49, makes $159k pa, saves $50k pa.
spouse, 48, makes $120k pa, saves $35k pa.
Condo worth $1.1m, paid up.
Total net worth, $1.6m.

By the time we retire at 65, we will get $2400 pm from CPF Life.
We will sell our condo to get cash.
We will buy a 5 room HDB flat, paid in cash (from savings).
We will invest in blue chips to get dividends.
Assuming we invest $1.5m after selling the condo, we will get $60k pa or $5000 pm. Assuming 4% dividend yield.
Our total passive income will be about $7400 pm. Spending should be $4000 pm.

Any comments from gurus here on our retirement plan above?
Thank you.