Ever wondered if your pension will be enough to survive on when you retire one day? Never mind global warming, inflation is the biggest threat to people in any country. If you are in the business of selling investments to provide for people’s future financial well-being then there is nothing else out there that will help you close deals like this simple app on your Android smart-phone.
The app shows, in this example, that if you need 5,000 bucks a month for living expenses today then, with inflation at 7%pa, you will need 38,018 bucks a month when you intend retiring in 30 year’s time. The app also shows that, if you put 5,000 bucks under your mattress today, and took it out in 30 year’s time, it would only be worth 650. Tap the Up/Down arrow Spin Buttons to scroll either the inflation rate or the period and the Future value/cost and Buying power figures are instantly recalculated and scroll in unison. Find out how much you need to start saving for to be able to send your toddler to college or university in 15 year’s time. If that degree costs 30,000 today then it will certainly cost a lot more in 15 year’s time – even with moderate inflation. How much more? Well, make sure you are sitting down before you tap the “Calculate” button on this app. As for what a trolly-load of groceries will cost you at the supermarket in 30 year’s time when you are on pension.
The Settings button allows you to set the amount by which you want the inflation rate to change when you use the Up/Down spin buttons. For example, you may change the increment from 0.5% to 0.25% or 1.5% or anything you like. You can also change the number of years that the period changes when you tap on the spin buttons to change the period.
Note that you may be required to change the Security setting on your phone/tablet to allow you to temporarily install “non-market apps”. After installing the Inflation app from our web site we recommend that you change this setting on your phone/tablet back to not allow the installing of “non-market” apps.