People planning to retire soon may be increasingly worried about what sort of lifestyle they can afford

The good news is that the headline inflation number of 9.1% from the Bureau of Labor Statistics represents an average rise in consumer prices

“Inflation is represented as a single number, but in reality, it affects everyone differently depending on how they spend their money,” says Brian Walsh

Generally, as you get older, you spend less on food, transportation, clothing and entertainment but spend more on healthcare, charitable contributions and services

Food, energy and transportation are significant drivers of inflation so that some retirees may be less affected by inflation compared to their working counterparts

Furthermore, retirees often find themselves in a precarious position regarding inflation based on several factors

“Inflation harms retirees as they generally live on a fixed income comprised of Social Security, pensions and withdrawals from their retirement portfolios,” says Michael Fischer

“Inflation is like high blood pressure,” says Lou Cannataro, Founder & Partner of Cannataro Family Capital Partners in New York City