If your retirement is based on investments, as so many are, the dollar value of your retirement is going down, while the amount each dollar will buy is also going down. The two curves are added to each other.
If I lost 20% of my retirement investments, and prices go up 10%, my real retirement income has gone down by 73%. And that is what I am going to lose this year.
String three or four of those years together, and my retirement plan that had me eating steak will suddenly have me eating cat food.