Married couple with a middle class lifestyle, living on a combined income of $175k pa. Saves $40k pa. Fortunate to move to a condo after selling our flat many years ago. Now condo is worth $1.5m and we have cleared our mortgage. We just changed our car, paid full in cash after selling our old car.

Our CPF funds and cash are $700k. Hence our total net worth is $2.2m. Do you think we can retire in 10 years time when we turn 55? Can someone offer us some advice? Currently we don't invest in stocks as we are afraid of losing our money. Looking at the stock market now, we feel clever as we avoided huge losses that many of our friends and colleagues are suffering now. We are thinking of downgrading at 55 to get cash and relying on our CPF Life. Can those who are financially smart advise? Thank you.