I Asked ChatGPT the Best Way To Claim Social Security — Then Had a Retirement Planner Review It

Social Security claiming decisions signifier status income for decades, but generic proposal ignores idiosyncratic fiscal circumstances that find optimal timing.

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When we asked ChatGPT for the champion mode to assertion Social Security, it provided strategies for erstwhile to assertion benefits, emphasizing that waiting until property 70 maximizes beingness payments for astir people. Anthony DeLuca, a CFP and CDFA who is an adept contributor astatine Annuity.org, reviewed the AI’s recommendations and identified captious gaps successful the one-size-fits-all approach.

“It is not astonishing that radical are turning to ChatGPT to reply their fiscal questions. I’ll beryllium honorable with you; I thin connected it to corroborate ideas,” DeLuca said. But helium emphasized that ChatGPT is bundle that doesn’t cognize what it doesn’t know.

The AI identified cardinal Social Security ages: 62 arsenic the earliest claiming age, 67 arsenic afloat status property for galore workers contiguous and 70 arsenic erstwhile maximum monthly benefits footwear in. Benefits summation astir 8% per twelvemonth for each twelvemonth delayed aft afloat status property until 70, according to the Social Security Administration.

“Most experts hold the strategy that maximizes beingness benefits is often waiting arsenic agelong arsenic imaginable (up to property 70),” ChatGPT said.

The AI provided an illustration showing monthly benefits: astir $1,400 astatine property 62, astir $2,000 astatine property 67 and astir $2,480 astatine property 70.

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ChatGPT calculated that the break-even constituent betwixt claiming astatine 62 versus 70 falls astir property 78 to 80. If you unrecorded longer than that, waiting typically pays off, according to the AI.

The AI offered rules of thumb: Claim earlier if you request income immediately, person wellness issues shortening beingness expectancy oregon deficiency different status savings. Delay to 70 if you’re healthy, expect to unrecorded into your 80s oregon privation the largest beingness benefit.

DeLuca confirmed ChatGPT’s accusation isn’t incorrect. “Largely, I hold with it,” helium said. The mathematics connected payment increases and break-even ages holds up nether modular assumptions.

His interest focused elsewhere. “My biggest contented is this: ‘most experts hold the strategy that maximizes benefits is often waiting arsenic agelong arsenic imaginable (up to 70),'” DeLuca said. These are broad recommendations that don’t see one’s circumstantial fiscal plan, portfolio construction, hazard absorption oregon existent economical environment.