Your experience is not unique. Most of your peers in the same age group are facing the same thing. Only a few extraordinary successful few would have their condo and car fully paid up. Most are still servicing their condo mortgage and car loans. There also many of your age group who just upgraded from their HDB flat to a condo when they are in their 40s. So, you are definitely not alone.

You don't really need to worry about your retirement. Your current high spendings will start to decline in the next few years. You are now at a point in your life cycle where your expenses are the highest due to the responsibilities of raising a family as well as taking care of your aging parents. As time pass by, your kids will grow up, start to work, marry and move out. So your expenses for your kids will drop significantly. Your parents on both side will eventually pass on and your expenses on parents allowance will drop a lot too. Your kids may start giving you a small allowance (don't expect from them though, if they give it will be a bonus). So your savings can possibly increase.

When you reach 65, your mortgage would have been cleared. Your savings could increase gradually and you could have saved another extra $1m. You may no longer need a car nor do you need a maid. So your expenses will drop a lot. Your passive income will come from your CPF Life and dividends. Let's say you choose the enhanced option, you would get $1.75k pm for each person or $3.5k pm (or $42k pa) as a couple. You could get 5% dividend yield from your $1m investment or $50k pa. So your total passive income will be $92k pa. This amount is a big amount for an old retired couple. You could enjoy going short holidays during non peak seasons. How wonderful!