Inflation, market volatility and prospect of higher gas prices again is wreaking havoc on retirement portfolios and other savings plans. But do the ups and downs warrant a change in investment strategy?

No, says a new T. Rowe Price 2022 U.S Retirement Market Outlook.

"We continue to suggest that workers save at least 15%, including any employer contribution, of their annual salary for retirement," says Judith Ward, Thought Leadership Director at T. Rowe Price. "This is a rule of thumb. In practice, the suggested savings rate will vary from person to person, usually increasing for people with higher incomes. For those close to retirement but unable to meet their retirement savings benchmarks, they might consider delaying retirement for a year or two, taking part-time work in retirement, or making spending adjustments."