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Elderly Want Choices, Not Handouts

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JOLLY WEE: Most elderly people desire to be financially independent and self-reliant when they reach retirement age. After toiling hard, they also hope to have something to bequeath to their children.

Where possible, most seniors prefer not to depend on any handouts as they live out their sunset years.

To help them achieve that, the HDB could allow elderly flat owners who also own a private property to downgrade to a smaller flat without having to sell their private property.

Current regulations require them to dispose of their private property before they can own another HDB flat.

The proceeds from the sale of their bigger flat and the rental from their private property, coupled with their Central Provident Fund savings, should adequately provide for their retirement. Those who own more than one private property may not qualify.

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