I Asked ChatGPT To Plan My Entire Retirement: Here’s What It Said

Core Insights - The article discusses a comprehensive retirement planning strategy developed by ChatGPT, which includes savings targets, healthcare costs, and a phased approach to retirement [1][4]. Retirement Phases - Retirement is divided into three phases: - "Go-Go Years" (60s to mid-70s) characterized by active lifestyles and increased spending for experiences [3]. - "Slow-Go Years" (mid-70s to early 80s) where travel decreases and spending typically drops [3]. - "No-Go Years" (80s and 90s) marked by reduced activity and higher healthcare costs, with a recommendation to plan for age 90-95 to avoid financial shortfalls [4]. Investment Strategy - ChatGPT suggests allocating 50% of the monthly surplus ($3,000) to investments, equating to $1,500 monthly, which could grow to approximately $700,000 to $750,000 in 20 years at a 6% annual growth rate [5]. - The potential savings could reach around $1,050,000 in 25 years, excluding employer matches and Social Security [5]. Income Projections - Using the 4% withdrawal rule, a $1 million savings could generate about $40,000 annually or $3,300 monthly, supplemented by average Social Security benefits of roughly $1,800 monthly, leading to a total retirement income of $5,100 [6]. Budget Allocation - The remaining $1,500 monthly surplus is allocated as follows: - 20% ($600) for cash savings and emergency funds - 20% ($600) for debt paydown or major goals - 10% ($300) kept flexible for unexpected costs [7].