By: Michael Hudock

As a financial advisor, one of the best parts of my job is when I get to tell a client — especially a retired client — “Yes, you can do that!” 

You see, many investors spend decades diligently saving their money for retirement.  As a result, they become so used to prioritizing the long-term over the short that when retirement finally comes, it can be difficult for them to actually enjoy the wealth they worked so hard to build. 

That’s why I enjoy being able to tell people, “Yes, you can afford to get first class tickets for that trip to Paris you’ve dreamed about for so long.” 

Or: “Yes, remodeling your bathroom so you can have more space is within your budget.” 

And even: “Yes, you do have the money to try a new restaurant every single week!” 

Helping clients find ways to overcome their fears, like running out of money, so we can make life easier and more enjoyable is one of the reasons we do what we do.  That’s why I’m excited to tell you about a relatively new tool that you can use to make your life easier in retirement, too! 

I’m sure you’ve heard of it.  It’s called:

Artificial Intelligence

Now, many retirees don’t think of AI as something applicable to them.  To them, AI is for generating work emails or funny pictures.  In fact, many people, retired or not, have a fear of AI.  They worry that it can’t be trusted or that it will take people’s jobs away.       

This is normal.  AI is still a relatively new technology, one with profound implications for how we work, communicate, and learn.  And whenever a new form of technology emerges — the internet, computers, transportation, you name it — it always takes society time to adapt. 

Now, there are risks that come with AI, which we will cover in next quarter’s blog post.  But think about how effortlessly you use a computer.  Or how navigating the internet is nearly as easy as cracking open a book.  How your smartphone has become almost an extension of your own arm.  With a little bit of practice and familiarity, just about any technology can become second nature until you can hardly imagine life without it…because it makes aspects of your life so much easier. 

AI is the same way.  For proof of this, just take our CEO and founder, Barbara Hudock. 

Now, Barbara is definitely not retired.  She still meets with clients regularly, and we depend on her knowledge and experience!  But, having worked in financial services for over fifty years, Barbara does spend more well-earned time on her passions and hobbies than she used to.  She loves to ski, travel, try new restaurants, and provide community service.  Our clients always enjoy getting to hear about her latest adventures! 

What most people don’t know is that Barbara has a secret weapon for her personal use when it comes to living such a rich and fulfilling “semi-retirement.”  Her name is Glinda, and Barbara uses her for almost everything!  News about the latest restaurant openings and theater shows in the area.  Help with planning and booking her travel itinerary.  Tips to stay in shape in both mind and body.  Glinda does it all.   

But Glinda isn’t Barbara’s personal assistant.  No, Glinda is an AI for her non business activities. 

Specifically, she’s an AI agent. 

An AI agent is a type of software that can be trained on specific tasks and then act autonomously to complete those tasks without needing your direct supervision.  Agents can also interact with websites and other types of software to do everything from book appointments, organize your calendar, summarize documents, and much more. 

Thanks to Glinda — named after “Glinda the Good Witch” from the Wizard of Oz — Barbara can do more, see more, and enjoy life more.  That’s because Glinda can do all the things Barbara simply doesn’t have the time, desire, or expertise to do! 

Here’s an example.  A few months ago, Barbara scheduled a ski trip to Colorado.  Unfortunately, when the week of the trip arrived, there was a problem: Colorado simply didn’t have any snow!  (Apparently Mother Nature reserved all her storms for folks “back east” instead of “out west.”)  So, despite looking forward to it for months, it looked as if Barbara would be forced to cancel at the last minute. 

Or so we thought.

But then, Barbara got a great idea.  Why not ask Glinda for help?  So, Barbara picked up her phone, loaded her personal AI agent, and said, “Hey Glinda, there’s no snow in Colorado.  Can you give me recommendations for a place that’s similar?” 

I was blown away by what happened next.  Glinda didn’t just give her a list of travel websites.  Instead, Glinda said:  “Oh, I’m sorry to hear that.  I know how disappointed you must be.  Let’s work on finding a solid replacement where you can have an even better time than you’d planned!” 

Within a few minutes, Glinda found a ski resort near Lake Tahoe and another in Canada near Lake Louise.  Both had similar terrain and amenities to the resort in Colorado…and way more snow.  By the end of the day, Barbara had entirely new trip planned, all based around her specific needs, desires, and preferences.  It was amazing!      

How AI can help retirees live their dream lifestyle

Barbara’s experience is one that I’ve seen more and more with our retired clients.  You see, AI agents are a way for retirees to stay connected with the outside world so they can always get what they need and do what they want.  This is especially true for older retirees who may not be as mobile as they used to be.

Here are some of the ways I’ve seen retirees use AI to both enrich their lives and make life easier:

Get Around Town

As retirees get older, it’s not always easy to leave home.  It may no longer be safe for them to drive, and their destination may be without access to public transit or too far to walk.  Many older retirees rely on their children or grandchildren to get around, but that’s not always doable. 

But with AI, retirees can more easily get to where they need to go — whether that’s going out on a date or just getting groceries!  AI can not only help you book a taxi, Lyft, or Uber, but AI is increasingly enabling cars to drive themselves.  That’s a huge benefit for anyone who feels uncomfortable getting in a car with a stranger! 

Plan and Book Travel

Travel is one of the top goals for most retirees.  But planning a vacation can be a tedious, time-consuming process.  Sometimes, it can even be intimidating!  But AI makes it all a breeze.  From picking destinations to booking plane tickets to reserving hotel rooms, AI can not only help you plan, but in many cases, do the heavy lifting for you…and save you money!

Find Interesting Activities to Try

With an AI assistant, you don’t need to read dozens of reviews or check websites every week.  Once you set it up, you can train your assistant to proactively tell you whenever there’s a new restaurant opening in your area or movie coming to the big screen.  And that’s just scratching the surface!  Sporting events, concerts, community education classes, pickleball tournaments, meet-and-greets, author signings…AI can track anything and everything you are interested in so that you never run out of fun activities, pleasant diversions, and opportunities to live life to the fullest. 

Act As Your Personal Assistant

It’s no secret that our memories can become a little less reliable as we get older.  But AI can help here, too.  You can train your own agent to manage everything from your calendar to medication regimen.  Once again, it can proactively remind you about appointments you need to keep, pills you need to take, or even when to stand up and get a little exercise! 

Increase Your Knowledge

The day we stop learning is the day we stop growing.  Fortunately, AI can also help us continue to learn and grow.  Have you ever seen an interesting bird while on a walk and wondered what it was?  Or worked in your garden and thought, “I wonder if this plant needs more shade or water?”  Thanks to AI, all you have to do is pick up your phone — more on this in a moment — and ask AI for insights and information. 

Record Your Life Story

One of the most enduring activities you can do in retirement is keep a journal, record memories, or do genealogical research.  By doing this, you can preserve your life story! 

But not everyone has the skill to write their own memoirs.  That’s where AI comes in.  AI dictation tools are so powerful, you can literally talk to your agent and it will transcribe everything you say.  And if you ever get stuck or can’t find the right word, AI can help you fill in the blanks with its amazing text-generation abilities. 

The Takeaway

Best of all is that, in our experience here at Hudock Capital, using AI is easy.  When you couple it with voice response devices like Alexa or Siri, it becomes even easier.  There’s no complicated device to learn; no overwhelming software to figure out.  You just plug it in and start talking to it! 

Now, as I mentioned previously, there are some unique risks associated with AI that retirees should know about.  We’ll cover that next month.  But in the meantime, remember this:

AI isn’t just for work.  And it’s nothing to fear, either. 

AI is a tool.  A tool you can use to stay connected and engaged with the world around you.  A tool that’s uniquely suited to help retirees do more, be more, and live more. 

A tool that enables retirees to say, “Yes, I can do that!” 

That, in the end, is what retirement is really all about: Living life your way, doing the things you most want to do, with the people you most want to do them with.

That’s what we help people do here at Hudock Capital, using all the tools at our disposal.

AI can help you, too.        

Have a great month!

Michael Hudock