Those of us who lived through the rampant inflation of the 1970s may well think that forecasts of 4% are nothing to take seriously.
Nevertheless at 4%, if you are on a fixed income, after 5 years it takes around £1.25 of your limited resources to buy something which used to cost a pound; after 10 years it takes £1.50 and after 15 years £2.
That is to say if you retire at 60, by the time you are 75 the value of your money has halved.
That is why we have to take action.
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