Are you thinking of how to support your parents in their retirement?
For many of us in our late thirties and forties, we have started talking about our own retirement. It has become an inevitable topic. But even more immediate is how do we ensure our parents have a fuss free retirement that is sustainable for the entire family. Given that more than 80% if Singaporeans reside in HDB flats, many of you must be wondering what are the best options.
Besides renting out that spare bedroom or the entire flat, you may be able to tap on the Silver Housing Bonus scheme by rightsizing to a 3-room or smaller flat, or apply for the lease buyback scheme. Under both schemes, you will receive lifelong monthly income through CPF Life.
For those who prefer to have greater flexibility over your cash, there are other options that allows you to still tap on the generous government schemes. In recent months, my mum applied for a 2-room Flexi flat from HDB and concurrently, we sold off the HDB flat that she was staying in. A seemingly straightforward plan turned out to be rather complicated given the timelines set by HDB for the completion of each of the 2 transactions.
If you are also looking into similar options for your parents. Do contact me for an obligation free consultation. We should be able to support our parents in a fuss free transaction.
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