As inflation continues to squeeze Americans, here are 3 ways retirees can cope with higher prices
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"Business travelers don't have that same flexibility," he added. Social Security is also adjusted for inflation. Next year, seniors may get a cost-of-living adjustment as high as 8.9%, according to the latest estimate from The Senior Citizens League, a nonpartisan senior group. The bump for 2022 in January was 5.9%, the highest in 40 years. With that in mind, here's how retirees can navigate inflation.

1. Wait to collect Social Security

The best thing senior citizens can do to protect their income from inflation is delay claiming Social Security, which will, in essence, buy more Social Security income, Finke said. After you reach full retirement age, you may increase your benefits by 8% for each year you wait to retire, up to age 70. "If they wait until age 68 or 69, that's a huge improvement in the amount of inflation-protected income they can get," Finke said.

2. Review your budget

Account for the rise in prices in your budget, advises Cheng, a member of the CNBC Financial Advisor Council. This way, you can see what you are actually spending and where you may need to cut back. For instance, putting off vacations or scaling back on unnecessary driving can help cut down on gas costs. When food shopping, it may mean buying less red meat and more chicken, or going to a farmer's market for produce instead of the grocery store. Using coupons and comparison shopping can also help you save money.

3. Keep your portfolio balanced

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Having a mixture of cash, stocks, bonds and other assets is key, Cheng said. Cash on hand will actually help you stay invested, so you don't have to divest of any assets if you need money, she explained. All cash, however, is a losing bet against inflation, since the purchasing power of that money decreases as inflation rises. To focus on longevity so you can sustain your financial independence in retirement, consider dividend-paying stocks, growth stocks and real estate, Cheng said. "These are assets that are going to fluctuate in the short term but they are designed over a longer period of time to give retirees diversification and protection against inflation risk," she said. When it comes to dividends, focus on rising-dividend stocks over high-dividend ones, Cheng advises. Those that have high payouts may have to cut them later, while those with rising dividends have a history of continual increases. Look for a fund that has a basket of familiar names.