Inflation increased by 5 percent from May 2020 to May 2021, as reported by the U.S. Bureau of Labor Statistics. The projected inflation for the coming year sits at 2.26 percent. Still, those saving for retirement and considering their future are frequently feeling nervous. Perhaps rightly so. “While a moderate and consistent degree of inflation is generally considered a sign of economic health, rapid price increases can have a destabilizing effect on an economy, and they can jeopardize hard-earned retirement savings,” says Thomas J. Brock, a financial advisor at Best Small Business Loans. “Over a sustained period of time, the result can be devastating, financially and emotionally.” To mitigate risks associated with inflation and retirement savings, it can be helpful to understand how inflation works, along with its impact on long-term savings and spending. Following is a brief look at what inflation is, how it can affect retirement accounts, and …