Inflation is the carbon monoxide of savings and investment, a silent killer that worries Americans, yet most are not including inflation in their plans.

Inflation ranks as the top economic concern according to a recent survey of U.S. adults by Allianz Life, but nearly two-thirds of respondents (64 percent) said that they do not have a financial plan addressing inflation.

Among the minority of respondents who are planning to address inflation, more than half intend to simply adopt a more frugal lifestyle after retirement. Allianz Life recommends that concerned investors access sources of income that can rise over time, as frugality is not a long-term financial plan, said Deb Repya, Allianz Life vice president of consumer insight, in a released statement.

"Although it may be an option for managing expenses, frugality is not a financial strategy that will mindfully and effectively address the risng cost of living throughout retirement, especially one that could last 30 years or more," said Repya. "There are many factors to consdier when planning a long, comfortable retirement, and addressing inflation is a critical piece of that puzzle."

Four-in-10 respondents were concerned that they might not be able to afford the lifestyle they want in retirement due to inflation. Almost one-third of the survey’s respondents, 32 percent, admitted that they were either “panicked” or “very worried” about inflation.

The survey’s respondents did not fully understand the potential impacts of inflation, which has averaged less than 2.2 percent annually over the past 20 years. Respondents overestimated inflation, guessing that the cost of living in retirement would rise by an average of 4.4 percent a year. Nearly one-third of the survey’s respondents thought that their cost of living would go up between 5 and 10 percent, with one-in-10 respondents assuming that costs would increase more than 10 percent per year.

The survey showed that Americans are worried that inflation will force them to cut back on crucial expenses in retirement. More than half, 54 percent, said they were concerned or “terrified” that rising inflation would jeopardize their ability to pay for healthcare. To a lesser extent, respondents voiced concerns on long-term care, housing, food and leisure.

For the study, Allianz Life sponsored an Ipsos poll of 1,213 U.S. adults in July 2017.