0.98^30 = 0.5459, so more like 30 years. But, that's why you have to put the bulk of your savings in equities and bonds.
You probably shouldn't be storing all your savings in cash. I think it's generally considered better practice to put at least some percentage into something market-based, like an index fund.
Re:Why the 2% Inflation Target? (2023)
by smallmancontrov on Friday March 22, 2024 @04:20PM
(#39794406)
...if held in cash. Were you holding your savings in cash?
in twenty years your savings have lost nearly half of its purchasing power.