Downgrading from a bigger more expensive home to a smaller cheaper home is a retirement strategy that many people do. Friends and relatives did this.

People who live in bungalows will sell and downgrade to a penthouse condo. For instance they sell their bungalow for $20 mil and buy a penthouse for $10 mil. They can spend $10 mil for their retirement until they die.

For the average folks, they sell their 5 room HDB flat for $1 mil and buy a 3 room HDB flat for $300k. They have $700k to spend.

At the end of the day we will all die. All our wealth will be given to our children and they can retire early and enjoy life.