Anthropic · OpenAI · Claude · ChatGPT · CBS News Technology
He's also surfaced that AI often provides incorrect information in projecting Social Security scenarios
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People are using artificial intelligence today for a range of tasks, from preparing work presentations and shopping to conducting scientific research.
Key facts
- She's contributing 12% of her income to retirement, and at her full retirement age of 67, will receive about $2,400 a month in Social Security benefits
- For instance, consider a hypothetical 50-year-old single woman with an annual income of $70,000
- Asked about their assumptions, the AI chatbots noted that they are basing their models on the woman living to age 90, versus a possible maximum lifespan of 100, and that they aren't modeling exact
- Noted Boston University economist and retirement expert Laurence Kotlikoff told CBS News that AI may do more harm than good in dispensing retirement advice
Summary
Americans are already turning to AI for financial advice, with about 20% saying they use chatbots for this purpose, according to a September study by AI company Pearl. The need for retirement advice is real: Americans now say they expect to work four years longer than they'd like due to rising living costs and inadequate savings. Meanwhile, Social Security, the financial backstop millions are counting on in retirement, could cut monthly benefits by as much as 20% in six years, unless lawmakers take action to shore it up. Given those facts, it's tempting to turn to ChatGPT or Claude and ask, "Here's what the reporter has saved so far.