Most Gen-Xers Worry Inflation Will Wreck Their Retirement. Here's How to Beat It.

For people in their 20s and 30s, retirement might seem like a far-off milestone. But for Gen-Xers in their 40s and 50s, it's a lot closer. This particularly holds true for older Gen Xers, some of whom may be pushing 60.

Just as inflation has been taking a toll on Americans across the board, Gen-Xers are feeling the brunt. A recent Allianz survey found that 81% of Gen-Xers are worried they don't be able to afford their desired retirement lifestyle because of the way living costs have increased.

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That's an understandable concern. But you don't have to let inflation ruin your retirement. Here's what to do.

1. Boost your savings rate

At a time when living costs are high, saving any amount of money for retirement can be a challenge. But if you're worried that living costs will continue to rise and wreck your retirement, you may need to boost your savings rate while you can.

Start by examining your spending closely. If there are small expenses you can do without, drop them and put the money into your IRA or 401(k) plan instead.

And if you have a specific large expense that's eating up an uncomfortable chunk of your income, like a big house, consider dumping it. If you're already in your 50s, your kids may be grown and out of the house, or right on the cusp of leaving the nest. Downsizing could free up a huge amount of money each month that could go into a retirement account instead.

2. Load up on investments that can outpace inflation

One of the best ways to beat inflation is to invest your retirement savings in assets that can deliver strong returns. Stocks are pretty much the gold standard in that regard.

If you have a 401(k), consider loading up on S&P 500 index funds, which should give you access to the broad market at a low cost. If you're saving in an IRA, you should have the option to hold stocks individually. It could pay to put together a portfolio of growth and dividend stocks across a range of market sectors.

And don't forget about real estate. As an investment, it can be valuable because it not only has a tendency to increase in value over time, but it can also be a hedge against broad stock market volatility.

If you don't have the appetite for owning a rental property, look at real estate investment trusts, or REITs, instead. They're a great way to get in on the real estate action without having to become a landlord.

3. Set yourself up with more Social Security

You're entitled to your complete Social Security benefit each month in retirement without a reduction at full retirement age, which is 67 if you're a Gen-Xer. But for each year you delay your Social Security claim past that point, your monthly benefits rise 8%, up until age 70.

Delaying Social Security could help shore up your retirement finances and help you beat inflation in two ways. First, the more money you're entitled to each month, the more buying power you get.

But also, Social Security benefits are eligible for a cost-of-living adjustment each year. The higher your monthly checks are to begin with, the more money those increases should put in your pocket.

Of course, to be able to delay Social Security, you may need to commit to working longer or else have a nice amount of savings to tap if you want to retire closer to full retirement age. But it's an option to consider if you're worried about inflation.

Given that Americans have been battling lingering inflation for years now, it's natural to worry about its impact on your retirement. But if you boost your savings, invest wisely, and claim Social Security strategically, you may find that you're able to pull off a comfortable retirement -- even if living costs continue to rise.

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