Artificial intelligence and machine learning is today's hot topic in nearly every profession. Unfortunately, the discussion has been centered on how artificial intelligence or AI will displace or outright eliminate entire professions. While it will not be easy, and many professionals may not succeed, AI is likely to transform and dramatically improve consumer-facing professions. Ironically, robots will help us be more human. Two Oxford University researchers, Carl Frey and Michael Osborne, published a seminal exploratory study assessing how susceptible selected jobs in the U.S. may be to computerization.
No one wants to spend their retirement bagging groceries, but without sufficient retirement savings, that's how you may be spending your golden years. The latest Merrill Lynch Finances in Retirement Survey, released in March 2017, revealed that the average cost of retirement has risen to $738,400. Of that number, $260,000 will go to healthcare costs alone, according to Fidelity's Retiree Health Care Cost Estimate. But $738,400 is just an average -- retirees accustomed to high incomes may need even more than this to maintain their standard of living in retirement. Most retirees can expect to see their expenses drop when they retire, hence the standard recommendation that retirees will need 70% to 80% of their pre-retirement income.