money inflation?

Question

in todays money i am earning £20000 a year but in
2027 (20years from now) will i be earn the equivalent to that
witch is £33000 in 2027's money
(equivalent to £20000 in todays money (2007) )
please help!!!!

Answer 1

In the U.S. wages have been increasing about 5 % annually and inflation has been around 3% .

Hopefully, you should also receive higher wages from being a more experienced worker in the future .

Answer 2

If you want to know a reasonable equivalent of 20k in twenty years then look back twenty years. If you are earning 20k today someone with your job would need to be paid about double that in ten years to be no worse off and double that again in twenty. So around 80k in twenty years is reasonable. Another way to calculate is the cost of the family home and the family car. Since these are linked to what people earn you can see that the value of money is diminishing rapidly, faster than official inflation figures. Look at house prices in the sixties, seventies, eighties, etc. compare to each other and todays prices. Do the same with the family car from Ford or any local manufacturer. See the price in 1970 is around 3 thousand dollars. Ten years later it is around 10 thousand, while today cars are cheaper than they have ever been and you pay around 40 thousand for the family car.

Answer 3

If you are not ahead of the inflation curve, you are not doing a very good job. Almost all people legitimately working will stay ahead or should consider other employment. If you have not improved your position in 20 years, you have a problem.

Answer 4

You are asking us to predict the future 20 years from now. If I could do that, I'd be picking lottery winners, or the outcome of football games.