You can manage inflation in many ways, either by adjusting your living expenses, altering your income streams, or changing your investments. Relying on Social Security is not an effective idea because, though it goes through a cost-of-living adjustment every year, it was never meant to make you comfortable in retirement; rather, it was designed to keep the elderly out of abject poverty. So, you will need additional sources of income in order to retire comfortably.
Here is a list of some strategies you can use:
Consider inflation-adjusted or increasing annuities. These products provide monthly income that is adjusted annually for inflation.Purchase federal inflation-adjusted bonds, such as Treasury inflation-protected securities or Series I savings bonds. For current US savings bond rates, go to www.treasurydirect.gov/.If using savings for retirement income, increase annual withdrawals to keep up with inflation.Reduce expenses and live more modestly.