AI in Financial Planning: Current Status - Industry experts suggest caution when using AI for personalized financial advice currently [2] - The financial industry sees potential in AI for general financial education, considering it a powerful tool [2] - Internal testing of AI is ongoing, but AI is not currently used for providing financial advice [2] - AI's ability to handle technical details and perform mathematical calculations is improving, but concerns remain [3] - Widespread adoption of AI in financial planning is not yet observed [3] Challenges and Considerations - Prompt engineering is crucial, as many investors may not know the right questions to ask AI [4] - Financial literacy is important for effectively using AI in financial planning; caution is advised otherwise [4]

Financial Planning & Lifestyle - The report emphasizes adopting mindsets, behaviors, and habits to achieve financial flexibility and enjoy life on one's own terms [1] - It suggests that now is the opportune time to plan for a future where one can potentially retire early or have more control over their lifestyle [1]

AI in Financial Planning - AI is a brilliant and powerful tool for general financial education, but caution is advised for personalized financial advice due to potential inaccuracies and the fact that LLMs were not originally designed for math [1] - Prompt engineering is crucial when using AI for financial planning, as investors need to know the right questions to ask, especially with complex topics like taxes [1] - Betterment's financial advisors are currently using AI with clients, but not yet for retirement planning calculations [2] Investment Strategies and Trends - Betterment is a proponent of investor choice, including alternative assets like private equity and private credit, but advises caution and transparency, suggesting investors avoid allocating a large portion (e g, 50%) of their nest egg to alts, especially in 401(k) plans [2] - Political uncertainty is causing some investors to become nervous and hold onto cash longer than usual, though most are not panicking or selling off their retirement portfolios [3] - Redirecting savings towards paying down debt, such as mortgages with rates around 7%, can be a good alternative for investors nervous about the stock market [5] - Goals-based investing, which ties assets to specific goals and time horizons, is a key strategy, with Betterment's UX designed to help clients define their goals and set up automatic savings plans with appropriate risk levels [16][17] Retirement Planning Considerations - A Roth conversion window exists between retirement and the start of Medicare, RMDs, and Social Security, offering a potential opportunity to convert funds while in a lower tax bracket, possibly up to the top of the 12% tax bracket [19] - Partial Roth conversions are generally preferable to full conversions to avoid bumping into higher tax brackets [20] - It's important to revisit Roth conversions regularly due to changing tax brackets, even if immediate action isn't necessary [20] - Financial advisors should identify inputs, calculations, and outputs to provide consistent and demystified advice, rather than relying on vague answers like "it depends" [21][22] - Betterment defaults to age 90 for life expectancy in retirement plans, erring on the conservative side to avoid the risk of running out of money [24]

Retirement Planning - Focuses on balancing a happy retirement with leaving a sizable inheritance for family [1] - Discusses maximizing tax efficiency in retirement planning [1] - Addresses portfolio aggressiveness and ensuring expenses don't exceed income [1] Yahoo Finance Resources - Provides free stock ticker data, up-to-date news, and portfolio management resources [1] - Offers comprehensive market data and advanced tools for financial management [1] - Encourages users to download the Yahoo Finance app on Apple and Android devices [1] - Promotes following Yahoo Finance on various social media platforms [1]

Welcome to Wealth. I'm Alec Canal and this is Yahoo Finance's guide to building your financial footprint. Our community of experts will give you the resources, tools, tips, and tricks you need to grow your money.On today's show, we'll check in on oil prices after they jump to their highest level since January. Our very own Nes Fay will explain how that could impact your prices at the pump and more Americans are claiming social security benefits. A financial planner will break down how you should look at tho ...

Many Americans expect a long retirement but underestimate how long they’ll live. Learn why longevity literacy is essential to building a secure plan. https://t.co/p7RUpB9jNu ...

A nomadic retirement requires careful saving and planning, including getting the right healthcare coverage and deciding whether or not to sell your home. https://t.co/8rcQ3MzLLo ...

Tax Bill & Legislation - The proposed tax bill is under Senate review, with potential changes expected due to mixed reactions from Republican senators [1][3] - A bonus deduction for seniors of $2,000 per individual age 65 or over for four years is under consideration, impacting approximately 4 million people turning 65 this year [6] - The SALT deduction is proposed to increase to $40,000 with a $500,000 phase-out, but its future form is uncertain, especially for high-income earners in states like California and New York [7][8][9] - The estate tax exemption is proposed to increase to $15 million, adjusted for inflation, which is seen as a positive development for estate planning [10] Retirement Planning - The RMD age is set to increase to 75 for those reaching age 74 after December 31, 2032, creating opportunities for income acceleration before RMDs [13] - Roth IRA conversions should be considered, especially during low-income periods before RMDs, but require outside funds to cover taxes [15][16][18] - Social Security benefits may be reduced to 80% of current benefits if reserves are depleted in 2033, prompting consideration of claiming benefits earlier [24][25] Retirement Spending & Lifestyle - Retirees are spending more due to increased leisure time and a focus on hobbies and travel, challenging the traditional notion of declining expenses in retirement [39][40] - Conservative financial planning, projecting expenses up to age 95, is recommended to avoid financial insecurity in later years [45][46] - Maintaining health and functional strength is crucial for a fulfilling retirement, supported by engaging in hobbies and physical activities [49][50][51] Financial Advice & Family Support - Access to sound financial advice is essential for navigating complex financial decisions, such as shared equity agreements and property titling [36][37] - Shared equity agreements can be a valuable tool for helping children purchase property, with careful consideration of investment terms and property titling [31][32][33]

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NEW YORK, April 24, 2025 /PRNewswire/ -- As retirement planning grows more complex and advisory firms seek scalable, enterprise-wide solutions, OneDigital Financial Services has selected Broadridge Financial Solutions, Inc. (NYSE: BR) to enhance advisor efficiency and support its expanding retirement business. The partnership brings Broadridge's data aggregation, monitoring, reporting, and proprietary fund scoring capabilities to OneDigital's national platform. Through this implementation, OneDigital's advi ...