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18 Mar 2022


Family of three generations seated at park and playing with bubble gun

They say that absence makes the heart grow fonder, but having your family close offers more opportunities to bond.

So, when you are looking for your next home (or thinking about it), consider right-sizing your house while keeping them close. You can connect with your family more often and boost your retirement savings at the same time. That’s essentially killing two birds with one stone.

Here’s some food for thought.

Asian Indian family of three generations seated in a living room and watching tv together

Stay close (to your child)

The beauty of living a stone’s throw away is being present in each other’s lives. Imagine frequent visits from your children, weekday night dinners or even helping to pick up your grandkids from school when needed.

As we know, it takes a village to raise a child. Staying closer gives you the flexibility and opportunity to dispense pearls of parenting wisdom (since you’ve been there and done that).  Knowing that you are close by to help when they need it can also give your child peace of mind

And during unexpected events/unforeseen circumstances, the proximity makes it easier for both sides to cover each other.

Asian Chinese family of three generations taking a walk in the park together

Stay connected (to your family)

As you head towards your golden years, the extra time on your hands coupled with shorter distances will mean more opportunities to cultivate precious moments to spend with your grandkids.

And if creating meaningful bonds is your purpose in life, then keep those who matter close to you. Time spent with them is worth every second, so make it count. Go over to the nearby mall to catch a movie together, or take leisurely walks along the park as a family.

Make family dinners a frequent activity. As they say, the fondest memories are made when gathered around the table. Take turns amongst yourselves to whip up an amazing meal. Even the grandkids can help out in the kitchen!

Being surrounded by the people you love can only be a good thing.

Support (from the Government)

That’s not all. The Government has been providing support via housing grants and schemes to encourage families to live closer together.

If you are looking to buy a resale flat to live near your child, you can enjoy a Proximity Housing Grant (PHG) of up to $20,000 when you buy a flat within 4km of the HDB flat or private property that your child lives in.

If you are looking to buy a resale flat to live together as a family, that’s an additional $10,000 in Proximity Housing Grant (i.e. $30,000).

And if you are an eligible first-time applicant, you can also apply for the Family Grant and Enhanced CPF Housing Grant (EHG) for more potential savings.

Find out more about CPF Housing Grants for resale flats.

But if you and your child made a joint-decision to apply for Built-to-Order (BTO) flats instead, there also are a range of schemes available.

Married Child Priority Scheme (MCPS) – helps the married child and the parents to live with or close to each other by improving either applicant’s chances when they apply for a new flat.

Multi-Generation Priority Scheme (MGPS) – helps the married child and the parents to get new flats in the same BTO project.

Senior Priority Scheme (SPS) – gives priority to elderly residents who wish to buy a two-room flexi Flat close to their married child.

Read more about the various priority schemes.


You can also apply for the Silver Housing Bonus scheme (SHB)* if you’re moving to a 3-room or smaller flat, enabling you to supplement your retirement income.

Part of your net sale proceeds will be used to top up your Retirement Account (RA) to boost your lifelong monthly payouts under CPF LIFE. You can also enjoy a cash bonus of up to $30,000.

*Subject to eligibility

There’s no place like home, and there’s nothing like coming back home to your loved ones. Spending your golden years watching your loved ones grow up, while having the option to boost your retirement income… now that’s a great idea.