28 Dec '12, 3pm

My thoughts on the "enhanced" Silver Housing Bonus and Lease Buyback Scheme

The Silver Housing Bonus is a good attempt to help increase the retirement incomes of the elderly. However, I believe the Bonus would be more attractive if the elderly received a greater portion of the proceeds from the sale of their previous flat in cash, rather than having most of it returned to their CPF accounts. In the example that the Finance Minister gave in his speech, the elderly couple receives only $23,000 in cash, or about 9% of their net proceeds from the sale of their flat, even after the Silver Housing Bonus. This is because to benefit from the Silver Housing Bonus, flat owners must use the cash proceeds from the sale of their previous flat to top up their CPF Retirement Accounts to the Minimum Sum. I propose that they be allowed to pledge the value of their new studio apartment towards meeting up to half of the Minimum Sum. This will allow them to get more ...

Full article: http://geraldgiam.sg/2012/12/silver-housing-bonus-and-lea...

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