By Sharon Epperson,Stephanie Dhue

Copyright cnbc

There’s a lot to consider when planning for retirement, including expected income from Social Security, pensions and personal savings, as well as lifestyle expenses. You might enlist help from software and other tools, as well as a financial advisor.

“This is a super complicated mathematical equation we give people,” said Goodsell.

Inflation, longevity and return variables can make it challenging to plan. “That’s where a financial advisor, I think, comes into the equation,” he said.

The value of advice is more than the right asset allocation mix. “It’s also the emotional value” and “building that relationship with a trusted person,” said Andy Reed, head of behavioral economics and research at Vanguard.

Even as artificial intelligence tools become more ubiquitous, “it’s not clear that talking to a Gen AI chatbot will deliver the same type of emotional value that a human advisor could,” said Reed.