Which country are you using as a reference to describe the age you described above because inflation is different in each country. For instance, in the United State the inflation is averagely 3.15% for the month of March and in Nigeria, the inflation for the month of March is 33.20%. Retired people in Nigeria will be more frustrated with inflation than people in the US because that's like 10 times inflation of what US is experiencing and that's bad for the economy, not just retired people that will feel the impact, everyone will feel it.

Either retired or not, high inflation will only frustrate the hell out of everyone, it discourage investors and forced existing companies to closed down because doing business in such places is very bad. You might be making profits but inflation is destroying the value of their currency. By the time you do the conversion back to another currency e.g dollar, you will regret doing business in such countries.