Can artificial intelligence be a gamechanger when it comes to predicting outcomes and making smart financial plans for our future? Survey says: yessirree!

Getting older and planning for it is a game that, like it or not, most every human on the planet gets to play during their lifetime. In fact, 90 million folks 65+ will be playing come 2060. Sadly, many contestants don’t know the winning moves — refusing to grasp the realities of how much caregiving, daily living and all things associated will cost us as we age. Strategy alludes us in this contest, it seems, even when we can see what’s around the corner.

How do so many older adults get to the near finish line of their Golden Years adventure without planning around some of the lowest of the low hanging fruit realities of their health, living and financial abilities? Some of it defies reason. A couple I knew struggled with some seriously debilitating and ongoing issues — including alcoholism, Parkinson’s disease and isolation — that had been visible on their event horizon in blinding, flashing neon lettering for a very long time. Yet, the money they’d put aside to slog toward it was nowhere close to being enough to cover this vision long-term, especially since they wanted it all — to stay in their big lonely home, with 24-7 on-site caregiving and all daily living needs provided. I have heard enough geri-scary stories over the years to know this “head in the sand” approach is widespread. It is by no means the outlier strategy in life’s most important game, it is the norm!

Fortunately, technology can help us learn some winning moves as we make plans for our own senior strolls. It’s is an exciting addition to the playbook and it’s called artificial intelligence. I just read a news report titled “Artificial intelligence helps predict seniors’ long-term care needs: ‘Critical next steps’ on some new technology.” It was about an app called Together by Renee, which acts as a virtual healthcare organizer and assistant. Another story talked about a platform called Waterlily which helps predict someone’s long term care needs through generative AI. Talk about gamechanging! This is a seriously winning move, sign me up!

Marketed now to financial advisors and piloted by Prudential, this technology is not yet available to the masses. But other AI resources, including ChatGPT, can help us get on the leader board when it comes to playing “Ask Yourself Honestly” and “The What If?” games.

I gave it a test run with a few prompts and here’s what I learned:

Prompt: Give me a range of annual costs a senior citizen can expect to incur in the United States to age in place in their home with24-7 in-home caregiving and pay for medical and other living expenses.

ChatGPT Response:

“Estimating the annual costs for aging in place with 24/7 in-home caregiving in the United States involves considering various factors such as the level of care needed, medical expenses, living expenses, and geographical location. Here’s a rough range of annual costs that a senior citizen might incur:

In-Home Caregiving: As mentioned earlier, the cost of 24/7 in-home caregiving can vary widely depending on factors such as the level of care required, the qualifications of the caregivers, and the geographical location. On average, the cost for 24/7 in-home care can range from $150,000 to $300,000 or more per year. This estimate includes the cost of caregivers’ salaries, payroll taxes, and any agency fees.

Medical Expenses: Medical expenses can include doctor’s visits, medications, medical supplies, therapies, and any necessary medical equipment. The annual medical expenses for a senior with Parkinson’s disease and potential complications can vary widely depending on individual health needs and insurance coverage. On average, medical expenses for seniors can range from $5,000 to $15,000 or more per year.

Living Expenses: Living expenses include housing costs, utilities, groceries, transportation, and other day-to-day expenses. The annual living expenses can vary significantly depending on the senior’s lifestyle, location, and housing situation. In the United States, annual living expenses for seniors can range from $20,000 to $50,000 or more.

Additional Expenses: Additional expenses may include home modifications for accessibility and safety, legal and financial planning services, entertainment and leisure activities, and miscellaneous expenses. The annual additional expenses can vary depending on individual needs and preferences.

Taking all these factors into account, a rough range of annual costs for aging in place with 24/7 in-home caregiving and covering medical and living expenses in the United States could be:

Low Estimate: $175,000 to $200,000 per year
High Estimate: $365,000 to $500,000 per year

It’s important to note that these are rough estimates, and the actual costs can vary widely depending on individual circumstances and geographical location. Additionally, it’s essential to regularly review and adjust your budget based on changing needs and circumstances. Consulting with financial advisors and healthcare professionals can help you plan and manage your expenses effectively.”

Well that’s pretty darn helpful to designing a workable Grand Plan and winning strategy! This artificial intelligence has some serious potential! I entered a good “What If?” game humdinger to see what I might learn:

Prompt: What if I am in my 70s living in my home and I have a stroke and am unable to drive or get around my home unaided?

ChatGPT Response:

“If you’re in your 70s living at home and you have a stroke that affects your ability to drive or move around your home independently, it will likely necessitate additional support and adjustments to your caregiving plan. Here’s how your situation might change and how it could impact your costs:

Increased Care Needs: Following a stroke, you may require more intensive care, including assistance with activities of daily living (ADLs) such as bathing, dressing, toileting, and mobility. This may increase the number of hours of caregiving required per day, potentially leading to higher costs for in-home care.

Home Modifications: Depending on the extent of your mobility impairment, you may need to make modifications to your home to improve accessibility and safety. This could include installing grab bars, ramps, stairlifts, and other adaptive equipment. These modifications can incur additional expenses upfront but may reduce the risk of accidents and improve your quality of life in the long run.

Transportation: Since you’re unable to drive, you’ll need alternative transportation options for medical appointments, grocery shopping, and other errands. This could involve hiring transportation services, using ride-sharing apps, or relying on family members or friends for assistance. Transportation costs should be factored into your overall budget.

Rehabilitation Services: After a stroke, rehabilitation services such as physical therapy, occupational therapy, and speech therapy may be necessary to help regain lost abilities and improve functional independence. These services may be covered by health insurance, but copayments, deductibles, and out-of-pocket expenses can still add up.

Caregiver Training: Caregivers may require additional training to assist you effectively after a stroke. This could include learning techniques for transferring you safely, providing assistance with mobility aids, and recognizing signs of complications or emergencies. Training costs should be considered in your budget.

Given these factors, the costs of aging in place after a stroke with increased care needs and mobility limitations could be higher than your previous estimates. While it’s challenging to provide an exact figure without knowing your specific circumstances, it’s essential to reassess your caregiving plan, budget, and resources in light of these changes. Consulting with healthcare professionals, social workers, and financial advisors can help you navigate these challenges and ensure that you receive the support you need to age in place safely and comfortably.

Here’s one more for the road, an “Ask Yourself Honestly” question.

Prompt: I am an independent 70-year-old introvert who doesn’t like to maintain a yard and refuses to haul around a lot of stuff. However, I enjoy views of the river and want to have guest space for my adult children and their families when they visit. I also love my neighborhood and want to stay connected to the same community I’ve enjoyed during my life. What kind of residential options align with my needs and wants as I age?

ChatGPT Response:

“

Given your preferences and desires, here are some residential options that align with your needs as you age:

Condominium or Apartment with River Views: Consider moving into a condominium or apartment building with units offering views of the river. Condominiums typically have minimal yard maintenance since exterior upkeep is managed by the homeowners’ association (HOA). You can enjoy the scenery without the hassle of yard work, and many buildings offer guest suites or rental units for visitors.

Townhouse in the Same Neighborhood: If you love your current neighborhood, downsizing to a townhouse within the same area could be an excellent option. Look for a townhouse with a smaller yard or one where lawn care is included in the HOA fees. You can still enjoy the familiarity of your neighborhood while reducing maintenance responsibilities.

Accessory Dwelling Unit (ADU): If zoning regulations permit, consider adding an ADU to your existing property. An ADU provides a separate living space for guests or family members while allowing you to maintain your connection to your neighborhood. It’s a great option for having guest space without the need to move.

Senior Co-Housing Community: Look for senior co-housing communities in your area. These communities offer private homes or apartments within a shared community setting. Residents often share common spaces and amenities, fostering a sense of community while still providing independence and privacy.

Continuing Care Retirement Community (CCRC) with River Views: If you’re open to exploring new communities, consider a CCRC situated near the river. These communities offer various levels of care, from independent living to assisted living and skilled nursing care, allowing you to age in place as your needs change. Look for CCRCs with guest accommodations for when your adult children and their families visit.“

The possibilities are truly endless with this new fangled artificial intelligence technology as a resource. If nothing else, these tools can help us get real about what’s ahead and learn some smart moves on how to plan for and expect it. Try it, you’ll like it!