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In this day and age of rising medical expenses and inflation it becomes all the more important that you do your retirement planning properly. It should definitely go beyond just your contributions to the Employees' Provident Fund (EPF) and Employees' Pension Scheme (EPS). While experts recommend saving for retirement as soon as one starts earning, many people start taking it seriously only when they are in their 40s or 50s. Pushing your retirement planning to a later date takes away the advantage  of compounding and many a times one is unable to accumulate a corpus big enough to fund their post retirement life. 

Inflation - Ignoring or underestimating the effects of inflation on expenses through the retirement period is one of the biggest risks to your retirement savings. Inflation will eat into your corpus bit-by-bit. This will pose a serious problem since life expectancy rates have gone up and the retirement corpus will have to last longer. For instance, if you start saving for retirement at the age of 30 and retire at 60 years, you will have regular income for 30 years. 

Medical Inflation -Healthcare costs are rising at an alarming rate. And this why ignoring the effects of aging and not adequately planning for expenses related to health can deplete your retirement corpus. 
While planning, you need to factor in various risks to make sure that your corpus outlives you. Remember that retirement is a long phase (for some of us it can last up to three decades), so it becomes all the more important to consider these risks in the planning stage itself.

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