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?

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• 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?

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• 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

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• 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

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• 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

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• 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