Husband, 47, $65k pa income, $14k pa savings.
Wife, 45, $70k pa income, $20k pa savings.
Dependents - 4 elderly persons and 2 children.
Modest home, paid up.
2nd hand car, paid up.

Home equity $500k.
Cash and CPF (combined) $500k.
No debt.
Total net worth $1m.
Are we ok financially?
How do we prepare for retirement?
We welcome any ideas. Thank you in advance.