Also called: real vs. nominal, inflation-adjusted
Future dollars are the amounts you will actually see in a given year. Today's dollars remove inflation so amounts in different years can be compared by what they buy.
At 3% inflation prices double in about 24 years, so a future-dollar figure late in a plan looks much larger than its purchasing power. Use the Today's $ / Future $ toggle to switch every figure in the app.
A pension with no cost-of-living adjustment is constant in future dollars and shrinks every year in today's dollars.