Artificial intelligence (AI) is becoming a familiar part of everyday money management, with many Australians turning to AI-powered tools to explore financial ideas.
According to a recent statewide survey from RACQ Bank, 45% of young Queenslanders have acted on financial guidance from an AI system without consulting a professional. These tools are increasingly relied upon for budgeting, savings support and general information.
While this shows growing confidence in AI, retirement-focused clients face far more complex decisions. Long-term wealth planning, superannuation rules, investment risk and lifestyle needs require personal context and accountability that AI systems cannot offer. This is why support from a qualified financial planner remains central to confident retirement planning.
Where AI fits into financial decision-making
Many Australians appreciate the convenience of AI tools for quick explanations and general guidance. The survey found that 65.8% of young respondents felt comfortable using AI for budgeting and savings ideas, 31.1% used it for investment suggestions and 26.8% relied on it for debt management support. It also revealed that 48% of all Queenslanders had confidence in the accuracy of AI-generated financial guidance.
Beyond these findings, additional research shows that AI can produce helpful summaries of basic financial concepts, such as how an offset account works or what an ETF is. These uses can support learning and help people engage more confidently with their finances.
Retirement-focused Australians, however, often manage significant assets, tax obligations, superannuation balances and long-term income needs. AI may offer surface-level information, yet it cannot apply this information to an individual’s full financial circumstances. This limitation increases risk when decisions involve the final working years or the early stages of retirement, which is why structured financial planning becomes increasingly important at this stage.
Why AI cannot replace tailored advice for older investors
No fiduciary duty or responsibility for outcomes
Licensed advisers must comply with strict laws when giving personal financial advice. They are required to understand a client’s objectives, risk tolerance, household structure, tax position and long-term lifestyle goals before recommending a strategy.
AI does not operate under these responsibilities. It provides general responses and carries no accountability for the financial outcome. The way these systems present information means users may not realise the analysis is general in nature rather than tailored guidance.
Furthermore, retirement decisions typically involve irreversible choices, including pension setup, asset sales and decisions that affect aged care pathways. These decisions need careful assessment from a Gold Coast financial adviser, not an unregulated digital tool.
Possibility of incorrect or outdated information
Large language models generate information based on patterns in their training data, which means outputs can appear confident yet be inaccurate. They can hallucinate and present incorrect or outdated information, especially when drawing from unreliable internet sources.
As retirement-focused clients rely on accurate tax rules, superannuation legislation and market data, errors in these areas can have long-term consequences. Even small inaccuracies can cause long-term financial harm, particularly for those managing complex portfolios or planning income that must last decades.
Lack of personal context and emotional understanding
RFS Advice works with clients at key life stages, and those approaching retirement often require detailed conversations about lifestyle expectations, personal values, career transitions, family considerations, health needs and emotional readiness for retirement. AI tools cannot interpret these human elements. They cannot explore trade-offs between working longer, reducing risk, increasing contributions or restructuring debt. These factors shape long-term confidence and require professional judgment as part of holistic financial planning delivered by an experienced financial planner.
The value of professional advice for retirement-focused clients
Strategic guidance across superannuation, tax and investments
A financial planner brings together superannuation rules, tax considerations, investment risk and cashflow needs so each part of a client’s retirement strategy works in harmony. This coordination matters because retirement-focused clients often need guidance on how these areas interact, particularly when making decisions about contributions, sequencing risk, drawdown planning or responding to market volatility.
When these elements are combined, the strategy must be aligned with the client’s personal goals, responsibilities and preferred timelines, something AI cannot interpret or verify. A qualified Gold Coast financial adviser helps ensure every recommendation fits the client’s circumstances and long-term intentions, rather than relying on broad principles or automated predictions.
Risk management tailored to long-term goals
Balancing growth, stability and flexibility is essential during retirement. A personalised plan considers how much income is needed, how long assets should last and how to protect against inflation or unexpected expenses.
Professional financial planners review strategies regularly and adjust them when life circumstances change. AI tools offer no ongoing accountability and cannot help clients navigate periods of uncertainty or emotional decision making.
Support, clarity and progress monitoring
Retirement is a major life transition that often involves questions about lifestyle, family support, estate planning and aged care. A long-term relationship with a Gold Coast financial adviser helps clients maintain clarity and confidence, especially when markets shift or personal priorities evolve.
A clearer path forward
While AI can support general learning and improve basic financial literacy, it cannot replace personalised guidance for Australians preparing for retirement. Retirement-focused clients benefit from advice that considers their story, objectives and long-term wellbeing. Professional support brings structure and confidence to decisions that shape life after work.
If you’re looking to navigate retirement planning, contact RFS Advice to begin shaping a long term strategy tailored to your circumstances.
Frequently asked questions
AI tools can explain general financial concepts, yet they cannot assess your personal circumstances or provide tailored retirement guidance.
AI can be helpful for understanding broad ideas, but it may produce outdated or incorrect information. Professional advice is recommended for major decisions.
AI can summarise rules, yet superannuation strategies depend on individual goals and tax considerations. Personalised planning requires professional support.
AI may support research or general education, but all recommendations are developed by qualified advisers who assess each client’s circumstances.
Retirement involves long-term income needs, complex investment decisions and emotional factors that AI cannot interpret. A professional adviser provides guidance that reflects your goals.
General Advice Warning
This information is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether the information is appropriate to your circumstances and seek personal advice before making any financial decisions
