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Help with an inflation calculation please
Prudent
Posts: 11,666 Forumite
I am wondering if anyone could help me with a calculation please.
I am 49 and have two health issues which have been impacting my ability to work, although I am currently on a return towork I may not sustain full time. Both issues are fluctuating and one is more serious than the other, although neither are likely to reduce my lifespan. I would like to consider what my future options might be.
I have a work pension scheme which has been final salary and since April 2015 is career average. At age 60 I will receive £7400 per year (Plus a lump sum of 3 x that). Any pension accrued since April pays out at my state retirement age. I earn £35,000 and the accrual rate is 1/57th.
I own my home outright and have the potential to downsize a little if necessary. I have kept detailed expenditure for years and average around £800 a month, but ideally would like £1,000 to allow for any extras. I have very good savings (thanks to MSE) and I am trying to work out how to factor inflation into the coming years to work out if my savings are enough (combined with the pension I can take at 60) to allow me to be okay if a) I worked part time or b) didn't work at all.
Sorry that seemed very long, I hope it is clear enough.
I am 49 and have two health issues which have been impacting my ability to work, although I am currently on a return towork I may not sustain full time. Both issues are fluctuating and one is more serious than the other, although neither are likely to reduce my lifespan. I would like to consider what my future options might be.
I have a work pension scheme which has been final salary and since April 2015 is career average. At age 60 I will receive £7400 per year (Plus a lump sum of 3 x that). Any pension accrued since April pays out at my state retirement age. I earn £35,000 and the accrual rate is 1/57th.
I own my home outright and have the potential to downsize a little if necessary. I have kept detailed expenditure for years and average around £800 a month, but ideally would like £1,000 to allow for any extras. I have very good savings (thanks to MSE) and I am trying to work out how to factor inflation into the coming years to work out if my savings are enough (combined with the pension I can take at 60) to allow me to be okay if a) I worked part time or b) didn't work at all.
Sorry that seemed very long, I hope it is clear enough.
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