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Moving to a smaller home, for a better retirement income

SINGAPORE — For the elderly who do not mind moving to a smaller home, especially after their children move out, the Housing and Development Board (HDB) has a scheme called the Silver Housing Bonus.

SINGAPORE — For the elderly who do not mind moving to a smaller home, especially after their children move out, the Housing and Development Board (HDB) has a scheme called the Silver Housing Bonus.

Implemented in February last year, the scheme aimed to help lower-income elderly households supplement their retirement income. Owners would simply need to sell their unit and move into a smaller flat or a studio apartment.

The flat owners will be given up to a S$20,000 cash bonus per household, if they use S$60,000 of their net sale proceeds from selling their HDB flat to top up their Central Provident Fund (CPF) Retirement Account (RA) and join the CPF LIFE annuity scheme, under which they will receive regular monthly payouts.

To be eligible for the scheme, elderly households must either book a new HDB flat or Studio Apartment, or apply to buy a resale flat before selling their existing property, or within six months of completing the sale of their existing property.

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