CBS NEWS - MoneyWatch | More people are using AI for retirement planning, but how accurate is it? Here's what experts say features insight from Andrew Lo, Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management and the director of MIT's Laboratory for Financial Engineering. "AI struggles with tax optimization, doesn't understand regulatory nuance and — unlike a human financial adviser — isn't subject to legal requirements, such as acting in a client's best interest." He stressed that it's important to ask critical questions when using AI for retirement advice, such as prompting an AI to say where it might be wrong and to list its assumptions and uncertainties.
(The GCFP does not make policy recommendations, and any opinions expressed are those of the authors and not the GCFP.)
