l.","termCOLA":"COLA","termCOLADef":"Cost-of-living adjustment — when a pension keeps pace with inflation.","termSequenceRisk":"Sequence-of-returns risk","termSequenceRiskDef":"Bad market years early in retirement do more damage than bad years later, even with the same average return.","overviewP1":"Here's the basic idea. We project your money forward through two phases:","overviewAccumulation":"Accumulation — your portfolio grows from contributions and investment returns until retirement","overviewRetirement":"Retirement — your portfolio funds your lifestyle (alongside pension and other income) until a target age (default: 100)","overviewP2":"We then find the earliest age where your portfolio can carry you through to your target age without running out.","overviewTwoNumbersTitle":"The two numbers we compare","overviewTwoNumbers":"At every candidate retirement age, we compare two numbers: Portfolio at Retirement (what you'll actually have, projected forward from today's savings + contributions + returns) against Required Nest Egg (the smallest pile of money that would survive drawdown all the way to your target age). The earliest age where projected ≥ required is your retirement age.","overviewP3":"Everything is in today's dollars. A $50,000 withdrawal at age 80 still means $50,000 in today's buying power — we handle inflation behind the scenes so the numbers stay intuitive.","realVsNominalP1":"When you see an 8% return quoted somewhere, that's a nominal number — the raw growth. But inflation eats your buying power, so what really matters is the real return: growth above inflation.","realVsNominalFormula":"Real Return = Nominal Return - Inflation","realVsNominalExample":"Example: 8% nominal - 3% inflation = 5% real return","realVsNominalP2":"Working in real returns keeps every dollar in this calculator in today's buying power. If we say you need $1.2M, that's $1.2M as you'd think about it now — not some bigger nominal number 20 years out.","realVsNominalContributions":"What this means for contributions:","realVsNominalContributionsP1":"When you enter $1,000/month, we assume you'll bump that up with inflation each year to keep the same real value. A flat $1,000/month here is the same as a contribution that grows at the inflation rate in nominal dollars.","returnPresets":"Return presets:","returnPresetsValues":"Conservative (4% real), Moderate (5.5% real), Aggressive (7% real). You can also type a custom rate or build one from your portfolio allocation.","accumulationP1":"From now until retirement, we project your Portfolio at Retirement using the standard future-value formula:","termLumpSums":"Lump sums","accumulationFormula1":"Portfolio at Retirement =","accumulationFormula2":"Current Savings x (1 + r)^n","accumulationFormula3":"+ Annual Contribution x [((1 + r)^n - 1) / r]","accumulationFormulaNote":"Where r = real annual return, n = years to retirement","accumulationP2":"The first line compounds what you already have. The second line adds up your annual contributions — each year's contribution earns returns for however many years it has left before retirement.","accumulationLumpSums":"(inheritance, bonus, property sale) drop into the portfolio at the age you specify and compound forward with everything else.","accumulationLumpSumsNote":"When lump sums are in play, we switch from the formula to a year-by-year simulation so the timing of each lump sum is captured correctly.","retirementP1":"Once retired, we simulate every year from retirement to your target age. Each year follows the same five steps:","retirementStep1Title":"1. Count up income from other sources","retirementStep1P1":"Pension/Social Security and any other income streams shrink the amount we have to pull from your portfolio.","retirementWithCOLA":"With COLA:","retirementWithCOLADesc":"Pension keeps pace with inflation — same buying power year after year","retirementWithoutCOLA":"Without COLA:","retirementWithoutCOLADesc":"P