How can I monetise my property and which option is suitable for me?
It depends on your needs and preferences. As with all important financial decisions, take the time to understand the nature of the monetisation option, and assess your situation and retirement needs before deciding if the option is suitable for you.
If you own an HDB flat and do not mind moving to a 3-room or smaller flat, you can consider the Silver Housing Bonus scheme. If you prefer to live in your existing flat, you can consider the Lease Buyback Scheme. Under these two schemes, part of your net sales proceeds will be used to top up your Retirement Account and provide you with lifelong monthly payouts under CPF LIFE.
If you own a private property, consider speaking with your financial institution or advisor on the available products in the market that enable you to monetise your private property to supplement your retirement income, while ageing in place.
Lastly, you can consider renting out a spare bedroom, or your entire property if you have an alternative accommodation. If you own a HDB flat, find out more about renting out a flat/bedroom.