A whopping 62% of retired Americans have no clue how long their nest egg will last — and many blame climbing costs

Between retirement savings and Social Security income, do you know how long your nest egg will last?

According to a new survey commissioned by asset management firm Schroders, 62% of retired Americans don’t know how long their savings will last. While 40% are confident they have enough money, 45% say their expenses in retirement are higher than they expected

The reason for these eye-popping numbers? A growing number of U.S. retirees are worried about the impact of rising prices.

Concerns about rising prices from retirees stem from several factors. Here are the top five worries cited by retired survey respondents.

• 1. Inflation eroding savings: 92% are worried about cost-of-living increases impacting asset value.

• 2. Health care costs exceeding expectations: 86% are concerned about the cost of medical bills in retirement.

• 3. A steep market downturn: 80% flagged a significant downturn in the market as a major worry.

• 4. Confusion over how to draw down savings: 71% are uncertain about an optimal spending and income-generating strategy.

• 5. Outliving their money: 70% of respondents fear longevity.

“Rising prices on essentials like housing, food and health care have significantly diminished the purchasing power and financial security of retirees,” Deb Boyden, head of U.S. defined contributions at Schroders, said in a statement.

In addition, 84% of retirees wish they could better protect their savings from inflation impacts.

While retirement can be unpredictable, avoiding paralysis is possible. With inflation being the main driver of concern for so many, here are some ways retirees can protect their savings from its effects.

Adding inflation-resistant assets to your portfolio can help. For example, TIPS (Treasury Inflation Protected Securities) are sold for 5-, 10- or 30-year terms and offer fluctuating principals over that term. At maturation, if the principal is higher than the original amount, the increased amount stands, but if the principal is equal to or lower than the original amount, the original amount stands.