You can retire in 10 years time. By the time you're 55, your condo will be paid off. Your children will also be working and they will be financially independent. In fact, they can also contribute to the household expenses if they are still living with you. You can sell your condo for $1.2m and then downgrade to a $400k four-room HDB flat. So, you have cash of $800k.

You will spend $40k pa from age 55 to 65 for you and wife, assuming no car, no maid. This means over the 10 years you will spend $400k in total. You can then top up your wife's CPF SA with $241k for the CPF Life Enhanced scheme. At 65, you and wife will each get $1750 pm from CPF Life or $3500 pm in total. This will last you until you both die. As a bonus, your children will give you $500 pm from each of them and if you have two children, you will get an extra $1000 pm.

On top of this, you still have cash of $339k ( ($1500 x 12 x 10) + ($800k - $400k) - $241k). You can keep this as emergency fund or to take care of inflation.