Sorry to hear about your predicament. It is true that older professionals have difficulty getting a new job. This is the harsh reality. You must be prepared to be unemployed, you either have to retire or you have to bring yourself low to become a security guard or taxi driver.

If I were you, I will not invest so much money into the stock market. The stock market is volatile, and you can even lose all your capital. In crisis, stock prices can plunge as much as 90% and may not even recover at all. On the other hand Singapore property is more resilient and will rebound very quickly. In 2009, the property market fell by 30% but then rebounded strongly. Now property prices is even higher than prices before the 2009 global crisis.

I would recommend you buy a small $800k condo and invest the rest into a rental condo NEXT to an MRT station. This is important as condos next to MRT stations can still be rented out during a recession (but at lower rentals). You can easily get $48k pa for a $1.2m condo next to an MRT station. Keep the balance $500k as emergency fund. If you can keep your expenses less than $48k pa, then you can effectively retire since you have achieved financial freedom. Of course if you can get another job, it would be a bonus. Some ways to reduce your expenses include: getting rid of your car, stop maid services, stop unnecessary subscriptions, stop investment related insurance products (just go for protection), stop kids' tuition if you have kids (you can teach them instead), reduce eating out (just cook yourself), get rid of all loans if possible.