Middle class couple in our mid 50s earning a combined salary of only $180k pa. Our home, a 3 bedroom condo, is paid up and now worth slightly more than $1.2m. We don't have any other investments (our condo is our best investment since we bought it at $600k in 2003), we only have cash and CPF savings. Our current net worth is about $1.8m. We hope to remain employed till 65. Upon 65, we hope to have a net worth of $2.5m. We will then downsize to a one bedroom condo unit and use the extra cash to buy dividend stocks. We will also get our CPF Life monthly money, so in total our monthly passive income will be $6k pm. I think this would be sufficient as we (my wife and I) just need the money for food, utilities, medical and public transport. We should be spending only $3k pm since we are debt free. Any comments on our retirement plan?