I have very difficult problem (for me)
I have to create a pension calculator.
What I know is:
I am now 30 years old, will stop paying as I am 60 (so I will pay over 30 years) and I will live about 30 years.
I want to get about 1000 € per month pension BUT including the 2.5 % inflation.
So when I am 60, what is currently 1000 € will be ca. 2097 € and when I am 90, 1000 € today will be ca. 4399 €
Now the question, how much money do I need to get enough money?
It is about 1.157.864 € but I have not calculated the interest of 4.5 % on my money. So it must be less then 1.157.864 €.
My head is exploding....
So, the right question is, how much money I need to havewhen I am 60 to get my last years about 4399 € a month.
Then is the question how my I have to pay monthly to get this amount. And how to calculate it!
If some one can help me, it will be great!