48, sole breadwinner, spouse is a home maker
Annual salary, $120k pa
Annual dividend, $40k pa
Home is a condo, worth $1m, paid up
No car, travel by MRT

Retirement plan at 65 is as follows

Sell condo, downgrade to hdb studio flat for the elderly
Invest $1m cash proceeds to get $40k pa dividends
So total dividends = $80k pa
CPF Life payout = $20k pa
So total passive income = $100k pa