Middle income couple, $150k pa in total. Bought a resale condo at the bottom of the property cycle in 2003, now finished paying the mortgage. Our old condo is now worth $800k. Our priority now at our age of early fifties is to build up our retirement nest egg. With no more mortgage, we can build up our CPF and cash savings. Our net worth is now $1.2m. We are aiming to grow our net worth to $2.2m before we can retire at 65. Once we reach this target, we will sell our condo and retire in a 3 room HDB flat. We will have enough passive income from our CPF Life as well as dividends from our blue chips stocks. In order to save in retirement, we will stop employing a maid and stop owning a car as there is no longer a need. We estimated that we will spend only $3k pm for food, utilities, public transport and short holidays. Our passive income will be about $6k pm. If our kids gives us allowance, we will have an additional $1k pm in total. So our total income during retirement should be $7k pm.