Mid income couple, 47 & 48, total salary combined $120k pa. Bought a resale EC for $700k after selling our HDB flat. Still servicing loan of $300k. Owns a 5 year old Jap car, still servicing loan of $50k. Our assets are: the EC, CPF money and some cash. Our total net worth now is $900k.

Our retirement plan at 65 is to get income from our CPF Life, $1200 pm each. We will also rent out our 2 common rooms for $1000 for each room. So, as a couple our passive income is expected to be $4,400 pm. We don't plan to employ a maid and will not have a car anymore as we don't need a car by then since we will not be travelling much. We will buy our groceries online which offers free delivery service.

Any comments on our plans above from the smart rich gurus here?