From gas to health care, prices are rising, and while some costs may come back down, retirees need to prepare for fluctuating expenses in retirement . After all, it wasn't too long ago that inflation was around 8%.

Sure, your Social Security benefits will keep up with the pace of inflation, but your retirement savings, pension and other income won't, which can significantly affect your retirement lifestyle.

"Inflation is something that is constantly changing," said Chandler Riggs , CFP, VP and financial consultant at Fidelity Investments. As a result, "it should be a concern to retirees."

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