The future of public housing retirement

[Duckduck]

Downgrade when retire

 

For the avg singie, this is your future when u retire:

 

"ELDERLY Singaporeans would get more cash upfront, and need to put in less to top up their savings accounts, if they choose to downgrade to a smaller flat or sell the tail-end of their lease back to the Housing Board."

 

When u retire, instead of a nice spacious place, u may end up in a smaller n smaller place. Quality of living indeed!

 

The other option is also known as reverse mortgage, which garmen wld rather u do coz its cheaper than SERS, coz if they SERS your flat, they have to give u $ to move into another choice new flat, so they cant sell that new flat w a new long term to someone else. In other words, theyre encouraging singies to stop waiting for SERS.

Edited December 27, 2012 by Duckduck

[LoverofCar]

Quality of living at bolehland for retirement....

Edited December 27, 2012 by LoverofCar

[Kiadaw]

Actually its common in some other places, where they rent out part of their house, when their kids are no longer living with them.

 

The differences are, the house (an actual house) are big and can be separated into separated apartments, with full kitchen & bathrooms. I used to lived in one of these apartment for a short period. Land lady is very nice, & made apple pies & cookies for me, & give me apple jams, made from apple on the trees on the back garden.

 

She lived on the ground floor, & there are 2 apartments on the 2nd level.

 

Unfortunately, this solution is not feasible in Singapore, as our HDB or condo are too small to make separation, so you lose privacy when you rent out.

 

In any case, suggesting retired people to move to a smaller place can be a considered a probable suggestion, but should not be widely encouraged, as it reflect bad to ask people to give up living space, which is directly related to quality of life.

[Yeobh]

I have move from kampong to AMK since 1980's and have been living in the same pigeon hole for the pass 30+ years. How to relocate to a smaller hole and a new surrounding - I for one find it a great move with steep learning curve, which will defintely shorter my natural live.

[Jman888]

I was watching a program on the makeover of small space in Japanese home, you can see how creative and cozy a 700sq ft can be..... better than an empty 1200 sq ft house if only 2-3 people staying.

[Flying_genie]

The question is whether you want strangers in your apartment. As posted by a forumer, we are unlike other countries where a large landed house can be subdivided.

[Mustank]

Actually its common in some other places, where they rent out part of their house, when their kids are no longer living with them.

 

The differences are, the house (an actual house) are big and can be separated into separated apartments, with full kitchen & bathrooms. I used to lived in one of these apartment for a short period. Land lady is very nice, & made apple pies & cookies for me, & give me apple jams, made from apple on the trees on the back garden.

 

She lived on the ground floor, & there are 2 apartments on the 2nd level.

 

Unfortunately, this solution is not feasible in Singapore, as our HDB or condo are too small to make separation, so you lose privacy when you rent out.

 

In any case, suggesting retired people to move to a smaller place can be a considered a probable suggestion, but should not be widely encouraged, as it reflect bad to ask people to give up living space, which is directly related to quality of life.

 

Maybe that's why got people buy the 2m ec penthouse, can sub divide and rent out

[Alim]

$20k carrot to entice you to put in more money in CPF which you will never get to see.

They really care (for your money) for you.

 

 

[Mllcg]

parents should just move in with their kids and rent out their houses

[Skunk]

Nothing wrong with it. We came into this world with nothing and we shall leave with nothing. Everything we have is but on loan from the next generation. When we finally join the ranks of the aged, we give up our jobs to the next generation. When we become too old to drive, the last COE we own is given up to a younger person. Our jewellery we pass on to our daughters in law as heirlooms, our money we will it to our descendants, our once large (or slightly larger in Singapore's case) homes we sell it and move to a smaller one as the young ones grow wings and fly off, so that the next generation will have larger homes to live in...and hopefully the monetized value will be enough for old age....all normal part of Life.

[Roh96]

parents should just move in with their kids and rent out their houses

 

Young ppl also want their own privacy, how many ppl willing to stay with old folks?

[Actan72]

Every policy must be associated with CPF

I wonder how much losses Singapore make every year with their losing money investment !!!

[EricTeh]

Every policy must be associated with CPF

I wonder how much losses Singapore make every year with their losing money investment !!!

 

clever legal accounting

[Alpha78]

I don't understand this bit.

 

Can you explain for me -please.

 

Reverse mortgage in other countries works differently from ours, if I recall correctly. Elsewhere, the property is valued, and based on the owner's best-guess lifespan, the money is divided (with some discount), and paid out in instalments until the owner dies. If the owner dies much later than expected, the instalments received may exceed the value of the property. Conversely, if the owner dies earlier, the property goes to the bank and the descendents get nothing. So it's a gamble.

 

Here, as I understand, the reverse mortgage is like a loan. Owner uses the value of the property to secure a loan at some interest rate higher than home loan rates. Money is also paid out in instalments, but once the "amount owed" approaches the value of the property, the payment stops. When the owner dies, the property is sold, and the loan is cleared, any balance is paid to the estate.

[Picnic06-Biante15]

If only it cost $120k per unit.

 

 

Then I consider ...

 

 

[Picnic06-Biante15]

Actually its common in some other places, where they rent out part of their house, when their kids are no longer living with them.

 

The differences are, the house (an actual house) are big and can be separated into separated apartments, with full kitchen & bathrooms. I used to lived in one of these apartment for a short period. Land lady is very nice, & made apple pies & cookies for me, & give me apple jams, made from apple on the trees on the back garden.

 

She lived on the ground floor, & there are 2 apartments on the 2nd level.

 

Unfortunately, this solution is not feasible in Singapore, as our HDB or condo are too small to make separation, so you lose privacy when you rent out.

 

In any case, suggesting retired people to move to a smaller place can be a considered a probable suggestion, but should not be widely encouraged, as it reflect bad to ask people to give up living space, which is directly related to quality of life.

 

There a few units built at Sengkang West Ave estate. Its comes with 1 hall, 1 room and 1 kitchen. Newly built so have to wait for another 5 year before anyone can buy them in open market. New price was around $185K....

[Duckduck]

I don't understand this bit.

 

Can you explain for me -please.

 

SERS compensation

 

they compensate u a new flat instead of being able to sell a new flat at full value to someone else.

 

and the other guys example is confusing reverse mortgage n home equity financing.

[Darryn]

Actually its common in some other places, where they rent out part of their house, when their kids are no longer living with them.

 

The differences are, the house (an actual house) are big and can be separated into separated apartments, with full kitchen & bathrooms. I used to lived in one of these apartment for a short period. Land lady is very nice, & made apple pies & cookies for me, & give me apple jams, made from apple on the trees on the back garden.

 

She lived on the ground floor, & there are 2 apartments on the 2nd level.

 

Unfortunately, this solution is not feasible in Singapore, as our HDB or condo are too small to make separation, so you lose privacy when you rent out.

 

In any case, suggesting retired people to move to a smaller place can be a considered a probable suggestion, but should not be widely encouraged, as it reflect bad to ask people to give up living space, which is directly related to quality of life.

 

The other common thing in "western" countries is to sell a house (with land etc) and move into a retirement unit, or a smaller one bedroom (+ kitchen and living area) flat and use the proceeds for retirement money.