Artificial intelligence has become a mainstay in our daily lives for work, play and personal interactions. As we connect with AI, it learns from us to produce better results. But can you receive valid financial and retirement advice from AI?

The answer is, in some cases, yes. And, in some cases, not at all. 

According to the AARP, 59% of Generation X and 30% of Baby Boomers have consulted AI for financial guidance. The majority of those surveyed indicated that AI had helped improve their financial situations. However, as with AI in general, this evolving technology should be applied to financial matters with caution. 

How can AI safely help you with money matters? When used appropriately, AI can assist with:

• Budgeting and expense tracking
• Boosting credit score
• Education and document summarizing
• Prevention of theft, scams and fraud
• 24/7 access to financial guidance

But it's not all good:

• Never disclose sensitive information (Social Security number, credit card and bank numbers, medical records and driver's license). AI is not federally regulated, so this information could fall into nefarious hands. 
• Don't cut your human financial adviser loose. While AI renders guidance without nuance, a human adviser has an ear for the emotional factors connected to monetary life changes and other personal situations. 
• Don't act on AI advice without double-checking it first. AI is still learning, and it's your money. 
• Don't rely on AI to make significant investment decisions. If AI makes an error, you don't want its mistake to put a big dent in your finances.  
• Don't trust AI for tax advice. Tax law changes every year, and AI may not have the most current revisions.  

With AI still in its infancy, the best advice in using it for financial guidance seems to be two-fold: 1) Use wisely, but also verify; and 2) Keep your financial adviser for bigger decisions and backup. 

Learn by Livestream

Although Fidelity Investments and TIAA, U-M's longtime financial partners in administering the university's Retirement Savings Plans, use AI, they also provide more traditional means of education. Both offer several live and on-demand events each month about a variety of topics. These online events are free and take place on Eastern Time. Upcoming events include: 

Fidelity

Smart Home Loan Strategies
Wednesday, April 8 – noon-12:30 p.m.

Whether you’re on the move, refinancing or renovating, this webinar can help you understand your lending options. Topics will include: 

• How does today’s market impact current homeowners?
• When should you consider refinancing?
• How can you borrow from your existing home equity?
• How can you buy and sell at the same time?

Women Talk Money: Help Boost Your Refund – and More Tax-savvy Tips
Wednesday, April 8 – 2-2:45 p.m.

With the right tools, tax time can be an opportunity to strengthen your finances. During this event, you'll learn smart moves to help lower your taxable income, tax-savvy investing habits to help your money go further, and practical ideas for using any refund – big or small – to boost savings, pay down debt and invest in your future.

To view more educational events, go to the Fidelity Special Events Learning Center web page. 

TIAA

Quarterly Market Update
Wednesday, April 15 – noon-1 p.m.

Representatives from TIAA's Wealth Chief Investment Office will discuss key economic factors impacting investors, including:

• The state of the U.S. economy and key market drivers
• Factors influencing market volatility
• Investing in public markets

Navigating the Sandwich Generation: Financial Strategies for the Caregiving Squeeze
Wednesday, April 22 – 11-11:30 a.m.

Nearly a quarter of U.S. adults are in the "sandwich generation," caring for aging parents while supporting adult children. During this event, you'll learn tools to navigate this challenging time without sacrificing your sanity or your retirement.

Topics will include:

• Prioritizing your own financial needs and securing your retirement
• Managing the costs of elder care and supporting adult children
• Creating a budget to navigate competing financial responsibilities
• Evolving your plan over time as life changes

To explore TIAA's webinar library, go to the TIAA Webinars web page. 

Check In to Check Out

Events are great ways to increase your financial knowledge, but they can't replace personal connection with your TIAA or Fidelity retirement specialist. You can meet with a strategist virtually, by phone or in person for optimal convenience. Evolving technology allows them to screen-share so you can see your account information in real-time.  

To schedule your one-on-one appointment:

• Visit the Fidelity Scheduler web page or call (800) 642-7131, weekdays from 8 a.m. to midnight. Fidelity offers appointments exclusively for U-M employees every Tuesday from 8:30 a.m. to 5 p.m.
• Visit the TIAA scheduling web page or call (800) 732-8353, weekdays from 8 a.m. to 10 p.m.

Help at MHealthy

MHealthy also offers several resources to assist faculty and staff with improving their financial well-being. These include education programs and resources, coaches, and immediate assistance for those who need help now.