Hi,
Looking for some help with the Social Security parameter in cFIREsim. I am based in the UK, so I need to input the UK state pension equivalent for this. Like SS, the UK State Pension will rise with inflation (if it still exists when I am old enough to claim it!). Currently, the maximum you can get (based on achieving the maximum number of qualifying years) is about £7500 per year.
So if I expect to receive the maximum State Pension in 30 years time and assume inflation is on average 2% per year, should my SS parameter in cFIREsim be: 7500*(1.02^30)=£13,585? ie: When someone based in the States goes to the SS Retirement Calculator as suggested in the cFIREsim FAQs (
http://ssa.gov/retire/estimator.html), does this calculator give you an inflation adjusted estimation of what you are likely to receive?
Cheers.