Gotta Keep Up.

ChatGpt has been around for 20 years. Who knew? But in the last 24 months it has made huge progress, expanded its uses and , more importantly, become easier to use. While stories abound of students handing in essays , employees presenting budgets, newspapers publishing articles, all generated by AI, things are not as bad as they could be, or...we have not fully understood the implications of trusting this tool with our personal information.

Dr Joerg Storm, among others, has been highlighting both the uses and the drawbacks.

It is becoming clear that we might as well get to grips with this because not only will it make our lives simpler, but, it might also help us make serious decisions about our lives. People are planning their holidays, within budget, room reservation, interesting things to see etc.

What is ChatGPT?

How useful is it for Retirees?

ChatGPT provides access to a vast knowledge base and allows you to not only access this information but also to tailor this information to what exactly, you need.

It can be programmed to produce the information in various formats. ie In the language of a Harvard graduate, easily understood by a 14 year old, as a slide show or as a project etc. .

It is an excellent tool to use while weighing up the implications of Retirement. Retirement is now recognised as a major life event. Given that we are all living longer and healthier, our retirement should be a pleasant and fulfilling time of our lives. Part of the advantage of ChatGPT is its conversational programme. We can feed in our skills, financial situation, geographical location, health, interests, skills etc and ask it to generate new income generation opportunities. It can leverage AI to find suitable part-time consulting services or free lance work, provide possibilities to stay connected with past clients and , most exciting, open new opportunities. One of the Joys of being retired is having the time and energy to do other things, besides work, knowing that you are financially secure.

Aran Richardson of Yahoo Finance finds that FIRE-Financial Independence Retire Early, now have an unexpected ally in their arsenal, who not only makes suggestions but actively helps in planning investments, etc so that you can make informed decisions. but also gives loads of tips on managing the transition. The leading AI model gives people an array of personalised tools to guide people through this transitional period, where they can consider every aspect of their lives-where they live, with whom they live, where to put their money, when and how to travel, how to downsize, . Pensioners can increase their income by careful use of tax relief and encourages people with sought after skills to be still available- on their own terms. Mass retirements take a huge chunk of soft-skill knowledge out of the workplace.. Politicians are now, finally, aware that by applying tax relief, pensioners can rent out a room/garage. Up to now, Revenue have jumped on every opportunity, not realising they were killing the golden goose. Pensioners are often open to renting out a portion of their house to a suitable tenant, often at a very affordable rate. It suits both parties.

If you wanted to try out ChatGPT, which has free versions, what questions should be asked? Apple allow installation ChatGpt 4 for free. Monica is AI powered co-pilot in Chrome, It supports text to image. The basic system is free.

Input Retir. ement goals. This forces the retiree to decide what exactly they envisage.

This should be fluid. open to opportunity. but based initially on facts.

1. Retirement goals

2.Financial situation., Benefits, pension, investments

3.Outgoings.

4. Travel plans

5. Open to part-time work?

6. Overall health. Draw up a Healthy lifestyle plan.

7. Unfulfilled dreams. What are you waiting for?

8. Ready to downsize?

9. Small projects-tidying up the garden/attic/home decorating., joining clubs, taking up a sport etc

10. Health. Health Insurance. becomes more important every year.

As a general rule, financial planners advise retirees to have access to 70-80% of their previous income.

There is not a one size fits all, so gather as much information as you can. If you wish to generate answers, not taking some aspects into consideration. a simple verbal cue will suffice.

There are also considerations on what you want to leave to children/grand-children, charities etc

An emerging trend is gradual retirement. this can be very useful for people who identify closely with their work identity. These ties need to be cut, but it can be a gradual progression. One of my own personal joys is not being woken by an alarm..

So, have a go. ChatGPT is free. There is a newer version called Monica which takes verbal commands and enquiries. BingChat have a facility which is more accurate and shows from where it is gathering the information. . However iot is still very much keyboard use.

A lot of this is the sort of things I have covered with many of you with my questionnaire. but C