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Can your home fund your retirement? | Money Talks ft. PropNex's Ismail Gafoor

CNA

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The house or flat you own could be more than just a place to live – it may also help fund your retirement. But options like right-sizing or renting could come with significant trade-offs. Andrea Heng sits down with PropNex Executive Chairman Ismail Gafoor to break it down.

Highlights:
01:21 Many people unaware of HDB value
02:03 When to consider right-sizing
03:01 Property asset or liability?
04:44 Decaying lease limits appreciation
05:25 Preparing family for right-sizing
08:40 Understanding the Silver Housing Bonus scheme
11:10 Lease Buyback scheme explained
17:13 Renting out rooms for income
20:10 Risks of relying on children

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20 Comments

@Zaratan171 5 months ago

Keeping a place that makes you happy and has good neighbors can be a really great part of your life. So, if your apartment has all those good things, it's definitely something to be thankful for.

@tcmelvinlee4804 8 hours ago

how to no way prices are sky high!

@Mamuskamal 5 months ago

HDB is public housing which should not be allowed to be so easily transacted on the open market. The government should restrict the sale only back to HDB which in turn can make it available to Citizens. Property agents should not be allowed to talk up property as a gold mine for cash. They do it for they own wealth while some poor sod ends up selling and eventually ends up losing everything.

@amazingrace238 5 months ago

Crucial mistake a lot of Singaporeans make is to have the property they live in to be the single biggest asset they own and using up most of their cpf/cash to pay the mortgage, leaving very little for retirement. Most seniors would not downgrade or move to more inconvenient locations if given a choice.

@SukayahRamli 5 months ago

Very transparent and real - especially advising parents to have their own space no matter what.

@beepengbp8896 1 month ago

Mr. Gafoor is generous in sharing his knowledge and experience. He provides thoughtful guidance and explains concepts comprehensively, ensuring that learners gain a clear and complete understanding. His supportive approach makes the learning process both effective and encouraging.

@nightowl4121 5 months ago (edited)

The govt should also consider pricing the short lease flat more affordably for the elderly to keep some savings for their retirements. Currently, short least BTO is relatively more expensive than 99 years lease BTO of the same size, given the fact that the former short lease BTO has no resale value.

@hodesirene3664 5 months ago

I learnt a lot ftom Ismail. Thank you for the info and insights!

@Kimmilloyd888 5 months ago

So informative. Thanks

@Lucy-vo1ys 5 months ago

Very wise advice on a roof over your head always! 👍👍

@ajumma9711 5 months ago

Oh really, didnt know if we move near to our children we get the subsidy too. Will look up on that!

@srituah 5 months ago

Good discussion ❤

@leewn2319 5 months ago

The HDB policy at inception is an affordable dwelling unit for you & your family till u retire which by then would have paid up in full when your kids are working adults. It’s not supposed to be an investment asset or a retirement cash out property. So it’s best to work, save and plan for recurring income when u retire so that I have adequate CPF and some extra cash without dinging mush into ur savings & CPF.

@olarius650 5 months ago

CNA asking someone whose sole interest is making commissions off home sales to talk about home as a retirement strategy? Come on you can do better than that. Get someone with no conflict of interest.

@kengleetan63 5 months ago

The locals in HDB even those who brought their HDB much earlier were scammed.
Their lease decayed asset HDB has NO VALUE.
Their only roof over their head cannot be used for their retirement unless they had a much larger flat or this is NOT their only property.
The CPF FRS will be insufficient with the payout they get at 65.
And they can only hope to move to some small ulu 2room unit or some end of life homes.
And there are MORE THAN 600,000 that are lease decaying HDB!
These folks even after right sizing will be left with left with little CASH.
And this CASH would erode very fast, given the sheer HIGH COST of living.