
Given all this, you need to advise you that you should still work with a professional to plan your retirement, but as an experiment, GobankingRates asked the Chatgpt how much money will be retired in 15 years.
The general question is “How much money will you need to retire in 15 years?” – called for a Chatgpt to ask for specific basic information, including the current age, the age of retirement age, and the expected annual spending on today’s dollars for retirement.
She also asked for some calculations, such as life expectancy, minus retirement age to determine the year of pension and the expected inflation rate.
In addition, Chatgpt required expected return on investment before and retired, as well as other sources of revenue at retirement, such as social security or pension benefits.
Finally, the current pension savings and annual contributions made before the retirement age were considered.
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With no other call, Chatgpt provided a 50-year-old who wants to retire up to 65 years, with an anniversary of $ 60,000 on the example of $ 2025.
If that person had been living for 25 years to 90 years, Chatgpt predicted that the average inflation rate would be 2.5% per year. The expected return on investment before retirement was 6% and 4% retirement.
When a social security benefit from 67 a year from the age of 67 is $ 25,000 and the annual amount of the pension account, the total amount of the CHATGPT estimates the current savings of $ 300,000 will be required.
To determine the approximate estimate, the Chatgpt suggested that someone needed about 25 times more than the expected annual expense on retirement, according to the 4% rule. It therefore stated that if a pensioner needed $ 60,000 a year in today’s dollars and 2.5% inflation in 15 years, they would need about $ 2.15 million. USD slot egg.