Married couple, 40 & 39 years old. Two teenage kids.
Total income $218k pa.
Total expenses $159k pa.
Total savings $59k pa.

Key expenses

- Mortgage (until age 55) $2400 pm
- Car loan and car related expenses $1800 pm
- Kids expenses including tuition $1000 pm
- Food, groceries, utilities and eating out $1700 pm
- Parental allowance $1400 pm
- Insurance $1600 pm
- Holidays $10,000 pa
- Others $2500 pm

Net worth

- Equity on condo $850k
- Cash and CPF savings $400k
- Total net worth $1.25m

Are we doing ok financially?
How can we prepare for retirement?
Is it possible for us to retire at 55?
We appreciate good, serious advice.
Thanks.