AI is increasingly becoming the first financial adviser people turn to when they want to understand their retirement accounts, savings rate or investment portfolio. In a Bloomberg Opinion column, retirement economist Allison Schrager argues that the experience is not disastrous, but it is limited. AI can explain the basics clearly: diversify, keep fees low, avoid unnecessary speculation and understand the relationship between risk and return. In that sense, it can resemble an average financial planner — minus the human judgment and personal context.

The appeal is obvious. Many households cannot afford full-service financial advice, and AI could help close part of that advice gap. Major financial firms are already moving in that direction, using AI tools to support advisers, analyze portfolios and offer more scalable investment guidance.

The risk is that retirement planning is not just a math problem. Taxes, health costs, family obligations, job insecurity, risk tolerance and behavior all matter. AI can sound confident even when it lacks the full picture, and it may reinforce a user’s impulse to make unnecessary portfolio changes. For now, its safest role is as an educational assistant or second opinion — useful for understanding choices, but not a substitute for accountable, personalized retirement advice.