There’s a new quid on the block today as the old pound coin bows out in favour of a sleeker, shinier version.
The old pound coin was introduced in 1983 when a loaf of bread cost 38p and a kilo of Cheddar cheese weighed in at £2.55.
Today, the bread costs £1 and the cheese an eye-watering £7.19.
For retirement savers this highlights a desperate plight.
In 1983, the pound coin was worth just that, but in spending power, the new pound coin is worth £3.19.
For savers, that means squirrelling away 300% or three times more than their counterparts in 1983 just to stay level.
Inflation makes the difference as a rising cost of living means savers must put more aside to stand still as the rate rises.
The Bank of England target is inflation of 2.5% a year, so for every £100 of savings an extra £2.50 should be added to account for rising prices.
Vince Smith-Hughes, a retirement expert at financial firm Prudential, said: “Putting more money aside while still in work is, for many, the only way to offset rising inflation and ensure a higher standard of living in retirement.
The Pru has a host of online tips for savers, including where to find discount vouchers, buying own brands and taking part in online surveys.
The new 12-sided £1 coin is designed to stop counterfeiters, with £1.5 billion going into circulation.
The old £1 coin will stay legal tender until October 15, 2017. After that date, banks will accept the coins but traders and machines will not.