Very easy. Sell the 3 room condo (which is paid up) for $1.6m and downgrade to an OCR 1 room condo selling at $600k. Retire in 1 room condo. Pay in full, no debt. Use the balance of $1m to invest in strong blue chips to give 4% dividend yield or $40k pa. When reach 65, will get $2400 pm (or $28k pa) (husband and wife) from CPF Life. So total passive income, $68k pa.