Nevertheless, there is still opportunity to recoup, restructure and get back on track to secure sufficient savings for the future, says financial planner Dr Desmond Chong. It is then important to know what your shortfall is,” says Chong, who is also a certified financial trainer. However, this is not a long-term solution and Chong advises people in this predicament to give themselves six months to recalibrate their finances. Ideally when planning retirement savings, one should always ensure that one has surplus savings. Depending on EPF alone as a retirement savings pot is not enough, says Chong, adding that investment planning requires two or more resources for a secure future.
