Can AI help you figure out how much money you need to retire?

MoneyWatch Can AI help you figure out how much money you need to retire? .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Aimee Picchi Aimee Picchi Associate Managing Editor, MoneyWatch Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports. Read Full Bio Aimee Picchi Updated on: May 7, 2026 / 5:14 PM EDT / CBS News Add CBS News on Google People are using artificial intelligence today for a range of tasks, from preparing work presentations and shopping to conducting scientific research. But is AI also useful in tackling the most consequential and complicated calculation a worker is ever likely to face: Can they afford to retire?Americans are already turning to AI for financial advice, with about 20% saying they use chatbots for this purpose, according to a September study by AI company Pearl. About half of those who already use AI at work also use it for retirement planning — double the rate among workers who don't use AI, MissionSquare Research Institute found in a separate study.The need for retirement advice is real: Americans now say they expect to work four years longer than they'd like due to rising living costs and inadequate savings. The median balance for workers with retirement plans is $40,000, far short of the $1.5 million they say they need to retire comfortably. Meanwhile, Social Security — the financial backstop millions are counting on in retirement — could cut monthly benefits by as much as 20% in just six years, unless lawmakers take action to shore it up. How AI can help with retirement planningGiven those facts, it's tempting to turn to ChatGPT or Claude and ask, "Here's what I have saved so far. Will I be able to retire at 65?" Some experts say AI offers a good star...