A big part of planning for retirement is anticipating different threats. A stock market crash, for example, could upend your finances, especially if it happens early on. And you can address that threat by building a cash cushion so you don't have to immediately tap your portfolio in retirement when it's lost value.

Another big threat to your retirement is none other than inflation. Over time, the cost of living could rise substantially even if year-to-year increases are modest. If you don't have a plan to beat inflation, it could erode your purchasing power and eventually put you at risk of running out of savings.

Image source: Getty Images.

The good news is that there are steps you can take to protect yourself from inflation during retirement. Here are some to incorporate into your plans.

1. Invest for growth, not just stability

As retirement approaches, it's natural to become more conservative with your investments. But becoming too conservative too soon could leave your portfolio vulnerable to inflation.

While bonds and cash can help reduce volatility, they generally don't generate the long-term returns needed to consistently outpace inflation. Maintaining an appropriate allocation in stocks could help your portfolio continue to grow throughout retirement.

Now the right mix of stocks versus other assets will hinge on factors that include your other income streams and risk tolerance. If you're not overly risk-averse, keeping 50% of your assets in stocks could allow your portfolio to consistently beat inflation.

2. Consider delaying your Social Security claim

Social Security is a valuable retirement income stream for two reasons. First, those benefits are guaranteed to come your way for life. Second, Social Security benefits are eligible for an annual cost-of-living adjustment to keep pace with inflation.

You can claim Social Security as early as age 62. And if you were born in 1960 or later, full retirement age kicks in at 67. That's when you can collect your monthly benefits without a reduction.

But for each year you delay your Social Security claim past full retirement age, up until age 70, your benefits grow 8%. Larger benefits give you more buying power off the bat. And they also give you bigger inflation raises since you're starting with a higher amount.

3. Build flexibility into your budget and plans

One of the best ways to combat inflation is to avoid locking yourself into large fixed expenses in retirement. For example, instead of owning a primary home and a vacation home, you may want to limit yourself to one property and rent another on a seasonal basis. That way, if there's a prolonged period of rampant inflation, you're not committed to the costs that would come with having a second home.

In fact, being flexible with discretionary spending is one of the best ways to fight inflation when it starts rising rapidly. If costs are sky-high, that might be the year when you decide to skip the vacation abroad and take a less expensive road trip relatively close to home. Or, you might skip travel altogether on a temporary basis to conserve funds for essential expenses like food, utilities, and healthcare.

It also pays to be willing to work if inflation soars and your portfolio can't beat it for a period of time. The more you earn, the less you'll have to withdraw from your IRA or 401(k) to keep up with your costs. Even modest earnings from a job can make a difference when inflation is running hot.

Inflation is an unavoidable part of retirement, but it doesn't have to derail your plans or long-term finances. Preparing for rising prices before you leave the workforce could help you maintain your standard of living for decades.