Calculating future retirement income

[Keith]

I hope to retire next August and I am trying to work out what my income will be over the years ahead. To help me do this I am seeking the answers to the following questions and I would be most grateful for any help.
(1) What should I assume will be the average annual rate of inflation over the next 5 years (or longer)?
(2) What should I assume will be the average annual increase in the state pension (maybe in comparison with the rate of inflation)?
I thank you in advance for your consideration.

 

[PMU]

(1) What should I assume will be the average annual rate of inflation over the next 5 years (or longer)?

The ECB aims at inflation rates of below, but close to, 2% over the medium term.

 

[Keith]

Many thanks. Keith