48 and 46, middle class married couple with two children. Combined household income $150k pa. Cash savings $30k pa. Lives in a condo, worth $940k. Mortgage left $140k, paying by CPF. Owns a car, paid up. Cash, investments and CPF, combined $1.2m. Total combined net worth $2m.

We hope to retire at age 55. By then our condo will be fully paid up and our children will be working and financially independent. We will also have a good sum of cash savings. Our expenses will be reduced significantly as we no longer need to finance our children's expenses such as food, insurance, tuition fees, transport, etc as they will be financing these themselves. Also no more mortgage loan. Our basic needs of food, medical and utilities can be taken care of by our cash savings, investments and insurance.

At 55, we expect our combined net worth to be:

Condo (paid up) $1m (assumes almost zero price appreciation over the next 7 years due to huge property oversupply)
CPF $600k (most will go to CPF Life)
Cash $400k
Investments $500k
Total $2.5m

From age 55 to 65, the investments ($500k) can generate dividends of $20k pa (4% pa) to cover part of our expenses, any shortfall will be covered by our cash savings. If we spend $4k pm ($48k pa) on average over the 10 years of retirement, we will drawdown $28k pa or $280k (over 10 years) in total from the cash savings.

From age 65 onwards, our expenses will be covered by our CPF Life (ERS - $48k pa) and dividends ($20k pa). Total passive income from age 65 onwards $68k pa ($5.6k pm). We will likely spend lesser than $68k pa and will save the rest.