Lower middle income family, mid-50s, annual family income $160k pa.

Staying in an old condo which we bought for $400k in 2003, now worth $1m, no more mortgage.

When we retire at 65, we plan to sell the condo and buy a 2 room BTO flat, which cost only $10,000 (after grants), as reported in the news. By then, we are not working and has no income, so we should qualify for grants to buy the flat. We will then retire with the $1m cash after selling the condo.