They collect rain water coming from the roof into tanks; This water is piped into the washing machine for the first washing cycle; When the water comes out is then stored in a second tank and it’s used to flush the toilet; What comes out of the toilet is sent into a septic tank and used for the garden. All done automatically

Now that’s a better way of doing things

Inflation is a real problem, in the US, UK, everywhere actually. Most governments are printing money like crazy, diluting the money supply which dilutes the value of that money. You should make sure to do a couple things in any investment portfolio, make sure it is diversified, and be more aggresive in your youth…getting more conservative as you near retirement.
I would also put at least 10% of your portfolio into precious metals like gold/silver as a hedge against a major inflation occurence. Its definitely possible as something is going to give as more and more people and govts spend credit or put another way, money that doesn’t exist.

If you retire today with a million dollars and a decent pension, you’d be plenty comfortable – not wildly rich, but comfortable. But pensions as such seem to be going away – things like 401K’s are much more common – so having a pension that’s the equivalent of $2000-3000 a month today, is not real likely by 43 years from now. And social security isn’t likely to be what it is today, either.

Save as much as you can. You have enough time that compounding can take your savings to heights you never imagined.

Good luck, and good for you for thinking about this now.

First, you must determine you the income necessary in todays dollars that you feel you could live comfortable upon. Next you must determine how much that money is worth in 43 years from now. To do this you can use excel and multiply todays dollars by 1 + the inflation rate (currently 3.2%) so this means that you would multiple – todays dollars x 1.03. Do this 43 times and it will give your todays income in future dollars.

For example $50K today will be worth $190K in 43 years assuming 3% inflation.

Next assume that you wish to live off the interest or increase in equity value. Assume 10% return in the stock market that would mean that in order to get a “salary” of $190K you would need to have invested around 1.9 million dollars assuming a 10% return.

Considerations, your financial needs will increase as you get older so 50K a year is not that much. Inflation can be more that 3% and your rate of return may not be 10%. You would need to discount your “needed retirement savings return at 65″ less your annual social security benefit and other retirement incomes (401K) etc.

This gives you a start.

Uneasy but almost there

Just start saving a very nominal amount REGULARLY from today;say $ 100 a month.

And by the time you are 60, you would have a very huge sum as savings.
The regularity is important and you should reinvest all the interst earned.
To know the exact figure,check with your banker.