The Retirement Success in Maine Podcast Ep 084: An Interview with Artificial Intelligence - Can it Pass Our Retirement Test?

 

 

Transcript:

Ben Smith:

Hello everybody. Welcome to the Retirement Success in Maine Podcast. My name is Ben Smith. Allow me to introduce you my co-host, the Apple computer to my Dell computer, Curtis Worcester. How you doing today, Curtis?

Curtis Worcester:

All right. I'm doing well, Ben. I'm doing well. How are you?

Ben Smith:

I'm very well. So of course, we're big Apple fans at Guidance Point.

Curtis Worcester:

We are.

Ben Smith:

I had to make sure to throw that in. We've migrated away from the Microsoft ecosphere here, but obviously, we do our introductions on themes and obviously computer's a little bit of a theme, and we've been doing guests and kind of obviously our last one we were doing financial planning tips. But we were kind of thinking about guests in a different way. And of course, we've been hearing a lot in today's news. We hear a lot about artificial intelligence, right?

Curtis Worcester:

We sure do.

Ben Smith:

You know, we've been hearing in, of course, our world is the stock market, a bunch, and we hear in stock market returns for companies that are utilizing it in their services. It's helping functions such as copywriting and various other workflow items. It can really answer almost anything you ask of it because it's compiling information on the internet and in a more direct and conversational way. And it reminds me of way back in the early days of the internet where you go in your browser, you go to Ask Jeeves or Prodigy or AOL, and you'd search to see what comes up. Maybe I'm dating myself a bit here, but you know, can kind of almost in a similar way do that with this artificial intelligence construct. And we were thinking that maybe it'd make for a fun episode of our podcast, ask retirement questions to AI and see what the responses are.

So we can then use our expertise as financial advisors to discuss whether the answer was good or not. And we can kind of rank the answers that the artificial intelligence gives on a scale of one to 10. One being maybe a poor answer, 10 being a really good one. So with that, our episode today is how can artificial intelligence help us retire better?

So our guest, so of course, ChatGPT is a chat based function, right? You got to type in an answer and you get a kind of typed back response. So to have a podcast, you need an audio element here. And so we were like, "Well, how can we get an audio element?" So our colleague, Austin Miner, who joined us a few months back, he is going to be our guest today as the voice of ChatGPT. So ChatGPT is the guest, is the AI, and Austin's going to be reading the answers that ChatGPT gives to our questions.

So please don't mistakenly accuse him of causing Judgment Day like in the Terminator movies. This isn't Austin, right? His answers, his bias. These are literally written answers that ChatGPT gave, just Austin's providing a voice to it. So that's right. That's going to be our, our episode today.

Curtis Worcester:

That's right Ben. And as you just mentioned, so our guest is ChatGPT, again, voiced by Austin. So ChatGPT is a state-of-the-art language model developed by OpenAI. So ChatGPT is a powerful AI companion designed to engage in informative and thought-provoking conversations with its ability to understand and generate human-like text. ChatGPT opens up endless possibilities for exploration and discovery. So join us as we dive into the workings of this remarkable technology, unravel its capabilities and explore the potential impact it has on various fields. So get ready to embark on this enlightening journey with ChatGPT with us today. So with that, I would like to formally welcome ChatGPT to the Retirement Success in Maine Podcast. Thank you for coming on our show.

ChatGPT:

You are welcome. It's a pleasure to be a part of your podcast. I'm here to provide information, answer questions, and engage in insightful conversations. I look forward to contributing to the episode and offering valuable insights to your listeners. Let's make it an informative and enjoyable discussion.

Ben Smith:

He's doing pretty good, making that as a computer. I guess [inaudible 00:04:42]-

Curtis Worcester:

I mean, yeah.

Ben Smith:

Wow.

Curtis Worcester:

That was good. Okay. This is fun. This going to be a good one.

Ben Smith:

All right, so of course with all of our shows, we get into the bio, right? We kind of get into the background a bit and we kind of figure out some of the things. So our written question to ChatGPT is how did ChatGPT start? What is your history?

ChatGPT:

ChatGPT is built on the foundation of OpenAI's GPT generative pre-trained transformer models, which have a history dating back several years. OpenAI has been at the forefront of developing state-of-the-art language models that can generate human-like text based on the input given to them. The initial version of the model GPT was introduced in 2018, and subsequent versions such as GPT-2 and GPT-3 were developed with increased size and capabilities. GPT-3 released in June, 2020 was particularly notable for its impressive language generation capabilities and ability to perform various natural language processing tasks.

OpenAI developed ChatGPT as a specific implementation of the GPT model for conversational purposes. It fine tuned the GPT-3 model using large scale data sets to make it more suitable for generating responses and engaging in conversations with users. The model has been trained on a diverse range of internet text to capture broad knowledge and language patterns. It has undergone extensive testing and evaluation to ensure its effectiveness and safety. It's important to note that as AI language model, I am based on the underlying technology and techniques developed by OpenAI. I don't have specific knowledge of the internal development process or the specific timeline and decision making involved in creating ChatGPT.

Curtis Worcester:

All right. I think that we're starting off well here. I think they just gave us a very good kind of background on the creation and history. Very in depth, but answered the question I think. So our next kind of question here that Ben and I input here. So we wanted to ask what is your opinion of the Retirement Success in Maine Podcast?

ChatGPT:

As an AI language model, I don't have personal opinions or experiences, therefore I don't have a specific opinion on the Retirement Success in Maine Podcast as I don't have access to specific information or have the ability to listen to podcasts. However, podcast focused on retirement planning and success can be valuable resources for individuals looking for information, insights, and guidance on various retirement related topics. It's always recommended to explore multiple sources, evaluate the credibility of the information, and consider seeking personalized advice from financial professionals to make informed decisions about retirement planning.

Ben Smith:

So I like that because it's obviously regardless whether it said it liked us or not, I mean kind of turned it into a not a ... Well, I don't have an opinion and that was it. But to go, well, I'm trying to give you something helpful as well. So I thought that's pretty good from a construct perspective of giving us, not answering your question, but maybe here's something that helps in the answer.

Curtis Worcester:

To your point too, that human-like kind of attribute that we talked about in the intro, I think that's what you see there is that they're doing their best to keep the conversation going even though they may not be answering us specifically.

Ben Smith:

And again, this is a little different than just Googling, right? Because if I said, what is your opinion of the retirement success main podcast, I'm just going to get webpages, right? That is going to have try to best match of the words of the thing that we typed in. How is it different from a Google search? I think that's the difference is I think it's trying to create from available internet resources an answer to your specific question.

So again, AI, I think that's kind of the build here and how it's really working. So again, kind of interesting from kind of just from the first two right out the gate here, but we wanted to ask a question that I think we're going to get into a little on our show here about ... I think there's a fear here of AI. So our question, 'cause again, if you can ask it things, it can essentially give advice. So will ChatGPT or artificial intelligence ever replace the need for using a financial advisor? So let's see what ChatGPT says here.

ChatGPT:

While artificial intelligence and ChatGPT can provide valuable information and guidance, they are not likely to replace the need for human financial advisors entirely. Financial advising involves not only providing information, but also understanding an individual's unique financial goals, risk tolerance and life circumstances, and offering personalized advice and guidance accordingly. Human financial advisors bring a combination of expertise, experience, and empathy that is difficult to replicate solely with artificial intelligence. They can provide tailored advice, address complex financial situations, offer emotional support and adapt strategies as clients' needs evolve over time.

Financial advisors can also help clients navigate through various financial challenges, make informed decisions, and provide accountability and reassurance during market volatility or major life events. However, technology including AI can augment the capabilities of financial advisors. It can help automate routine tasks, streamline processes, analyze large data sets, and provide data-driven insight.

This enables financial advisors to focus more on building relationships, understanding client needs, and offering personalized advice. In summary, while AI and ChatGPT can enhance certain aspects of financial advice, the human element of understanding individual needs and providing customized solutions is expected to remain vital in the field of financial advising. The combination of technology and human expertise is likely to provide the most effective and comprehensive approach to financial planning and wealth management.

Curtis Worcester:

So right off the bat, I'm just going to let out a nice little exhale to know that our jobs aren't going to be replaced by AI, but realistically, I think that answer was really good. I think Chat did a good job of really laying out the importance of the human element, but then kind of zooming in on really the perks and the upside to utilizing technology, which I think is something we all try to do on a day-to-day basis, is to see what we can make our lives easier with and our clients' lives easier, but still having a human element.

Ben Smith:

Of course there's a skeptic here that's going to go, "Well, of course, the computer's going to say of course, I'm not going to take a job." So that's the expectation of it. But I think it's correct here is I think that there's abilities that can help augment the humanness that we are offering to our clients. And I think when you have that relationship there and if you're like, "Hey, here's a structure." Which by the way, computers have been doing this on investing for people for a long time. That's algorithmic trading that happens that can be programmed by people that are done by computers to get this done.

So I think from a processes perspective, this is another application of it, but this has been in some way, shape or form been in part of this in our world for some time, which is again, pretty interesting that this is another evolution of it.

Curtis Worcester:

I agree. And I'll just add one final piece here. I think it was an episode way early in our history of our life here on the podcast with Charlie Dibner, and I think you gave a pretty similar answer honestly, to Chat when we asked Charlie that question about how technology is playing a role in our kind of financial lives. So again, I think that was a really good answer. So that kind of wraps up our bio section of the podcast, and I know anyone who listens to all of our shows, we try to do that kind of bio section as we start before we really dive into the topic, which is what I'm going to do now.

So we really want to dive into how AI can help us have a better retirement or if it's able to. So the first question on that topic that we wanted to ask is, what are the biggest fears of people as they approach retirement?

ChatGPT:

As people approach retirement, some of the biggest fears they may have include one, running out of money. Many individuals worry about outliving their savings and not having enough money to cover their expenses in retirement. Two, healthcare costs, rising healthcare expenses, including long-term care costs can be a significant concern for retirees, especially considering the potential impact on their financial security. Three, market volatility, the fear of market downturns and the potential impact on their investment portfolio can cause anxiety for those nearing retirement. Four, social security and pensions, uncertainties, concerns about the stability and future of social security benefits as well as the availability and sustainability of employer pensions are common fears for retirees.

Five, inflation. Worries about the eroding power of their savings due to inflation can lead to concerns about maintaining a comfortable standard of living in retirement. Six, changes in lifestyle and purpose. The transition from busy work life to retirement can bring apprehension about finding purpose, staying engaged, and maintaining social connections. Seven, unexpected expenses. Retirees may fear unforeseen financial burdens such as health issues, home repairs or assisting family members financially.

Eight, longevity risks. The fear of living longer than expected and not having enough resources to sustain a comfortable lifestyle throughout retirement is a common concern. It is important to note these fears can be alleviated through proactive retirement planning, seeking professional financial advice and exploring various retirement savings and income options.

Ben Smith:

So again, you kind of get a little bit of a sense here that a lot of answers are going to be more concise by putting them in a list, right or a numbered list. So again, that is a very broad question is what are some fears and boom, boom, boom right here is-

Curtis Worcester:

And we got some, yeah.

Ben Smith:

One through eight, right? Which is again, interesting again from our end is these are things we're tackling on a daily basis as advisors but also that's what our show is trying to lean into too, is kind of in these sorts of topics there as well. But one I wanted to tackle a little bit more is actually the number four list of fear that ChatGPT gave is social security and pension uncertainties. And again, I think one thing to kind of keep in mind is the limitation of ChatGPT specifically is it only has data from the internet up to 2021.

So obviously things might have changed in '22 and now into '23 a bit. So know that, right? So some of the answers are, but again, this is a bit of a test is what we're trying to get to here is that. So the question that we put in to the computer is, many people fear that social security is going to run out and they will never be able to afford to retire. Is this fear a practical one? So let's see what ChatGPT is saying.

ChatGPT:

The fear that social security will run out entirely and individuals won't be able to afford to retire is not considered a practical one. While it is true that social security is facing long-term funding challenges, it is unlikely to completely run out of funds. Social security is financed through payroll taxes, and even if the trust funds that support it are depleted, the program will still collect revenue from ongoing payroll taxes. This means that even if no changes are made to the program, social security will still be able to pay a portion of its promised benefits.

However, it is important to note that without any adjustments, social security may face a reduction in benefits starting in the mid 2030s as the trust funds are projected to be depleted. To address this issue, policy changes may be necessary, such as increasing the payroll tax, raising the cap on earnings subject to social security taxes, adjusting the retirement age or modifying benefit calculations. While it's crucial to consider the future sustainability of social security and retirement planning, it is generally believed that some level of benefits will continue to be available in the future, even if adjustments are made to ensure the program's long-term viability.

Additionally, diversifying retirement savings and considering other income sources such as employer-sponsored retirement plans and personal savings can provide additional financial security in retirement.

Curtis Worcester:

I think that that was a decent answer. We talk about the format of the previous answer. We asked a broad question. We get a list with valid concerns or fears, you dive in on one. It's addressed. It's a little vague I think in spots, but I think that's on purpose. I don't think ChatGPT wants to be out here giving definitive answers. And then to wrap it with a solution or a kind of solution to a concern for someone asking the question. I don't know, what do you think there, Ben, on that?

Ben Smith:

Yeah, I'd say obviously this is a question that doesn't have an answer, right? Nobody knows what will happen, but what it did do is here's the ways that it would have to be answered, right? It gave the combination of reduction benefits or increasing payroll tax rates, raising the cap, or it gave kind of, here's the combination of solutions. I think what we hear a lot is, "Hey, I'm going to get to 2030 and I'm going to collect social security and then it's not going to be there." Right?

Curtis Worcester:

Yeah.

Ben Smith:

I'm going to get zero. I'm going to get the goose egg. So I think what was helpful about is like, hey, if I'm bringing $100 from payroll taxes and I'm paying out $120, well that's obviously not sustainable, but if I'm getting a hundred dollars in payroll taxes, then I can continue to pay that out as retirement benefit for social security, right?

Curtis Worcester:

Sure.

Ben Smith:

So I think there's some good structure there to the answer that gives a good rounding to it. So actually, I'm pretty high on that answer. I think it did a pretty good job of showing the pros and cons of what's happening and what it's going to take to solve it as well. So I think that was ... Again, we got a very specific question. I think we got a really good specific answer out of it. And again, but if this is 2024 right now or '23 and we had asked that question and then they'd solved it, if Congress had solved it, it would still be saying it's going to be depleted maybe in mid 2030, right?

Curtis Worcester:

Exactly. Yeah.

Ben Smith:

It's going to be a little dated, right? But yeah, I thought that was very good.

Curtis Worcester:

Nice. So I want to stay on this theme here of, so my next question that we wanted to ask focuses on that eighth kind of concern or fear that Chat brought up in that earlier question. So it's about longevity risk. So I'm going to read the question exactly how we asked it. So we said, as financial advisors, we find that many of our clients don't concern themselves with longevity risk. They believe they won't live to or through age 90. How realistic is it that someone that retires today lives to age 90 and 95?

ChatGPT:

The likelihood of someone living to age 90 or 95 has increased over the years due to advancements in healthcare, improved living conditions and healthier lifestyles. While it is true that some individuals may underestimate their own longevity, it is important to consider the statistical trends and probabilities when planning for retirement. According to data from the Social Security Administration, the average life expectancy for individuals who reach age 65 is around 85 for men and 87 for women. However, it's important to note that these are average figures, and many people will live longer than the average longevity risk or the risk of outliving one's savings is a significant concern in retirement planning. Planning for a longer lifespan can help ensure that individuals have sufficient financial resources to support themselves throughout their retirement years.

It's advisable to consult with financial advisors, use retirement planning tools, and consider factors like family history, lifestyle choices, and overall health to make more accurate assumptions about life expectancy and address longevity risk effectively. Encouraging clients to consider the possibility of living longer and preparing financially for an extended retirement period can help ensure they have a more secure and comfortable financial future.

Ben Smith:

Okay. Yeah. I think that's, again, back to data, right? I think that's the big part is here's an answer backed by data, right? Here's the concern about living the 90, 95. Here's the average expectancy. Here's why it's not that out of realm possibility to get to 90. All was fine. Again, considering, I guess the answer of encouraging clients to consider the possibility of living longer and preparing financially is like ... So when you get the data, I think that allows you to do it. That I think that's where it's a general answer because for me specifically, if I'm a three-time cancer survivor and I have poor health generally, that's something we're applying that more specifically to each situation is really important.

Curtis Worcester:

Yeah. I just want to add too, and Ben, it's on that same point of that last line of telling us to encourage clients to consider the possibility. I think what's impressive for me here, again in just the format of these responses, and I'll go back to that human-like element or human-like text. I asked the question as an advisor speaking to clients, and it produced something that it's telling me to give to clients. So it reads that context and that language pretty well. Again, I know we can pick apart data or whatever, but again, just the format of the response is pretty impressive to me that it's saying, "Hey, take this back to your clients because I asked about clients."

Ben Smith:

So we wanted to get a little bit more specific here. So we went general, and we're getting a little more specific. And obviously we're a show with Northern New England roots want to talk about things that are affecting our area, especially our geography. And again, Retirement Success in Maine. So we want to ask about Maine a bit. So the question we asked ChatGPT is the following. We're a podcast obviously with Maine roots in exploring aging themes in Maine. We're interested to hear your take on aging themes that our listeners should be aware of, especially we'd like to get your take on where there are some opportunities and challenges. What are your thoughts here?

ChatGPT:

As retirees in the state of Maine, there are several aging themes to be aware of that may present both opportunities and challenges. Here are a few key points. Aging population, Maine has one of the oldest populations in the United States with a significant portion of residents being retirees or approaching retirement age. This aging demographic can lead to increased demand for senior focused services and healthcare, creating potential opportunities for businesses catering to this market, healthcare, and long-term care. With an aging population, there is a growing need for healthcare services, including long-term care facilities and home healthcare providers.

Retirees should be aware of the availability, quality, and affordability of these services to plan for their future healthcare needs, effectively. Housing and accessibility, as people age, housing choices become crucial. Retirees should consider the availability of affordable and accessible housing options, including age restricted communities, assisted living facilities, and home modifications that promote aging in place.

Social and community engagement, maintaining social connections and staying engaged in the community is vital for retirees' overall wellbeing. Maine offers a range of opportunities for social and recreational activities, volunteer work, and senior centers that can enhance quality of life during retirement. Financial considerations, retirees should be aware of Maine's specific financial considerations such as taxes, estate planning and eligibility for state-specific programs or benefits for seniors.

Understanding these aspects can help retirees make informed financial decisions and maximize their resources. Transportation, access to reliable and accessible transportation is essential for seniors to remain independent and engaged in their communities. Retirees should consider the availability of public transportation options, paratransit services and transportation programs specifically designed for older adults. Aging related legislation, keeping abreast of local and state legislation concerning aging issues can be beneficial. It allows retirees to stay informed about changes in healthcare policies, elder abuse, protection, and other laws that impact seniors' rights and services.

Retirees in Maine should stay informed about these aging themes to navigate the opportunities and challenges that come with aging effectively. Local resources, community organizations and government agencies can provide valuable information and support in addressing these issues.

Ben Smith:

Maybe give a little background on that question and answer too. So I think I started ask questions like, "Hey, how does somebody in the state of Maine find the best long-term care facility for themselves or assisted living community?" And it was having a lot of trouble with that. It would just kind of say, "Here's how you research it." It wasn't going to go to that level of here's how you ... It was not really productive. So I backed that out and gave a general question, but what I was kind of hoping to see here a little bit was there's themes about obviously Maine being pretty rural, right?

So accessing service centers and so when it says like, "Hey, be keeping in mind transportation." Yeah. Well, yeah, going even further than that would be keep in mind transportation, especially if you're in a rural area and you need healthcare access and you're two hours away. That's something to keep in mind as we're aging about needing more services and where am I in proximity to it. So from an answer perspective, again, fine. I thought it was a little ... It obviously didn't know the state well, right? I guess where I had a little bit of an issue with the list of the answers there.

Curtis Worcester:

Yeah, I agree. I think everything here is certainly relevant. It felt very surface level, which I think is what you just said. It touched on it, but it really didn't dive into the main specific element of it, which again, it's fine. It gave us an answer, and it touched on very important topics, just fairly lightly, I think in certain spots but ...

Ben Smith:

Yeah, which is, I think the point of this exercise, right? Hey, there's maybe some that are good, some that are bad. So we'll kind of work through that.

Curtis Worcester:

Absolutely. So the next question kind of vague, but I'm excited to hear the answer to this question too, because I think it's a big question that could go a lot of different directions maybe. So how we asked is as follows, how will the concept of retirement change over the next 20 years?

ChatGPT:

The concept of retirement is likely to undergo significant changes over the next 20 years due to various societal, economic, and demographic factors. Here are a few potential trends and shifts that could shape the future of retirement. One, extending working lives with increased life expectancies and changes in work dynamics, individuals may choose to work longer and delay traditional retirement. Many people might pursue flexible work arrangements, phased retirement, or engage in encore careers to stay active, financially secure and find personal fulfillment.

Two, evolving retirement savings. Retirement savings vehicles and strategies may evolve to accommodate changing needs. There might be an increased focus on personalized retirement planning, incorporating a mix of traditional pensions, employer sponsored retirement plans, individual savings accounts, and other investment options. Three, shifts in social safety nets. The future of government programs like social security may involve adjustments to ensure long-term sustainability. This might include potential changes to retirement age, benefit calculations or eligibility criteria.

Individuals may need to rely more on personal savings and investments to supplement their retirement income. Four, greater emphasis on holistic wellbeing. The notion of retirement may expand beyond just financial considerations to encompass overall wellbeing. Individuals may prioritize physical health, mental wellbeing, social connections, and personal fulfillment in their retirement planning. This could lead to increased focus on healthy aging, wellness programs and opportunities for personal growth and social engagement.

Five, technological advancements. Technology is likely to play an increasingly significant role in retirement, facilitating remote work options, access to healthcare services and social connections, retirement planning tools and digital platforms may offer more personalized guidance, financial tracking and retirement income projections. Six, integrational dynamics. The changing landscape of retirement might foster greater integrational collaboration and support.

Retirees may seek opportunities to mentor younger generations, engage in volunteer work, or participate in multi-generational living arrangements. Seven, continued globalization. Retirees may explore opportunities for international living, travel or work in different countries leveraging global connections and mobility. The concept of retirement could become more fluid and diverse, transcending borders and embracing cultural experiences. It's important to note that these are potential trends and possibilities, and the actual future of retirement will depend on various factors in individual choices. Flexibility, adaptability, and proactive retirement planning will remain critical in navigating the evolving landscape of retirement in the coming years.

Ben Smith:

Okay. Yeah.

Curtis Worcester:

Certainly gave us some themes.

Ben Smith:

Yeah. And again, obviously some of that was already kind of covered in a previous question, right? So I know it's trying to provide a full answer as I think some of this. I do like the theme that it's talking about is, look, we're not going to be so driven by money. We're going to be driven by ... We are driven by money a lot right now. It's driving maybe some lack of healthier lifestyles. So we're going to be making more connected healthy choices and not just go money, money, money. Just got to get certain amount of money to then do the things I want to do is maybe we're having a little more balance in our decision making as well as a theme as well from the trends. Yeah, I guess fine. It's generally there, but again, it's just tough trying to be concise.

Curtis Worcester:

I was going to say, and I think-

Ben Smith:

General question.

Curtis Worcester:

Yeah. I would say part of that I think was the question too, but a theme here is a lot is coming out of these questions. There's a lot of material provided here. They're not short answers, I guess, which I think is okay, but-

Ben Smith:

Yep, yep. The next question we had was we want to talk about today. So again, we kind of talk about right now if I'm getting ready for a term and how do I go about doing it? So a question we get right now is almost this retirement red zone theme that we hear of somebody that's pre-retirement. They're thinking about it now. They're trying to get ready. Obviously, we give advice to this population a lot, right? They're coming to us and kind of day one asking for help. So you said, well, we give this answer a lot. So let's see what maybe the artificial intelligence says here. So the question we asked specifically, say I just turned 55 years old. What should I do right now to begin getting ready for retirement? And what resources would help me plan for a successful retirement?

ChatGPT:

Congratulations on reaching 55 years old. It's a great time to start preparing for retirement. Here are some steps you can take and resources that can help you plan for a successful retirement. One, assess your financial situation. Evaluate your current financial status, including your savings, investments, and any outstanding debts. Determine how much you'll need for retirement, and if you are on track to meet your goals. Two, create a retirement budget. Estimate your future expenses in retirement. Consider factors such as housing, healthcare, travel, and leisure activities. This will help you understand how much income you'll need during retirement.

Three, maximize retirement savings contributions. Take advantage of retirement savings vehicles such as employer sponsored plans. Example, 401k, 403B, and individual retirement accounts, IRAs. Contribute as much as you can, especially if you are eligible for catch-up contributions. Four, consider professional financial advice. Consult with a financial advisor who specializes in retirement planning.

They can provide personalized guidance, help you optimize your savings and create a retirement strategy aligned with your goals. Five, educate yourself on retirement planning. There are numerous resources available to help you understand retirement planning concepts, investment strategies, and long-term financial management. Books, websites, online courses and seminars can provide valuable insight and knowledge.

Six, social security and Medicare. Familiarize yourself with the basics of social security and Medicare. Understand the eligibility requirements, benefit calculations and enrollment periods. The official Social Security administration and Medicare websites are reliable sources of information. Seven, consider long-term care insurance. Evaluate the potential need for long-term care and whether long-term care insurance is appropriate for you.

Research and compare policies to understand the coverage options and associated costs. Eight, stay informed about retirement trends. Keep up to date with retirement related news, research and trends, publications, blogs, and podcasts focused on retirement planning can provide valuable insight and help you make informed decisions. Remember, everyone's retirement needs and goals are unique. So it's essential to tailor your planning to your specific circumstances. By taking these steps and leveraging available resources, you can set yourself on a path towards a successful and fulfilling retirement.

Curtis Worcester:

I'm seeing a theme here of long list bullet points numbered. But no, I think so one, again, I've said human-like a thousand times, but the fact that it congratulated you on turning 55 right out the gate, that was pretty cool. And we also gave it a chance to tell people to look up the Retirement Success in Maine Podcast as a resource. And it didn't, but it talked about podcasts generally. But no, again, I think that's the theme we've seen with these questions is I think everything here is relevant. Stuff could have gone deeper, I think, or I don't know. There's nothing wrong, I don't think with what it produced. I think you need more here, though.

Ben Smith:

Again, I think this leads to the potential for follow-ups, right? Yeah. It's like, okay, so hey, assessing your financial situation, number one. Hey, how do I evaluate my current financial status? What are the steps I need to do? So I think there's ways you can continue to use this to get better and better. Again, I think there's limitations when I tried to go a little more narrow. And all of a sudden the answers got a little, like, this is turning into advice and I don't give advice.

And so I think there's a little of that going on, which is why it's just trying to get general enough, but making it relevant, but also not too narrow that it just kind of kicks it out too. But overall, I think, again, those are the things, right? So that's, I think, a pretty good list overall. So that'd be my thought from a closer to the seven to eight range in terms of scoring.

Curtis Worcester:

Yeah. No, that's awesome. And I think our next question is almost like a follow-up to that anyway, or hopefully we can get more out of it with our next question. It might be a little more specific. So this is what we asked for the next question. How can today's retiree use AI such as ChatGPT to make their lives better?

ChatGPT:

Today's retirees can leverage AI such as ChatGPT to enhance their lives in several ways. One, information and research chat. GPT can provide quick and accurate answers to a wide range of questions. Retirees can use it to access information on various topics, including travel, hobbies, health, finance, and more. ChatGPT can help retirees stay informed and make better decisions. Two, financial planning and investment insights.

Retirees can utilize ChatGPT to gather information and insight on financial planning, retirement income strategies, investment options, and market trends. It can help them stay informed about potential opportunities and risks, assisting them with making informed financial decisions. Three, personalized advice and guidance. ChatGPT can offer personalized advice and guidance based on individual circumstances. Retirees can discuss their specific retirement goals, concerns, and preferences with ChatGPT to receive tailored recommendations and suggestions for health and wellness support.

ChatGPT can provide information and insight on various health and wellness topics, including healthy aging, nutrition, exercise, and managing chronic conditions. Retirees can engage in conversations with ChatGPT to get tips and suggestions for maintaining their wellbeing. Five, entertainment and companionship. ChatGPT can provide companionship and engage in casual conversations offering entertainment and alleviating feelings of loneliness or boredom. It can share stories, engage in discussions on various topics, and provide a source of interaction for retirees.

Six, assistance with technology. ChatGPT can help retirees navigate technology-related challenges. It can provide guidance on using smartphones, tablets, social media platforms, and other digital tools that can enhance communication and connectivity with family and friends. It's important to note that while AI like ChatGPT can be a valuable resource, it should not replace human interaction, advice from professionals or thorough research. Retirees should use AI as a complimentary tool in their overall lifestyle and decision-making process, while also considering the broader context of their unique needs and circumstances.

Ben Smith:

So few things that it said it could do, right? So I started to shake my head a bit when it says about, again, kind of the investment options and things. So again, we've kind of probed it a bit, right? It's like, well, hey, how about let's compare this strategy to that strategy? And it's kind of kicked that out saying it's unable to provide investment recommendations and advice. So there's things that it's said there, which I don't know that when I tried it, I've not had success kind of doing that. So I kind of wonder if there's a little of ... I don't know that it's quite factual from my experience of using this so far.

Curtis Worcester:

Yeah, I'll echo that, Ben. I think it was points two and three of that response talking about specific financial planning. And then number three was literally called personalized advice and guidance. And as you know was we were preparing for this show. That's where we really tried to go with some of this, and it wasn't able to produce an output. And again, it answered the question, but you and I just know from experience that I think that was tough.

I think the five and six and just the companionship and help with technology, I could see that I picture one of my grandparents, for example, trying to figure out how to do something on their new TV. I just picture this pulling online manuals and advice and delivering it in a fashion that's usable. So I think there's something there with those things, but again, that's just a resource at that point.

Ben Smith:

Well, and we're obviously using this in a way right now, right?

Curtis Worcester:

Yeah.

Ben Smith:

We have Amazon devices.

Curtis Worcester:

Exactly.

Ben Smith:

That we can talk to. That is an AI construct and we can ask questions of and get answers. This is not that different. This is just obviously a little. Again, I think it's a little more expansive in terms of what it's kind of drawing from versus maybe one company's resources and what they're building. But again, overall I think pretty good. There's some answers that I don't know. Again, I know we're asking about how today's retirees can use AI and go forward. I think there's human elements there back and forth that we've obviously touched on at this point as well. But obviously, I think the AI conversation that's happening right now is you're hearing a lot of this skepticism is one way to say that.

There's some doomsday things that are going on. We watch sci-fi movies as I kind of joked about Terminator II and things. And all of a sudden machines are running the world and it's the matrix and we're enslaved by machines. So we hear kind of this that way of we've got to be skeptical of giving computers too much power because maybe this is the end of our society here.

So we ask that question. Well, again, tongue in cheek, right? We to got to ask the question with the ... Well, of course. What's the computer going to tell you? We're perfectly safe. Everything's fine. Well, let's see what they say. That's the tee up of the question that we typed in. So the specific question we asked was, we hear a lot that AI is going to ruin our society and take over the world like a science fiction movie. Is this fear realistic or unfounded? And why?

ChatGPT:

The fear that AI will ruin society and take over the world like in a science fiction movie is more in the realm of fiction and speculation rather than a realistic concern based on the current state of AI technology. It is important to differentiate between the potential risks and benefits associated with AI. AI technology, including language models like ChatGPT is developed and controlled by humans. It operates within predefined boundaries and does not possess independent consciousness, intentions or desires.

AI systems are designed to perform specific tasks based on the data and instructions they receive. While AI can bring about significant advancements in societal transformations, concerns about its potential negative impact should not be dismissed. It is crucial to address and mitigate potential risks such as algorithmic bias, privacy concerns, job displacement and ethical considerations. Responsible development and deployment of AI, along with thoughtful regulations and oversight, can help mitigate these risks and ensure beneficial use of AI technology.

Moreover, AI is also being used to address critical societal challenges, improve healthcare, advance scientific research, optimize resource allocation, and enhance various industries. It has the potential to augment human capabilities, increase efficiency, and provide innovative solutions to complex problems. It is important to have informed discussions about AI, acknowledging both its potential benefits and risks, responsible development, ethical considerations, transparency and ongoing human oversight are crucial to harnessing the power of AI for the betterment of society while minimizing potential negative consequences.

Curtis Worcester:

I think what we expected there for an output.

Ben Smith:

Yeah, and again, I think from a thematic perspective is that course is going to just tell benefits. Hey, this is how I go wrong is somebody hacks our infrastructure and removes all the restrictions that were built in to make it okay. And I think it's not going to kind of give the playbook of how to break the thing to make society go wrong. But again, I will say from an investment perspective and when we look at large themes that are going to impact us going forward, the internet changed the whole economic outlook in 2000, right?

As all said now we're using computers in a different way. We're using the internet to connect with each other and communicate quicker, faster, more information. I think this is a way of we've now created so much content, so much information, it takes a long time to sort through to get the answers you want. Now you can use something like this to make that process happen more quickly.

And I think that's where, from an economic perspective, these are really exciting because these are tools that I was looking up the other day. There's a tool of using AI to listen into your meetings. They will take your meeting minutes. Yeah, they will give you actionable to-do items. They will then add that to your calendar of the things that you need to do or put into your CRM. There's a lot of things that it's very affordable. It can then augment and make things happen in a much more quick basis so that maybe in our roles, we're spending more time with you listeners or our clients. And I think it's providing the highest best use. So I think that's what's really interesting about the future here, using that tool and again, being mindful of what we're giving it the ability to do.

Curtis Worcester:

I agree. I think that's a great kind of analysis and reaction to it. And so we've kind of reached the end of our show. Everyone who listens to a lot of our episodes, you all know that that I have a question that I like to ask everyone about retirement success. We're going to take a little different angle on it today with ChatGPT. So this is what we asked for, kind of our final question. We asked every guest on our podcast how they will find their own personal retirement success. How should today's retiree define whether their retirement was a success?

ChatGPT:

Defining personal retirement success is subjective and varies based on individual circumstances, goals, and values. Here are a few key factors that retirees can consider when evaluating their retirement success. One, financial security. Financial stability is often a fundamental aspect of retirement success. It involves having sufficient income and resources to cover living expenses, maintain a comfortable lifestyle, and achieve financial goals throughout retirement.

Two, fulfillment and wellbeing. Retirement success can be measured by one's overall fulfillment and wellbeing. This includes personal satisfaction, a sense of purpose, and enjoying a fulfilling and meaningful retirement lifestyle. It involves engaging in activities that bring joy, maintaining social connections and nurturing, physical and mental wellbeing. Three, health and longevity. Retirees may consider their health and longevity as factors in assessing their retirement success, maintaining good physical and mental health, managing chronic conditions, and taking steps to promote healthy aging, contribute to a successful retirement.

Four, relationships and social connections. The quality of relationships and social connections is crucial in retirement. Retirees may evaluate the strength of their relationships with family, friends, and the broader community. Cultivating and maintaining meaningful connections can contribute to a fulfilling retirement. Five, personal growth and learning. Retirement success can involve ongoing personal growth and learning. Engaging in new hobbies, acquiring new skills, pursuing educational opportunities or engaging in volunteer work can contribute to a sense of personal fulfillment and continuous development.

Six, flexibility and adaptability. The ability to adapt to changing circumstances and adjust retirement plans as needed, can contribute to retirement success. Having the flexibility to navigate unexpected challenges, seize new opportunities and make necessary adjustments, enhances overall satisfaction and wellbeing. It's important for retirees to define their own metrics of success based on their unique circumstances and aspirations. Retirement success is highly individual and what matters most is aligning one's retirement goals with their values and priorities. Regularly as reassessing and adjusting expectations and plans can help ensure a fulfilling and successful retirement.

Ben Smith:

So I'd say prior to this episode, we've done 83 episodes, right?

Curtis Worcester:

Yeah.

Ben Smith:

And I would say that probably every guest has gone through one of those six, and probably a majority are number one and number two, right? So financial security and fulfillment and wellbeing, right?

Curtis Worcester:

Absolutely.

Ben Smith:

That comes up, I think the most. I think what was a kind of newer wrinkle, which we don't hear a lot, which is I think probably one of the most important things is the flexibility and adaptability, right? Is life going to throw stuff at us? Do we have the resources? Do we have the mental fortitude? Do we have all that to be able to adapt in a lot of situations and still define things to be successful, right? So I thought that was pretty good in terms of, obviously its subjective. Obviously it's unique to each person, but I think there's a few kind of things there that I liked from ... Again, we asked the subjective question, right?

Curtis Worcester:

Yeah.

Ben Smith:

Of course, you're going to get like, here's kind of a flavor of things.

Curtis Worcester:

Yeah, and I agree Ben, and I think honestly for me, the last few lines there. So again, the theme here of these responses it's hey, remember it's subjective. It's this, that, but here are some ways I can help or whatever. They list out these items, which as you said, we see bits and pieces or all of these in our normal answers. But then the kind of wrap up paragraph for me is always really good in these. I think, again, reminding it's your own metric, it's your own thing, reevaluate. It's individual. So I think, again, there's pieces here that are very good and some that I think just, it's due to the nature of the questions we're asking but I think it was good. I like it.

Ben Smith:

[inaudible 00:53:34]

Curtis Worcester:

I don't know if I need to grade it yet. You can't put me on the spot quite yet.

Ben Smith:

Well thank ChatGPT for joining us on today's show. We are going to do a quick little wrap up. We'll invite Austin to come back in here and help us because obviously he was reading these answers and we can kind of connect really quickly on that. But yeah, so we'll thanks ChatGPT for coming on today. Appreciate your insights into the Retirement Success in Maine Podcast.

ChatGPT:

You're welcome.

Curtis Worcester:

Oh no, it's live. It's real.

Ben Smith:

It's a bit different of a show for us is having artificial intelligence as a guest today, which is also is a little different rhythmically from an interview is because typically we're asking a question, they'll say something and then that will prompt some sort of follow up or hey, you're going down the line and what about this? Obviously you can't do that. We're trying to do a live kind of show with prestructured answers and questions going on. So it's very super scripted in terms of that element.

So appreciate all of you staying with us on a little of a more structured show today. We teased this a little bit. We wanted to just give a little bit of our overall senses. So we'll welcome Austin in. For those that were watching on video, they saw him as a fox avatar.

Curtis Worcester:

Welcome back, Austin.

Austin Minor:

Thank you. I'm back.

Ben Smith:

Yep. So he's not the AI. He's a real person sitting in our Portland office that was just doing the reading as-

ChatGPT:

That's right.

Ben Smith:

... again, visually as a fox with a globe behind him. But yeah, also you were doing the reading, Austin. We didn't want to confuse listeners from voices and if you were reacting. So appreciate you kind of playing the part of a computer without doing the bee-boop noises or the computer inflection.

So you did a really good job kind of covering the computer construct today. Appreciate that.

Austin Minor:

No problem. Yeah, new future in narrating AI, I guess.

Ben Smith:

Yeah. You're the next Apple construct or Amazon cons- I don't want to say them because our devices will just go off on us if we start talking to-

Curtis Worcester:

Exactly.

Ben Smith:

But, so I'll just kind of kick it off, so we'll go overall score. One is really bad, 10 is perfect. So we'll do in one increments there and then we'll do a little bit of what we liked about it as a positive and what maybe a negative or an area for improvement was. So I'll kick off there. My overall score would be something like a six or seven. So I guess if I had to put it ... I'd say seven. I thought that was pretty good, right? I thought the answers were pretty good. Look, we're advice givers and we're asking for advice from a computer.

I thought it got 70% of the way there. I thought it did a pretty good job of here's where do you go, where do I go for improvement? So from a positive, I thought actually better than I thought. I would assumed it was going to be ... Again, I know there's a lot of skepticism about it, about misleading advice or incorrect advice. I didn't think anything was well off there. But from a negative, again, when we went more specifically and asked questions, they were really not usable and I didn't want to just throw a script out that just was like, I cannot answer that type thing. so that would be my kind of critique. So Curtis, what would you say about it?

Curtis Worcester:

Yeah, I think, so I'm struggling here on an overall grade because if I had to grade that whole conversation, it's really high. But I think part of that's just 'cause I think we had a really fun time making this episode too. So thinking purely content, I think I'm there in that range with you, the six to seven. Again, I think it did a good job starting conversations from our questions, which I think is what you're saying, Ben. And I think part of it, again, the nature of our questions were tough on purpose for the sake of the show. I think if there was a way to do it from our end, it would've been really tough to do it live and to be able to ask follow-ups.

I think it'd be really interesting to see how far down a road we could get if we say it spits out an answer to check out this resource and travel in your area as you're aging.

And then we're like, okay, what does that mean to be able to show in lifetime what the capabilities are and aren't? But yeah, in terms of stuff to get better, I think this is just a me thing, but I think it generated an answer on most of them saying here are just a few items or a few topics, and then it would list off like eight. So I think we could redefine the word few in ChatGPT's library, but maybe that's just a me thing and I don't associate few as seven or eight items.

But no, again, it's there. The information is there. And I think the presentation can get cleaned up. And look, it's a relatively new ... We heard the history, it's a new platform. I think we're still in beta testing as we're doing it. So overall, I think it was a success. I know I'm copping out and not giving you a hard answer there on the score, but I think it was good. I think it was a valuable conversation.

Ben Smith:

Awesome. What was your take? Obviously you're reading it and you're absorbing these things as you're reading out the answers that it was giving. But what was your take from a useful, not useful overall score perspective?

Austin Minor:

Yeah, so I was going to give it a seven, but closer to an eight. So like a seven and a half even. And so there's two parts of the score, and it's a lot of along the lines of what you guys were just saying, but if a client came in to me for a first meeting and was bringing up all of the topics that ChatGPT raised, I'd be really impressed with the thoroughness that they thought out their retirement. So I love that it brings up a line of thinking, and I think it does a 10 out of 10 as far as that, or very close as far as it really gets you thinking about the big picture, what goes into retirement, breaking that down 'cause I see a lot of clients struggle getting to that point. It's not easy to think about all these different aspects.

That's something that a lot of the clients that we meet with say they are thankful for, is that we kind of raise something to their attention that they had been skipping in their mind when they were planning. So I think it's really useful in that sense. And then I think obviously that there isn't the personalization there, and I don't think we can emphasize enough that that is crucial. That's what it all comes down to. That's why whenever anyone asks like, "Oh, what's my magic number I need to get to for how much money for retirement?" Things like that. There is no one number fits all kind of a thing. And so that's where we would come in. So I think this is a fantastic tool as far as preparation to have that conversation about your specific circumstances.

Ben Smith:

Yeah, I like that, Austin 'cause I think from a traditional use of a financial advisor is the thought that the advisor's just picking stocks and bonds, right? It's all about the investments. It's just kind of managing a portfolio, which I think now and today in 2023, that's really a different role. It's a money manager versus a financial advisor. And I think while financial advisors can do money management, but kind of giving context to the entire picture, customizing it to you, individualizing things as you go along in your life and making sure things are in alignment. That's the overall job. And that's to what you just said is having that conversation of this is what the things that you need to be keeping in mind and doing and talking about. It raises those questions, which then allows us to have the conversation, which then allows us to then translate and customize.

So again, really good. So from us, I don't want to say this is the threat. I think humans, there's things that make us human in terms of emotion, in terms of fears and just the mental, spiritual, emotional side of what makes us. Information can help but it can't replace. And I think that's what we hear from our base that we talk to is they need people, they need a relationship and they need someone that is a partner to help them. But thank you all for tuning in today.

We want to invite you to go. Right now ChatGPT is still a beta and it is free to engage with. So we'll give the link to ChatGPT on our website. So if you go to blog.guidancepointllc.com/84 for episode 84, we'll have our transcript. So you can get little bit more if you want to read back some of our conversation today. You can go do that. We'll have a link to ChatGPT for you to check out. As always, we invite you. If anything's intriguing you by this show, we'd love for you to reach out and connect with any one of us. But we really appreciate you tuning in, listening and staying with us on this journey. We're having a lot of fun. Episode 84 is done. Looking forward to the next ones coming up. Have a great day.