Is your job secure? Having a stable job and steady salary increment are key ingredients to building up sufficient retirement fund.

If you and spouse require $60k pa ($5k pm) in your retirement, the amounts over the years that you will need are :

10 yrs - $600k
20 yrs - $1.2m
30 yrs - $1.8m

With 3% ave inflation factored in, the amounts required become:

10 yrs - $687k
20 yrs - $ 1.6m
30 yrs - $2.2m

And this amount should not include your primary residence otherwise you will have to downgrade. Many people were caught unprepared without planning well ahead. When they retired they found that their savings were unable to last the distance and they had to reluctantly downgrade. For some, they had to downgrade a few times - from condo to 4 rm HDB, and then again to 2 rm flat.

My advice is to cut back your expenses where you can and plan to work as long as you can. $1.6m in networth which included the value of your home doesn't leave much room for error. Some more you already in your late 40s.