You seemed so eager to be classified as a millionaire (couple). Why is this so? Do you actually feel rich? You know if the bulk of the wealth is tied up in your primary residence, and CPF, so what does that leave you?

You should only count your disposable wealth - money you can use for investment or for spending.

Anyway at 40, time is on your side. Your combined $1.2m asset is a little on the low side considering that it included your primary residence. Lets say you can save $110k pa, in another 20 years, it would give you another $2.2m. That should be enough to provide you and wife a comfortable retirement. Watch out for the deleterious effect of inflation though.

In 20 years, an inflation of 3% pa will reduce a $1m today to just $500K+ in terms of purchasing power.