Fighting inflation
Although there is nothing you can do about inflation, you can invest your savings in vehicles that allow you to at least potentially keep pace with price increases. Fixed interest vehicles such as money market accounts may not provide a return high enough to beat inflation every year, so you may want to consider allocating a portion of your savings to potentially higher-yielding vehicles like stocks and bonds.
In addition, you may be able to reduce monthly spending as you enter the later years of retirement. For example, as you age you may drive your car and travel less; as a result your expenses for transportation may drop, giving you extra money to cover other expenses.
