How much should one consider when thinking about inflation erosion of (cash) value?
As an example, if someone was to save 1mil in today's terms just by putting their savings into a bank by the time they retired, how much would inflation have eroded it's value? That is, 1mil in today's terms would equal how much in, let's say, 30 years?
I realise there's no way to say for sure, but a ballpark figure?
What have historical figures been like?
So based on this, what should one do when considering inflation? Put 50% of that 1mil into an index fund or better?