My advice when planning retirement income has always been plan for more income that you think – or actually – will need. I usually get ignored or mocked. Rather, I’m told that a detailed budget of planned expenses and a income to cover that budget is sufficient.
You need a cushion- to cover stock market dips and inflation. Kinda like what we are now seeing.
Here is a good article on how inflation affects retirees and what to do about it.
While there is disagreement among financial experts about the permanence of recent price increases, the last year has taught us that inflation is a risk that can rear its head at any time with serious implications for retirement portfolios.