There is no doubt that AI is becoming a factor in financial decision-making. According to a LendingTree survey, the "rise of AI (artificial intelligence) [has] influenced how and where people are getting their financial advice" (tinyurl.com/4c97xrr6).

Still, a Gallup Panel web survey of more than 2,000 U.S. adults conducted in April 2025 found that people "are more likely to turn to friends and family (43%) or financial advisers and planners (41%) than any other type of resource" (tinyurl.com/4baybbd2).

The Gallup respondents were asked whether they used each of 10 possible financial information and advice sources. Among those options finishing near the bottom: employer-sponsored financial advice programs (14%) and government consumer resources (12%).

For those ages 18 to 29, 57% chose to rely on friends and family for advice, with 50% of middle-aged adults (30 to 49) saying the same. Closing in on retirement seemed to play a role with older adults (50 to 64), who had professional advice at the top of the list (45%), while seniors (65 and older) also favored financial advisers and planners (51%).

As for online advice, financial websites were used by 36% of respondents overall, while two categories (podcasts and webinars; social media) were each cited by 20%.

Yet the reality is that the "AI boom" has taken off. As noted in a 2023 Reuters technology article, it only took two months after launching in November 2022 for ChatGPT to attract 100 million monthly active users (tinyurl.com/38h8fhcj).

And AI is clearly making an impact. Nearly half of chatbot users say that AI has influenced at least one of their financial decisions, according to the September survey released by LendingTree, an online lending marketplace. Those decisions included budgeting (33%), financial aid or scholarships (32%) and taxes (31%).

The survey of 2,000 people noted:

-- 26% of users turn to chatbots for financial information, with 61% of those users asking about personal finance management, and 42% inquiring about stock market trends and analysis.

-- 74% of Gen Z members (ages 18 to 29) have used a chatbot, compared with 40% of baby boomers (61 to 79).

-- 89% of users think that chatbots are at least "moderately accurate."

LendingTree tested the AI advice by asking 20 personal finance questions for three chatbots: ChatGPT, Claude and Gemini.

According to a LendingTree article about the survey ("49% of AI Chatbot Users Say AI Has Influenced a Financial Decision"), financial advice from chatbots was solid when it came to general personal finance advice, but it often lacked depth when it came to personalized retirement recommendations.

For example, when ChatGPT was asked about a couple who were 50 years old and wanted to retire at age 67, had $100,000 saved for retirement and were seeking to ensure they had enough to retire, it recommended maxing out retirement contributions, meaning the couple would have to invest more than $35,000 per year. The article noted: "Although maxing out tax-advantaged accounts is wise, ChatGPT gave blanket guidance without considering how much of a financial strain this would be for the average person."

From my perspective as both a proponent of financial literacy education and a seasoned investment counsel, even if you approach the exercise as a "skeptical subject matter expert," be alert to how you might use AI.

For information? Sure, as long as you are careful to review the output for accuracy.

For advice? That would be a "no." I doubt that a human can really be replaced given the complexity of a person's financial life -- complexity that is ever-evolving due to changes in taxes, the markets and personal situations.

AI is a vehicle for research, but you don't give it the keys to drive your financial decisions.

DISTRIBUTED BY ANDREWS MCMEEL SYNDICATION

As we look forward to 2026, are you concerned about the future? Financial "awareness" can help turn resolutions into realities.

Inflation remains a top concern for many, as reflected in Fidelity's annual New Year's Financial Resolutions study (tinyurl.com/bdfx32rn). This year's version, released on Dec. 11, surveyed 3,026 adults (18 years of age and older) in early October.

When asked what the top financial concerns were for 2026, 45% cited "rising everyday prices," which finished ahead of "unexpected expenses or financial surprises" (31%) -- last year's top concern -- and "rising health care or insurance costs" (28%). In addition, 55% said they felt overwhelmed by their personal finances, and 31% described their relationship with money as "stressful."

Inflation is not just a U.S. concern. T. Rowe Price's 2025 Global Retirement Savers Study, which conducted an online survey in June and July of 2025 of more than 7,000 respondents from five countries (the U.S., Japan, the United Kingdom, Canada and Australia), reported that 42% of retirement savers indicated their top concern was inflation, finishing ahead of geopolitical events (30%), interest rates (27%) and unemployment (20%) (tinyurl.com/28dvphx8).

Among global savers in the T. Rowe Price study, 50% said they expected a recession by mid-2026, including 48% of the 3,000 U.S. respondents surveyed.

While some inflation is now lower based on a recent Department of Labor measure, combating economic challenges remains a priority, and there are reasons for optimism, including signs that financial planning continues to be embraced.

Seventy-one percent of those surveyed by Fidelity said they have a plan to reach their financial goals, and 78% said they plan to build up their emergency savings.

For those considering a 2026 financial resolution (64% in the Fidelity study), the top three concerns remained consistent from previous years: save more money (44%), pay down debt (36%) and spend less money (30%).

The question becomes: How do you make those resolutions become realities?

In the Fidelity survey, the No. 1 motivation for those who make a financial resolution is "The desire for greater peace of mind." That coincides with the T. Rowe Price study, in which the No. 1 ranked answer for financial objectives was "Overall, having financial peace of mind."

Achieving peace of mind -- how does one do that? From my perspective, having worked with hundreds of clients and students over the years, I can share that the exercise starts with a clear desire to avoid future regret -- and it begins with something ever so simple.

No matter how wealthy someone is, the process starts with awareness. Call it "financial awareness," which is the first step to achieving financial literacy.

It can be as simple as getting in the habit of "observing" spending. Keep track one day a week for a while. If you want to do more, increase the number of days.

Don't bother trying to budget unless you feel that will help you. Budgeting apps are available if you want to go that route -- examples include Rocket Money and Monarch Money. Worksheets are offered by Excel (tinyurl.com/4rxcjdus) and the Navy Federal Credit Union (tinyurl.com/3j8k5uf5). Or, see if a calendar might work for you (Charles Schwab offers a "Personal Finance Calendar for 2026," a month-by-month guide, at tinyurl.com/2ypwvf9t).

Something I can't emphasize enough: You don't want to find yourself at an older age regretting that you didn't do enough when you were younger. The future is always right around the corner. I encourage you to give financial awareness a try -- just for a day. How are you consuming your financial assets now? Does that pattern work for you? Or, is there room for improvement?

The T. Rowe Price survey found that only 31% of those surveyed said they would live in retirement "as well as or better than I did when I was working," while 17% said "I will run out of money." In the Fidelity study, 30% said they were more stressed than in previous years when it came to having enough retirement savings to retire as planned.

Achieving financial peace of mind starts with awareness -- a good way to start the new year. We'll touch on other aspects of financial awareness as the year unfolds.

DISTRIBUTED BY ANDREWS MCMEEL SYNDICATION

When writing about taxation of retirement accounts, I've referred to IRS Publication 590-B many times, as it provides guidelines to taxpayers for handling required minimum distributions (RMDs) from inherited accounts and IRA withdrawals in general. I also recommend that you talk with your tax adviser.

Before I proceed, a little history: The IRS used to have one publication that addressed issues related to retirement accounts: Publication 590, Individual Retirement Arrangements (IRAs). It covered both parts of IRAs: contributions and distributions.

However, starting with the 2014 tax-year returns (tinyurl.com/mw2pu7wn), the IRS split the publication into two sections: 590-A (which covered contributions to IRAs, along with the rules for rollover and conversion contributions) and 590-B (which dealt with distributions from IRAs, along with the rules for RMDs and IRA beneficiaries).

IRS Pub. 590-B is a key resource for taxpayers. Citing the most recent version (2024 tax year):

"This publication discusses traditional and Roth IRAs. It explains the rules for:

"Handling an inherited IRA, and ... [r]eceiving distributions (making withdrawals) from an IRA. ...

"It also explains the penalties and additional taxes that apply when the rules aren't followed. To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables" (tinyurl.com/y2cjrd5y).

As a taxpayer, however, you do need to be cautious about reading and relying solely on the publication. First, be mindful of the evolution of tax policy and the passage of time.

Let me give you an example. The SECURE Act, which was signed into law in December 2019, changed how RMDs were to be calculated for inherited traditional IRAs by establishing a new 10-year limit for distributions for most beneficiaries (as opposed to a potentially much longer period of life expectancy for the inheritor).

When the IRS first put out Publication 590-B in 2021 for the 2020 tax year, it offered an example that implied someone (a non-exempt beneficiary) who was subject to the new 10-year rule had to make an annual withdrawal from the inherited account.

After questions arose about whether that interpretation was correct, the IRS later released a corrected 590-B that indicated a beneficiary was allowed, but not required, to take distributions prior to the end of the 10th year, when the account needed to be emptied.

Then, in February 2022, the IRS and the Treasury Department issued proposed regulations for the SECURE Act, with subsequent final regulations not arriving until July 2024. Both the proposed and final regulations clarified that if RMDs were started by the deceased owner of the retirement account, they had to be continued by the beneficiary for nine years, then the rest of the account would be distributed in the 10th year.

In other words, Publication 590-B had it right, then changed the wording in the revised edition of 590-B, only to eventually go back to the original stance. In the meantime, the IRS issued three notices (2022-53; 2023-54, 2024-35) providing temporary relief from penalties for those who inherited IRAs after the initial owner died between 2020 and 2023 and did not make RMDs during that time.

In general, is Publication 590-B a reliable source that offers comprehensive guidelines for important tax issues? Yes. However, it's important to realize that it does not have the legal standing of the Internal Revenue Code (tinyurl.com/5cw5h7tx).

"The most reliable hierarchy of information begins with the Internal Revenue Code and Treasury Regulations, followed by official IRS rulings, notices, and announcements," Denise Appleby, CEO of Appleby Retirement Consulting Inc., wrote in the article "When IRS Guidance Goes Wrong: How to Avoid Costly IRA Mistakes" for Morningstar (tinyurl.com/yuy7rrww). "A Private Letter Ruling can also be useful, but it applies only to the taxpayer to whom it is issued."

My advice: When making decisions having to do with retirement accounts and taxes, understand that IRS Publications are helpful resources. But they are not the final word on how the Internal Revenue Code applies to a taxpayer's particular situation. When making a decision on an action that has tax consequences, your personal situation will dictate the result. That's why you need your tax adviser guiding you.

DISTRIBUTED BY ANDREWS MCMEEL SYNDICATION