Reply to How to Model Financial Planning in ChatGPT?

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[quote=Anonymous][quote=Anonymous]OP, here's what I did with ChatGBT.

1.  I never named where we have our accounts or any other identifying info.  To come up with retirement withdrawal strategies, I provided the current balances in all categories (401k, IRA, Roth, HSA, brokerage).  I said that we're maxing out 401Ks and HSAs and that we want to max out mega backdoor Roths. I named our income levels in the last few years of retirement.

2.  I said current ages, dates when we'll stop working, dates when we'll take social security and the amounts. I named the amount that we'll get in pensions.

3.  I named our county and state so that it could figure tax rates.

4.  I named our goal to have $x in monthly income during our first 10 years of retirement (when we'll be travelling).  And then said to drol it to $x thereafter.

5. I asked it to assume long term returns of 3%, 4%, 5%, and 6% and run the different scenarios to name our ending balances at ages 90 and 95.

As it was giving me back information (always with explanations), I continued to tweak and ask for different models or revisions as they occurred to me.  It continued to prompt me to see if I wanted to take all this to the next steps.  For example, year by year asset balances, which assets to draw from first before RMDs, when to draw from the brokerage in order to avoid Medicare surcharges. It gave me worksheets specific to our situation and numbers for future calulations and an annual check-list.

At the end, I cut and paste everything into different documents.  Then I told it to delete the entire thing and not to share or store it.

I learned so much by doing this.  I recommend it.

[/quote]

The next step would be to copy/paste your outputs into a model like Gemini to validate and look for issues/errors. All foundation models have the ability to research now, but I find it particularly good with Google/Gemini's deep research capabilities. It's like having a council of advisors working with you.[/quote]

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