47/49, $120k pa combined.
Condo, $1.1m, mortgage $300k.
No car. No maid.
Cash and CPF, $400k.
Combined net worth, $1.2m.

When we retire at 65, we will sell our condo, get cash of $1.1m and buy a HDB studio unit for the elderly for $100k. We will invest the $1m cash balance to get dividends of $50k pa. We will also get the CPF annuity payout of $28k pa. So our total monthly passive income is $78k pa or $6.5k pm. This is enough since we don't drive and we cook our own simple meals.

Do you think this is a good retirement plan?