Babe Blog - Insights on News Events

REACH 478 - What are your views on these schemes? How can Singaporeans better prepare themselves financially for retirement?

(SK)

24 Jul 2023 (10am - 7pm)

REACH

24/07/2023, 10:30 am - +REACH: ⏰ We will be opening the chat from *10:30am to 7pm* today. ⏰

*House Rules (short version of our Terms of Use) to keep in mind:*

1. Be kind and respectful. We all want to be in a safe space to share our views.

2. Any and all threatening, abusive, vulgar or racially, religiously and ethnically objectionable content is prohibited.

3. Consider the quiet ones among us and give them a chance to comment.

4. No need to repeat your comment or in differnet forms (including caps) - we heard you loud and clear the first time.

5. Let's protect each other's privacy and keep contact details in this group what it should always be - confidential.

*Full set of Terms of Use: https://go.gov.sg/reach-whatsapp-terms*

We will strive to uphold these rules to ensure this is a safe space for all.

Please be assured that the points made by participants during the chat are aggregated and shared with relevant agencies.

The topic will be posted shortly.

Thank you.

Megan 😊

24/07/2023, 10:31 am - +REACH: 📢*Topic*📢

More seniors have started monetising their Housing Board flats to supplement their retirement income and beef up their Central Provident Fund (CPF) balances. In 2022 alone, about 2,860 seniors tapped the Lease Buyback Scheme and Silver Housing Bonus Scheme, up from 2,790 in 2021.

According to the CPF Board’s latest home financing report charting data from 2020 to 2022, this enabled them to bring in around $429 million in total. 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.

💬*What are your views on these schemes? How can Singaporeans better prepare themselves financially for retirement?*

📌_Lease Buyback Scheme_

Launched in 2009, this scheme allows seniors aged 65 and older to sell part of their flat’s lease back to HDB in five-year increments, while retaining lease lengths from 15 to 35 years.

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.

📌_The Silver Housing Bonus Scheme_

Launched in 2013, this scheme gives those aged 55 and above a bonus of up to $30,000 for “right-sizing” to a three-room or smaller flat from an HDB flat or private property with an annual value not exceeding $13,000.

They will receive the maximum cash bonus of $30,000 if they top up their CPF Retirement Accounts with $60,000 of the proceeds from selling their property and join CPF 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 helped to ease the “asset rich and cash poor” dilemma that seniors face and address worries about decaying leases.

However he noted that the take-up rate of both schemes has remained low over the years, as there are “uncertainties in life” that may affect seniors’ decisions to monetise their homes.

👉https://www.straitstimes.com/singapore/housing/increase-in-seniors-monetising-their-hdb-flats-to-supplement-retirement-income

24/07/2023, 10:32 am - ~ REACH Singapore changed this group's settings to allow all participants to send messages to this group

24/07/2023, 10:40 am - ~ REACH Singapore changed the group description

----

24/07/2023, 11:01 am - +Smiley face: "Luckily, there is still something to monetise or otherwise what are the existing and available helps to tie through this moment and into tomorrow and the days after tomorrow; so was it luck or was it pre-determined,...?

- - anonymity

24/07/2023, 11:02 am - +~L: Set a monthly budget that allows for 20% saving of income. Put a % of savings in CPF and a % in private investment. HDB needs to think about how people are protected when leases run out. Perhaps CPF/HDB can join forces and set up a Lease Extensions plan. Sell back some of the property for a lease extension. I'd like my lease to stay active until my youngest is 95 :)

24/07/2023, 11:03 am - +~L: "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 helped to ease the “asset rich and cash poor” dilemma that seniors face and address worries about decaying leases." - this would be a good problem to solve, and seems really simple/obvious.

24/07/2023, 11:23 am - +Jimmy Chew: Haha. I met a resident who is 75 years old and his wife 73. Both are moving to Bali because their lease buyback has expired. They activated it when the PM shared about it. It was a wrong decision. Because they had a 5 room point block which can be rented but the HDB took back the flat. Please don't encourage the buy back scheme. Owners may out life the tenure.The next national day rally PM recommends renting rooms to supplement ones income.

24/07/2023, 11:24 am - +Jimmy Chew: I am very upset of the scheme because both of them is hunch back and seeing the old man pushing his wife to the taxi and going to Batam to live is shocking to me. What is the government doing?

24/07/2023, 11:26 am - +Frankie Wee: They can use BRS CPF

24/07/2023, 11:26 am - +Frankie Wee: FRS very tough and hard to goal full retirement

24/07/2023, 11:26 am - +Frankie Wee: Every year keep on increase few thousand dollars

24/07/2023, 11:33 am - +Jimmy Chew: Rent one's home is the best. Because can leave for next generation. Sometimes I feel that HDB is like a bank giving wrong investment advice hahahaha the business of any company is to make money. need to pay for all workers. The social implications will be no home and need to pay for sustainability, like my old neighbor ,whoever advises the buy back scheme must be a banker hahaha

24/07/2023, 11:34 am - +Frankie Wee: <Media omitted>

24/07/2023, 11:34 am - +Frankie Wee: Near $100k in RA can get money CPF no issue

24/07/2023, 11:35 am - +Jimmy Chew: Thanks. when HDB takes your home where do you stay?

24/07/2023, 11:36 am - +Frankie Wee: If couple has less saving in RA then downsides room or lease buy back scheme they can enjoy silver bonus support $30k

24/07/2023, 11:36 am - +Jimmy Chew: Yeah but when the buy back lease is over?

24/07/2023, 11:36 am - +Frankie Wee: Life is short I won’t able live 165 years 😅

24/07/2023, 11:37 am - +Jimmy Chew: How come they were evicted?

24/07/2023, 11:37 am - +KL: Ask u a question if u never top up medi save and is zero will ur medishield be deactivated ? <This message was edited>

24/07/2023, 11:37 am - +Frankie Wee: 99 years + 35 age total 134

24/07/2023, 11:37 am - +Jimmy Chew: ?

24/07/2023, 11:37 am - +Jimmy Chew: It's lease buy back not lease extension

24/07/2023, 11:38 am - +KL: Cos I don’t trust nowadays . A lot of policy have trap <This message was edited>

24/07/2023, 11:38 am - +KL: It trap every where

24/07/2023, 11:40 am - +Frankie Wee: Leave it the CPF alone and u can apply insurance for retirement saving unit 55 or 65 full payout to your bank account

24/07/2023, 11:40 am - +KL: Like I saw elderly go hospital they keep asking old ppl to use medisave for medical bill despite they want to pay cash . They still purposely go deduct the medisave and it risk the medisave no money for yearly medishield and than charge Gao Gao for medical bill <This message was edited>

24/07/2023, 11:42 am - +KL: Once you do too much nonsense even u do good things ppl will think negative about u .

24/07/2023, 11:42 am - +Frankie Wee: Sad nowadays elder some lost because of scam, child abandoned and have no work yearly

24/07/2023, 11:43 am - +KL: I saw ppl top up ntuc gift card for elderly and elderly did not use and all money was eat up .

24/07/2023, 11:43 am - +Singapore Maid Agency: think in their point of view instead of owner selling it away to public it sold to HDB at a cheaper rate and etc

24/07/2023, 11:43 am - +Jimmy Chew: Where to get Money. my friend out in 1.5mill and get 3k a month. If no flat stay where?

24/07/2023, 11:43 am - +KL: Ntuc alt is private should be caring a bit the interest in ntuc prepaid card is enough for u don’t be too greedy

24/07/2023, 11:44 am - +KL: Yes , sound like a trap

24/07/2023, 11:45 am - +Frankie Wee: Seek for help social worker and try get rent flat and help them find a job

24/07/2023, 11:47 am - +Jimmy Chew: Bro at 79?

24/07/2023, 11:48 am - +Jimmy Chew: Hunch back?

24/07/2023, 11:48 am - +Frankie Wee: 79 very touch life

24/07/2023, 11:48 am - +Jimmy Chew: ?

24/07/2023, 11:49 am - +Frankie Wee: What mean 79 sorry miscommunication

24/07/2023, 11:51 am - +Jimmy Chew: 0h I meant at 79 years old.

24/07/2023, 11:52 am - +Frankie Wee: By the time I will be retire at 71

Some ppl said pap crazy increase RA they will work till reach age 90 saving $200k

24/07/2023, 11:52 am - +Frankie Wee: But inflation is rising

24/07/2023, 11:53 am - +Jimmy Chew: So keeping ones flat and renting one's room is better. I hope the HDB sellers will exercise due care in selling these options

24/07/2023, 11:55 am - +Jimmy Chew: I remembered a story when I met a old couple who sold their Kampong land in Tampines and ran out of money. The reply from the social worker was, who ask them to accept the sale. Hahaha so we going to meet folks who will reply why did you do the buy back. Never think properly hahahaha

24/07/2023, 11:56 am - +Jimmy Chew: Buyers beware

24/07/2023, 11:58 am - +Jimmy Chew: Now you know why you need brilliant and caring MPs.

24/07/2023, 12:09 pm - +~L: Need to pay bonuses haha

24/07/2023, 12:15 pm - +Bhavani: There are also dangers to renting out. What if the tenant's careless habits lead to a fire or the tenant damages the owner's home

24/07/2023, 12:18 pm - +Smiley face: Policies of yesterdays may not work in today's context and likewise today's plans may have to be changed or entirely a new policy just to cater to tomorrow's uncertainties of ageing, of society and lastly the politics of taking care of all people. Isn't life an uncertainty to begin with?...

24/07/2023, 12:19 pm - +65 9852 1750: This is probably not the same buyback scheme you are talking about? The one in discussion here is a lease buyback scheme where they can only sell in increments of 5 years while preserving the lease such that the youngest owner is covered till age 95.

24/07/2023, 12:19 pm - +~L: Yes indeed! We need to be adaptable

24/07/2023, 12:22 pm - +Frankie Wee: Why did we vote PAP and they have voice out

24/07/2023, 12:37 pm - +Smiley face: "Home, Job, Food: An universal phenomena either one or two or three of these items changed; thereafter all things will shift and change to a new way of living...!"

- - anonymity

24/07/2023, 12:40 pm - +Smiley face: Do these 3 big items so well....

Anywhere and anytime; "you shall win big regardless of your opponents and their areas of political savviness!"

Simply, You Win ALL!

24/07/2023, 12:44 pm - +Kenneth Lee WM: Regarding lease buy back, it's an excellent scheme! To improve it further, it needs better publicity/education. Most oldies think that they are selling their flat and will have no home to live; especially the illiterate ones. Also instead of selling the lease back in one lot, it could be broken down into blocks of 5 years and each block is sold off at the current market rate. Singapore land prices increase much faster than CPF rates and tracks real inflation, the lease prices increase as well. By delaying the sale of lease, the sellers can get better prices in the future. The restrictions can also be relaxed, eg: allow person to be able to continue to rent out flat, able to participate even though have another property etc. ie: enable oldies to monetise their HDB property, treat it as a stored value and make it a proper asset that can be utilised whilst alive.

The silver housing bonus scheme is great! Again more education needed; most people not aware of it.

24/07/2023, 12:45 pm - +Frankie Wee: New polices:

.Pension allowance monthly with job support

.Housing stay affordable with more help granted and less sale or limit price transaction

.Stay employed and healthy till 70 years old or choice to retire.

CPF unchanged contribution employment will continue growth rate.

24/07/2023, 12:46 pm - +Frankie Wee: Workfare not enough money 😅

24/07/2023, 12:47 pm - +Frankie Wee: That’s why minster have self integrity standards level they can afford while poor or mid can’t afford

Example 5room sold $1m break records transaction.

24/07/2023, 12:49 pm - +Smiley face: ...into the high days of the charismatic Clinton's presidency; what were the achievements out of the Clinton administration, economies, socials and geopolitics; all amounted to three budget surpluses (70% patriotism in the 1990s)...

24/07/2023, 12:54 pm - +Frankie Wee: I though my age is not issue as long as I can able to live and working. But I realise when it’s come health issue and my body changed. Maybe 90 years walking will be very slow.

I feel it’s not matter let it go life is short (I can’t live 200 years old 😅)

24/07/2023, 12:57 pm - +Frankie Wee: And i though Singapore will have a future AI and technology everything is changed lifestyle (work short hours and flexible healthcare) when there will be uncertainty in time and crisis economy.

24/07/2023, 1:00 pm - +Frankie Wee: What is the political for all of us needed especially for government new change a better way.

There is no point working long (12 or 8 hours a day)

24/07/2023, 1:06 pm - +Singapore Maid Agency: Ask a property agent they will tell you not to do it

24/07/2023, 1:19 pm - +Smiley face: Conflation and Configuration of the Home, the Job and the food?

Home?

What is a Home of now and the future? A place that fits a person or a group of humans to stay for a fixed period of time.

The configurations of each home matters most from a one room flat to a larger four rooms flat. (smart & practical)

How about the amenities and facilities that suit the four broad based demography that is the (1) very young ones, (2) the young adults, (3) the adults and (4) the elderly. The designs of the township or the cluster of blocks will have to include these 4 demographic identities otherwise, it will not conflate nor it will meet the consequences and the basic needs of the residences. That itself is called livable spaces and liveable urban city! (best practices - form & structure)

All of these happened to be of value and valuable to the HDB flats; if it is well envisioned and thoroughly planned, the future values of our flats will hold well aboveground and see us through our lifetime! Possible?...

- - in progress - -

24/07/2023, 1:32 pm - +Vali: The lease Buyback scheme and Silver Housing Bonus scheme is good for seniors who wish to age in place, do not need to bequeath their property to the next generation and would like to liquidate a portion of their assets.

However, if there is an avenue within the policy to allow a reversal of the decision made previously, it would be good. The one-way path may be the reason why take up rates are not high..

24/07/2023, 1:46 pm - +Kenneth Lee WM: >The one-way path may be the reason why take up rates are not high..

If hdb can relax this as well, it would be great!!!

24/07/2023, 1:46 pm - +Kenneth Lee WM: Of course they won’t support. No commission for them!

24/07/2023, 1:49 pm - +Kenneth Lee WM: If oldie really no more money in cpf, bank, family members all no money, they only hv hdb, only 10yrs to live, what other choices they hv? They hv stored value in their hdb and can live on it.

24/07/2023, 1:52 pm - +Kenneth Lee WM: Am very certain that the increase in their hdb value far exceeds their ability to save as well as their cpf.

24/07/2023, 1:56 pm - +Kenneth Lee WM: As long as economy is good, singapore attracts good talent to come stay here, population increase, land price will keep on going up.

24/07/2023, 1:56 pm - +Kenneth Lee WM: Hdb prices will go up in tandem.

24/07/2023, 1:57 pm - +Kenneth Lee WM: Of course must hv clean gov, else all the increases will be makan by corruption.

24/07/2023, 2:04 pm - ☸️ Danny 心:

1. In Singapore, more than 90% of the people own home - HDB flats or private houses.

2. As houses are big ticket item, hence many belong to the "Asset rich, but cash poor" group.

3. Many of the people wealth are lock up in their properties - hence ability to monetise the property to finance their retirement if they are not be able to set aside cash or cash generating income during their retirement - will be the last viable option.

4. 2 options are presented to the people to monetise their HDB flats - whereby majority of the the people possess.

a. Lease Buyback scheme - upon 65 years old, people can sell a portion of the lease to HDB in exchange for money - but continue to stay in the flat until 95 years old for the last youngest owner.

b. Silver Housing Bonus scheme - upon 55 years old, people can right size their HDB flat to a smaller 3 room flat or smaller in exchange for $30,000 if top up their CPF Retirement account to $60,000.

5. Both schemes are design to allow house owners to have a house to stay until their last day - while allowing them to monetise some money from their flats to help the people to finance their retirement.

6. I think these are 2 good schemes as they achieve 2 objectives :-

a. All owners of the HDB flats have a house to stay until their last day.

b. Able to monetise their assets to help to finance their retirement.

Provided that they are not designed to pass down to their next generation as inheritance (as their children are applying their own HDB flats or buy private properties - for their own homes).

These 2 objectives are what LKY promise - and the Government has delivered.

7. However, as rightly pointed out by a couple of participants in REACH, option a - has a risk if occupants outlive 95 years old.

What happen then, as their lease expired and they will be chase out by HDB.

Should there be an option for HDB to sell e.g. 3 years to 5 years back to the owners of the flat - to ensure they have a place to stay until their last day?

----

24/07/2023, 2:11 pm - +Jimmy Chew: Got example?

24/07/2023, 2:12 pm - +Jimmy Chew: When it sounds too good to be true it's a scam hahaha 🤣

24/07/2023, 2:13 pm - +~L: What happens if the lease is 20 year when they hit 65? Do they get an extension to 30 years if they participate in the lease buy back?

24/07/2023, 2:14 pm - +Jimmy Chew: No need to pay interest?

24/07/2023, 2:14 pm - +Kenneth Lee WM: > Most oldies think that they are selling their flat and will have no home to live; especially the illiterate ones.

I personally know of 1.

24/07/2023, 2:15 pm - +Kenneth Lee WM: Only few years left to live but now living like a pauper.

24/07/2023, 2:16 pm - +Jimmy Chew: I am 66 years old. I take a 20 year lease buy back. How long can I stay in flat. I have a remaining lease of 60 yrs <This message was edited>

24/07/2023, 2:18 pm - +Kenneth Lee WM: 60-20 = 40 yrs. U can stay until u are 66+40= 106 yrs old.

24/07/2023, 2:19 pm - +Jimmy Chew: How come my neighbor has to leave his flat?

24/07/2023, 2:20 pm - +Jimmy Chew: Interest payment?

24/07/2023, 2:20 pm - +Jimmy Chew: Interest free?

24/07/2023, 2:21 pm - ☸️ Danny 心:

How can Singaporeans better prepare themselves financially for retirement?

1. Government extending the retirement age to 67 years old will help people to work and accumulate income and savings to finance their retirement.

2. But Government must ensure that age discrimination must not take root in GLCs, MNCs, SME in Singapore.

Quite a couple of feedback that mature workers once reached 55 years old are subject to yearly review - to cut their salaries, demotion in lieu of their high pay, or demeaning remarks that younger workers can take their jobs etc despite the fact that mature workers' work performance did not degrade.

3. Hence one way Government can help Singaporeans to prepare themselves financially for retirement - is to ensure mature workers are able to work and retire at the official retirement age of 67 years old without age discrimination or coercion.

4. Singaporean workers must be educated to save early in their work lives once they start working in safe financial instruments to grow their passive income so that they will have sufficient savings for their retirement.

On top of compulsory CPF savings, they also should be exposed to safe financial apparatus such as Singapore Saving Bonds (SSB), T-bills, SGS, fixed deposit in banks, saving plan in insurance companies etc that will help them to accumulate their wealth as they work.

These will help to prevent young workers to spend lavishly and frivolously - instead of saving for their retirement.

24/07/2023, 2:21 pm - +Kenneth Lee WM: can't tell. need more details. Max lease buy back is:

let x = 95 - your age

max lease buy back length = remaining lease - x

24/07/2023, 2:24 pm - +Jimmy Chew: No interest payment?

24/07/2023, 2:24 pm - +Kenneth Lee WM: >How can Singaporeans better prepare themselves financially for retirement?

Allow us to put money with in GIC/Temasek. What gov earns from GIC/Temasek, citizens get proportion of what they invested with them.

24/07/2023, 2:24 pm - +~L: This message was deleted

24/07/2023, 2:25 pm - +Kenneth Lee WM: Sorry don't understand. Interest payment from what pls?

24/07/2023, 2:26 pm - +Jimmy Chew: Buy back scheme

24/07/2023, 2:27 pm - +REACH: 📢*Topic*📢

💬*What are your views on these schemes? How can Singaporeans better prepare themselves financially for retirement?*

📌_Lease Buyback Scheme_

Launched in 2009, this scheme allows seniors aged 65 and older to sell part of their flat’s lease back to HDB in five-year increments, while retaining lease lengths from 15 to 35 years.

📌_The Silver Housing Bonus Scheme_

They will receive the maximum cash bonus of $30,000 if they top up their CPF Retirement Accounts with $60,000 of the proceeds from selling their property and join CPF Life.

However he noted that the take-up rate of both schemes has remained low over the years, as there are “uncertainties in life” that may affect seniors’ decisions to monetise their homes.

👉https://www.straitstimes.com/singapore/housing/increase-in-seniors-monetising-their-hdb-flats-to-supplement-retirement-income

24/07/2023, 2:27 pm - +Kenneth Lee WM: Once LBS is activated, u choose duration of lease to sell back to gov, a lump sum is provided. Part of it goes into CPF etc, remaining amt, u get as cash.

24/07/2023, 2:27 pm - +~L: OK, so the lease needs to be > (95 - age), makes sense. What happens for people who have a lease less than 95- age, they cannot participate and will lose their home... ok

24/07/2023, 2:29 pm - +Kenneth Lee WM: No, then they can't participate. Best is to rent out whole flat, go johor and rent a place there with the rental income. U'll spend 1/3 of the rental income and can live/save on the 2/3.

24/07/2023, 2:29 pm - +Jimmy Chew: I find it strange when it indicated to sell back to government but it's indicated that I can stay 66+40 = 106

24/07/2023, 2:30 pm - +Kenneth Lee WM: this is the thing that confuses a lot of oldies.

it is "sell back a portion of the lease". not the whole place.

24/07/2023, 2:30 pm - +~L: I see- as long as they is a option I guess :)

24/07/2023, 2:31 pm - +Jimmy Chew: Sell back to governance at what price?

24/07/2023, 2:32 pm - +Anselm: i think it is good to have this "way out" or people whom hit difficulty in their financial planning. Low take-up rate should be looked at as a good thing, as LBS should be an exception and not the norm.

24/07/2023, 2:32 pm - +Kenneth Lee WM: The current market price is, set by HDB valuers. It's quite close to bank valuation.

24/07/2023, 2:35 pm - +Jimmy Chew: How come my neighbor told me he has to sell because his buy back scheme is due

24/07/2023, 2:35 pm - +~L: There needs to be a safety net for people who survive past 95.

24/07/2023, 2:36 pm - +~L: Maybe a small insurance policy (must be able to get a good rate!), like a reverse life insurance- you get money if you survive.

24/07/2023, 2:37 pm - +Jimmy Chew: Hahahaha one of my lawyer friends says never give your assets away. Once given you can't control it

24/07/2023, 2:37 pm - +Jimmy Chew: Wiser for the owners to rent their rooms or flats.

24/07/2023, 2:37 pm - +Kenneth Lee WM: He's probably not telling u the whole story or got his terms mixed up.

24/07/2023, 2:39 pm - +Jimmy Chew: Do you have a real case example

24/07/2023, 2:40 pm - +Jimmy Chew: Told me he can't stay in his flat. Have to sell

24/07/2023, 2:40 pm - +Jimmy Chew: Maybe

24/07/2023, 2:41 pm - +Kenneth Lee WM: at least for singaporeans, we're fortunate to have the "live in johor" as a back up plan. but we need to vote good clean gov in who can grow our economy and attract foreign investments and talent to come to singapore. If Malaysia overtakes us, the back up plan will cease to exist.

24/07/2023, 2:41 pm - +Jimmy Chew: So instead of selling to the open market we sell back to HDB

24/07/2023, 2:44 pm - +Smiley face: "To each their own...?" (家家有本难读的经?)

Renting a room to others? ( Susah lah, lagi Susah? 困难，更困难?)

Renting out a room is perhaps a simple and short term solution for the need to have extra income.

To monetise the entirety that is to downgrade to a smaller flats is to cash out a lump sum for whatsoever uses at that moment in time of this individual or this family or upon death of the owner.

Some used this lump sum to help their children to buy an EC or Condo or bigger flats so that the parents agreed to stay with them or sacrificing to move into a studio flats just to pass some money to their child or children (for parents: the more children the harder the decision and division of assets to the next generation?)

There are several cases of unintended consequences of children forcing their parents to cough out their old flats just to convey the wishes of upgrading to a better home.

Is it rite or not rite?

Each household has its own issues from relationships into money matters. Can authorities step-in to intervene or watch by the sidelines? Professionally, are housing agents able to explain clearly to the flats owners on their decision to sell, what are the consequences and thereafter the sales and what are the owner options or intentions to find the next dwell?

How to intervene in the event of "not rite" cases? What are the available mitigation processes rather than leaving all to the family court or worse of all, to the high court to settle it?

- - in progress - -

24/07/2023, 2:44 pm - +Jimmy Chew: Haha hopefully they don't change policy like what CPF does

24/07/2023, 2:44 pm - +Kenneth Lee WM: Big difference in selling in the open market is that one sells the entire lease all at once to open market. one can no longer live in the flat.

For LBS, one is selling part of the lease back to HDB. One can continue to live in the flat until 95 or whatever date one decides.

Best is to rent out rooms in flat if really need the cash to live.

24/07/2023, 3:00 pm - +Smiley face: So where are the areas to thrift, monetising assets and how about to travel a longer road ahead? All of these variables which are highly possible situations and more likely for this current generation of our PG to live into theirs mid 80s to the 90s of ageing followed by our MG. What a big challenge now and ahead, inclusively the entire society because humans' aged !

24/07/2023, 3:13 pm - +Smiley face: The risen costs of living not only redefined the value of money from our PG but also to our MG. The totality of these changes in the ways of living their daily lives have profoundly altered the dynamics of retirements and the uncertainties of an ageing nation....

24/07/2023, 3:35 pm - +KL: They often change policies like open market electricity etc

24/07/2023, 4:00 pm - +REACH: 📢*Topic*📢

💬*What are your views on these schemes? How can Singaporeans better prepare themselves financially for retirement?*

📌_Lease Buyback Scheme_

Launched in 2009, this scheme allows seniors aged 65 and older to sell part of their flat’s lease back to HDB in five-year increments, while retaining lease lengths from 15 to 35 years.

📌_The Silver Housing Bonus Scheme_

They will receive the maximum cash bonus of $30,000 if they top up their CPF Retirement Accounts with $60,000 of the proceeds from selling their property and join CPF Life.

However he noted that the take-up rate of both schemes has remained low over the years, as there are “uncertainties in life” that may affect seniors’ decisions to monetise their homes.

👉https://www.straitstimes.com/singapore/housing/increase-in-seniors-monetising-their-hdb-flats-to-supplement-retirement-income

24/07/2023, 4:00 pm - +Singapore Maid Agency: They dun support reason being it is not worth it.

24/07/2023, 4:26 pm - +Frankie Wee: I heard they said original price not an open market

I not sure sure

24/07/2023, 5:14 pm - +lesli: Sad case ...should not happen again

https://str.sg/iifJ

24/07/2023, 5:17 pm - +Eunice Lim: things must have been really bad for his own mother to call the police on him....that's just a few days before he jumped.

24/07/2023, 5:17 pm - +Singapore Maid Agency: We really have to be kind and also share with people around us

24/07/2023, 5:27 pm - +Smiley face: https://mustsharenews.com/former-spf-officer-bullied/?utm_source=telegram

24/07/2023, 5:36 pm - +Smiley face: "Is not just a number; is a human!"

Yet another tragic suicide that could have been detected early enough; its too late...

Perhaps, from now on, Counsellors should be more vigilant in spotting any early signs of possible depression or visible cues of suicidal or worse case of a total silence; putting these vulnerable populations on higher alert, whether to inform and interact with patients and families about how to monitor at home, at work, or at school. (early warnings & closer monitoring)

It's all about early detection and closer intervention...to save precious lives!

What causes Anxiety and how does Stress arise? (anxiety & stress)

Does a person's life, health, job, education and future matter? (existentials)

What are some ways to cope and reduce stress or anxiety? Don't want to compare with others? or some other way? (self & others)

How to live a carefree life? Would thinking less about tomorrow reduce all this pain? (over thinking & over worrying)

- - in progress - -

24/07/2023, 5:39 pm - +Singapore Maid Agency: <Media omitted>

24/07/2023, 5:39 pm - +Smiley face: "Accelerating Performances & Pitfalls: Jung & Maslow ways?"

"What is human and what is a group of human with divest backgrounds from literacy to livelihoods?"

- - anonymity

The Tiny-Winnie of things?

The freedom to work independently, a predetermined guidelines befalls on an intra-day or intra month (tactical) to a longer timeline of intra year (strategic). Arguably, the longer a timeline is, the lesser the scope of responsibilities and empowerment to individuals regardless of the size of an organisation...

24/07/2023, 5:39 pm - +Frankie Wee: Police team members treat bullied one another who want to get rank with salary

24/07/2023, 5:41 pm - +Smiley face: Isn't this description like a "dog eating dogs"...

Thanks Frankie for this valuable pointer...

24/07/2023, 5:42 pm - +Smiley face: Why Jung and why Maslow both matters?

Building the Archetypes and managing the Self esteem...

Next topic to come... sooner!

24/07/2023, 5:56 pm - +Singapore Maid Agency: Read the key word as it’s a “culture” well, MOE schools have tinkle

Friend and recent COVID the medical staff was taken care of and now it’s SPF who others have we miss out 🙏

Key word be kind 🙏 share and spread among each of our individual group well this also happens in family/siblings 生不带来死不带去🙏 (we’re born with nothing and when we die we also cannot bring along the material stuff except of “deeds” be it Good or bad)

24/07/2023, 5:58 pm - +Smiley face: 24 July, 2023

"On the Schedules of Examinations"

One way to destress our students of all ages?

Wouldn't it be wiser to spread crucial exams like PSLE, O levels and A levels over two to three weeks?

An example of a candidate attempting up to 6-8 subjects; will MOE planned for each subject to be examined on Mon, Wed and Fri ?

Are there other operational reasons to SPEED through each exams day just to complete this cycle of the matriculation (madness) exercise?

After all, the meaning of testing students is to assess the Proficiency of each subject taught over a long period of the school years. Or are we sieving gungho warriors just to demonstrate our resilience, our abilities and our mental stamina, just to enable a place to the next higher order of education?

Let's think carefully, what is quality and what is quantity?

24/07/2023, 6:04 pm - +REACH: 📢*Topic*📢

💬*What are your views on these schemes? How can Singaporeans better prepare themselves financially for retirement?*

📌_Lease Buyback Scheme_

Launched in 2009, this scheme allows seniors aged 65 and older to sell part of their flat’s lease back to HDB in five-year increments, while retaining lease lengths from 15 to 35 years.

📌_The Silver Housing Bonus Scheme_

They will receive the maximum cash bonus of $30,000 if they top up their CPF Retirement Accounts with $60,000 of the proceeds from selling their property and join CPF Life.

However he noted that the take-up rate of both schemes has remained low over the years, as there are “uncertainties in life” that may affect seniors’ decisions to monetise their homes.

👉https://www.straitstimes.com/singapore/housing/increase-in-seniors-monetising-their-hdb-flats-to-supplement-retirement-income

24/07/2023, 6:45 pm - +REACH: *Dear Contributors,*

⏰ We will be closing the chat in *15 minutes* ⏰

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan 😊

24/07/2023, 6:54 pm - +Singapore Maid Agency: Recall there was the young man serving NS and was to ORD the culture was to go or thrown down the well/water deep pipe line and was announced dead. SCDF & SPF both are HOMETEAM

24/07/2023, 6:56 pm - +Smiley face: 24 July, 2023

" Sell and Rent or Sell Sell Sell ?"

"Luckily, there is still something to monetise or otherwise what are the existing and available helps to tie through this moment and into tomorrow and the days after tomorrow; so was it luck or was it pre-determined,...?

- - anonymity

The risen costs of living not only redefined the value of money from our PG but also to our MG. The totality of these changes in the ways of living their daily lives have profoundly altered the dynamics of retirements and the uncertainties of an ageing nation.

"Home, Job, Food: An universal phenomena either one or two or three of these items changed; thereafter all things will shift and change to a new way of living...!"

- - anonymity

So where are the areas to thrift, monetising assets and how about to travel a longer road ahead? All of these variables which are highly possible situations and more likely for this current generation of our PG to live into theirs mid 80s to the 90s of ageing followed by our MG. What a big challenge now and ahead, inclusively the entire society because humans' aged !

Policies of yesterdays may not work in today's context and likewise today's plans may have to be changed or entirely a new policy just to cater to tomorrow's uncertainties of ageing, of society and lastly the politics of taking care of all people. Isn't life an uncertainty to begin with?

Conflation and Configuration of the Home, the Job and the Food?

The Home? (First place)

What is a Home of now and the future? A place that fits a person or a group of humans to stay for a fixed period of time.

The configurations of each home matters most from a one room flat to a larger four rooms flat. (smart & practical)

The Job? (Susah? 困难? )

To create many well paying jobs and abundant of job opportunities in the waiting, are these existentials just not good enough? Is it reasonable to say so?

What matters most perhaps at this junction in time or all time, it is imperative to find ways to not only secure jobs but to be able to sustain these jobs for as long as this nasty economics situation lasted. And how about securing a stable employment for people to work till 70 years old? That is if the worker is still able and both physically and mentally healthy to carry on this route of employment.

Willingly, all employers from the public service to the private sector support their staff through employment from the age of 50 and onwards? Or just "release" the oldest first followed by the older workers? After all, it's about the rite time to say good job and good bye to them?

The Food? ( Lagi Susah? 更困难?)

It is a fact now that all things from foods to goods to services like medications or in-hospital treatments; all up !

This risen costs of living are unavoidable to all people. The groups that very much affected are the low wage family and the elderly who no longer have a stable income to depend upon.

Unless these elderly people have sufficient passive savings coupled with a robust CPF to kick start their retirements journey; should any one of the two missing, it will not be a free and easy life for these elderly citizens. It is true!

Afterwords:

"To each their own...?" (家家有本难读的经?)

Renting a room to others? ( Susah lah, lagi Susah? 困难，更困难?)

Renting out a room is perhaps a simple and short term solution for the need to have extra income.

To monetise the entirety that is to downgrade to a smaller flats is to cash out a lump sum for whatsoever uses at that moment in time of this individual or this family or upon death of the owner.

There are several cases of unintended consequences of children forcing their parents to cough out their old flats just to convey the wishes of upgrading to a better home.

Is it rite or not rite?

Each household has its own issues from relationships into money matters. Can authorities step-in to intervene or watch by the sidelines?

Professionally, are housing agents able to explain clearly to the flats owners on their decision to sell, what are the consequences and thereafter the sales and what are the owner options or intentions to find the next dwell?

How to intervene in the event of "not rite" cases? What are the available mitigation processes rather than leaving all to the family court or worse of all, to the high court to settle it?

- - in progress - -

24/07/2023, 7:01 pm - +REACH: *Dear Contributors,*

We will be closing the chat for today.

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan 😊

24/07/2023, 7:02 pm - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group

=====

Babe Blog - Insights on News Events

Monday, July 24, 2023

No comments:

Post a Comment