Congratulations on your excellent performance! You have done very well since you own a paid up million dollar condo and a fully paid up car. That puts you in the top 5% of the population here. Many people who own a condo and a car may not have paid them up. These people still have lots of debt to pay off.

You and spouse have the option to retire when you reach 55. You can sell off your condo at $1.2m. Use your CPF to buy a resale 4 room HDB flat costing $400k. Invest your $1.2m in a portfolio giving your dividends yielding 5% dividend yield, giving you $60k pa. This is enough if you don't drive and don't employ a maid. Since you are retired you don't need a car and you don't need to employ a maid. Find a flat which is near an MRT station and shopping centres.

If you want to enjoy a luxurious retirement, you can retire in places like Penang and Thailand. You can rent a big landed property with swimming pool and own a big car if your retire in these places.