A.I. Check

Bobziz

It'll never catch on...

Cobbler_tone

I find it funny when people try and rubbish AI. It is in its early days and if you have average intelligence (and check the output) it is a seriously powerful and impressive tool. People probably said similar at the introduction of the PC. Embrace it, learn to use it and you’ll find you’ll save loads of time. It could also be the tool to help you map your financial future. 

Just don’t watch ‘War Games’ or else you’ll think it is going to cause the end of the world.
We also use it a lot for artistic content ideas, before using more traditional tools to create imagery.

sgx2000

Cobbler_tone said:

I find it funny when people try and rubbish AI. It is in its early days and if you have average intelligence (and check the output) it is a seriously powerful and impressive tool. People probably said similar at the introduction of the PC. Embrace it, learn to use it and you’ll find you’ll save loads of time. It could also be the tool to help you map your financial future. 

Just don’t watch ‘War Games’ or else you’ll think it is going to cause the end of the world.
We also use it a lot for artistic content ideas, before using more traditional tools to create imagery.

I Find that the lack of concern is more worrying.

You Had Cambridge Analytica and the whole Brexit issue...
Reported in the press.
But, people didn't obviously understand it...

Using data to pick the undecided voters, then aim adverts that didn't actually mention Brexit but were used to twist viewpoints....

Just imagine what A.I. will do....

Cobbler_tone

sgx2000 said:

Cobbler_tone said:

I find it funny when people try and rubbish AI. It is in its early days and if you have average intelligence (and check the output) it is a seriously powerful and impressive tool. People probably said similar at the introduction of the PC. Embrace it, learn to use it and you’ll find you’ll save loads of time. It could also be the tool to help you map your financial future. 

Just don’t watch ‘War Games’ or else you’ll think it is going to cause the end of the world.
We also use it a lot for artistic content ideas, before using more traditional tools to create imagery.

I Find that the lack of concern is more worrying.

You Had Cambridge Analytica and the whole Brexit issue...
Reported in the press.
But, people didn't obviously understand it...

Using data to pick the undecided voters, then aim adverts that didn't actually mention Brexit but were used to twist viewpoints....

Just imagine what A.I. will do....

I’d be more concerned about the stuff online that gathers momentum and then quickly just passed off as fact. The McCann’s accused, Lucy Letby’s innocence, Nicola Bulley’s partners guilt…the amount of misinformation and conspiracy theories put out there is shocking, based on emotion, bias and very little else. I guess much of this feeds AI.

I see AI as a processing tool but I’m sure with every big positive there are negatives. Look at the unhealthy addiction to mobile devices.

We need to learn to live with it and the benefits to navigate many of life’s problems (personally and in industry) are huge.

cfw1994

I suggest people drop their numbers in and try it.  You might be impressed by the results.  You might not. 
Clearly it is early days for this sort of *cough* self-help, but I would say it is very promising.  
FYI, ChatGPT doesn't yet know about proposed changes to IHT rules for pensions, but as I say - early days.
And you can flag that up with a line to say "Remember that the pension is INSIDE the estate for IHT from 2027 in the UK".
Train that AI up 👀


This sort of format can work - *obviously* change the details to suit. 
Add/remove pensions/savings as appropriate. 
Change DOB & your preferred success % ratio - my view is that if we see things changing, we can adjust life, just like we have for the past 60 years!

UK couple - Husband DOB ddmmmyyyy Wife DOB ddmmmyyyy

Husband has AAA DC drawdown pot of £xxxK - TFLS all taken and used 

Wife has BBB DC Pension of £xxxK not yet touched

Wife has CCC DC Pension of £xxK not yet touched

S&S ISA total of £xxxK

Premium bonds of £xxxK (£xxK each)

Taxable shares totalling £xxxK 

Full state pensions expected.

One current pension provides £xxxK  pa for husband.   

Another pension already pays £xxxK  for wife.

A third pension starts when husband is 65 paying £xxxK 

How much could safely be drawn down from AAA and BBB and CCC to meet a 95% success scenario, allowing for inflation and the pensions coming in?

Also show details considering a 20% drop in income from age 75

How should this be drawn down for best tax efficiency

michaels

Which is basically just getting an excel spreadsheet structured for you including looking up the assumptions.

Scarum

AI engines are a great tool for learning how something works, finding a way to do something that is not overly complex, or solving a problem - but it always serves to question anything it comes up with as it will make mistakes; The day you don't question and rationalise anything you hear or read, you've lost the plot.

LHW99

Rather similar to statistics. Very useful for certain things, but if you don't understand what you're doing and choose the wrong tool what you get will be wrong or at best won't make sense.

artyboy

Scarum said:

AI engines are a great tool for learning how something works, finding a way to do something that is not overly complex, or solving a problem - but it always serves to question anything it comes up with as it will make mistakes; The day you don't question and rationalise anything you hear or read, you've lost the plot.

Or you could settle in the US Bible Belt...

QrizB

michaels said:

Which is basically just getting an excel spreadsheet structured for you including looking up the assumptions.

Or plugging the same numbers into cfiresim or guiide or whatever, while having to hope the AI doesn't hallucinate your results.