Why You Shouldn’t Ask AI Your Money Questions & The Money Myth Showdown

This week, Jerry and Nick Royer explored the growing trend of using artificial intelligence for financial advice, warning that while AI tools like ChatGPT can be helpful for gathering general information or overcoming writer's block, they often miss the crucial personal context needed for sound financial planning. The duo cited a study showing that AI responded incorrectly to 35% of finance questions, underscoring the risks of relying on algorithms that lack regulation, experience, and accountability. They emphasized that financial decisions—including retirement planning, tax strategies, and Social Security timing—require individualized guidance that AI cannot always provide, equating it to trusting an intern with life-altering choices.

In addition to the limitations of AI, Jerry and Nick tackled common concerns facing retirees, such as longevity, rising healthcare costs, inflation, and the impact of hidden investment fees. They highlighted underutilized tools like Roth IRAs and life insurance for building tax-efficient, lasting wealth, while cautioning against overreliance on high-fee products like variable annuities. The overarching message was clear: experienced human advisors remain vital for crafting successful, customized retirement strategies.


For more information about Nick & Jerry Royer and the Group 10 Financial Team, visit https://group10financial.com/