Retirement phase
Who doesn’t wish and achieve their dreams of living out my golden years with full enjoyment and financial freedom? But the reality is something different, if you want to spend a dream life it takes a lot of planning and discussion to reach your retirement goals happily and satisfactory. But in our busy or hectic routine, we often ignore many things including one of the most important assets which are our flat.
To become HDB dwellers, you should familiarise yourself with your future dreams and also have various ways of unlocking and renovating the value of your flat which allows you and provide assistance to select your demands in which you are most comfortable and pass your retirement in a fresh way
Sell remaining HDB ones
According to HDB’s Buy Back Scheme (LBS), all the homeowners which are aged above 65 and are provided with the option of selling out their flat’s lease in a manner to HDB scheme and also receive an LBS bonus which ranges up to $30,000 if it smaller flats for a 3-room, $15,000 if it for 4-room flat and $7,500 if it for a 5-room flat. This a scheme which allows every aged person to retain nearly up to 35 years of the respected lease, as long you are retaining enough lease. In the next step, all homeowners can last until the age of 95.
According to your perspective, what are the terms on which LBS work? And what are their cuties? The net sale which is further proceeds can be used for topping up your CPF office RA (Retirement Account). Approximately by saving all your RA savings, It will be helpful to buy a CPF life plan. Retirement amount means a type of annuity scheme that somehow provides a monthly payout lifelong.
If you’re thinking of applying for topping up from 1 January 2020 and relate to an overview about the topping up and working. If you are thinking to get up to premium topping up and work more perfectly to keep all the remaining to proceed further, in this way you’ll also receive an LBS bonus previously specified the amount up to $30,000. It is also kept in mind that it depends on the flat type. Their many conditions which are more imp to meet for the qualification LBS.
All owners must be at the age of 65 or older which is compulsory. There are some criteria about age eligibility and their province. The owner must have Singapore citizenship. $14,000 or less is monthly household income. Any type of concurrent ownership from the second property is not accepted.
All owners that are applying for schemes should be living there for at least 5 years. The owner should have 20 years of lease to sell.
Make units to right size
The apartment should be right-size.
All the seniors should take Silver Housing Bonus (SHB) which is an alternative for those who prefer and demand the right size and choose a smaller flat that requires less work and maintenance.
In simple words, it can be explained as if we receive$ in cash then we are getting 2$ top up from your CPF retirement apartment. For being eligible for the SHB, you have followed criteria to fulfil strictly:
- Owner’s age should be more than or upto 65
- Owner should a Singapore Citizen
- Gross monthly household income should $14,000
- No ownership of any second property
In the end, the most important thing is to understand and know exactly what retirement demands, needs and preferences are.
Rent out if you have extra space
Are you thinking that you have extra space or you are a one-person living in a whole apartment and have room to spare? If you are considering renting out some of your property or apartment bedrooms to spare and earn some passive income to fulfil all needs. It is proved from the latest statistics, that a flat which has 4 rooms can help you to earn monthly about $1,750 to $2,600. It also depends on some factors including estate, flat view and type. Some people also choose to rent as a business. Renting is a great and easiest way to utilise spare space and for earning while it is a blessing in disguise for those who can’t afford a home at a heavy rate and need a place where they can stay.
You have to keep an eye on many things, before listing any unit of your house for rent. You should make sure that you are the person who doesn’t get fed up with people and enjoy others’ company and should remember for the minimum occupation time period that is up to 5 years. And the most important point, you should need Singapore Citizenship for renting out a place. some more tips are renting out you 3- spare bedrooms in 3 units. For renting a bigger flat or any prior approval, a major requirement is HDB. And make sure the people you’re renting out your home in good hands.
