Describe the process for determining retirement income needs by addressing the following:

Inflation factor: describe the term inflation and indicate how it impacts retirement income. Next, visit the latest U.S. Bureau of Labor Statistics Consumer Price Index Summary latest Economic News Release and indicate if the inflation rate increased or decreased for the month reported. This will be found in the first sentence of the release. If you were currently retired, what impact would this increase or decrease in inflation reported in the release have on your retirement funds?