29 Aug '14, 4am

Emotional barriers to retirement adequacy, Singapore Property News, Singapore Property Guides

Emotional barriers to retirement adequacy, Singapore Property News, Singapore Property Guides

WHEN it was announced that four-room public flat owners will be able to sell part of their lease back to the Government for retirement income, property experts praised the move yet did not expect a large impact. The Lease Buyback Scheme's take-up has been muted since its introduction in 2009, when it was restricted to three-room and smaller flats. It allows Housing Board flat owners to retain 30 years of their lease and sell the rest back to the Housing Board. The Housing Board's worked example is for a flat with a remaining lease of 70 years and a market value of $323,000. It will buy 40 years of the lease at $138,000. This figure is derived by accounting for depreciation over time. The owners use the proceeds to top up their Central Provident Fund Retirement Accounts to a required level, set at the Minimum Sum for those aged 70 and younger, and slightly less for older fl...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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