I would be concerned about a period of higher than normal inflation like the 70s. The Fed does a good job keeping inflation around 2%. Recently it spiked briefly to around 8% but immediately came down to just above 3%. It seems possible we could see a period of inflation near 8% for several years in a row.

With a guaranteed annuity growing at 2% year over year, it's your local inflation that you should be worried about.

If your annuity is denominated in USD, and your local currency differs, you should also worry about the currency conversion rate.

But, in the last decade, USD's relative worth has only grown compared to most major other currencies. A mercantillist US (tarrifs) will make foreign accessibility to USD harder, so I expect USD to further increase compared to other currencies.

Living overseas, I'd say your biggest worry should be the strength of the US dollar - strong dollar, lots of local currency; weak dollar, less local currency.

The dollar gets a lot of its historical strength from the combination of big country untouched by wartime destruction and being the global reserve currency. Being the reserve currency is a huge but hard to quantify factor, because it means that every major agent on the planet buys dollars, even if they don't want to buy or sell goods in the US. It's the reason the dollar gets stronger during global crises. China and Russia have tried for years to shake that reserve currency status and get the world to shift to something else for denominating international deals. Basket of BRIC currencies. Renminbi. Even Euros. Current administration's isolationism may help those efforts, but it would be an enormous international reconfiguration to make that big a change, and isn't likely to happen because of one four-year administration.

US inflation will tend to devalue the dollar - inflation and exchange rate are kind-of correlated, over relatively short time periods, but economic growth is more important over the long term.