In 2022, about 2,860 seniors tapped the Lease Buyback Scheme and Silver Housing Bonus Scheme, up from 2,790 in 2021. Read more at straitstimes.com.
SINGAPORE - More seniors have started monetising their Housing Board flats to supplement their retirement income and beef up their Central Provident Fund balances.
Of this, the seniors got about $202 million as a cash bonus and take-home cash from net sales proceeds. The remaining $227 million or so went towards topping up their CPF Retirement Accounts. The scheme, which requires retained leases to cover the flat’s youngest owner until the age of 95, provides an option for seniors to convert part of their remaining leases into retirement income while living in the same home until the end of their life.
Professor Sing Tien Foo, provost’s chair professor in the Department of Real Estate at the National University of Singapore Business School, said the two schemes have been helping to ease the “asset rich and cash poor” dilemma that many seniors face.
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