But now the economy is on much shakier ground: stock markets have been selling off, recession fears loom and inflation is at a 40-year high.

"Fast forward to this year, and we've seen a bear market in equities and even if you hold a lot of bonds in your portfolio, the value of that has had one of its worst years on record. The script has flipped pretty quickly," said House.

And falling investment prices aren't the only problem. When it comes to planning for retirement, there are many unknowns and risk factors to consider -- including inflation. But a 9.1% annual increase in consumer prices is hard to predict and takes a toll on those living on a fixed income.

The recent rises in inflation have been a lot higher than the average financial planner is going to use in their modeling, according to Kyle Newell, a certified financial planner in Florida. "Typically for just your general living expenses you see maybe a 2% to 3.5% inflation assumption in that planning."