In the Singapore banana republic, asset rich seniors threaten to vote the incumbent PAP gahmen out.
Proof that the Singapore economy is a ponzi scheme and that Singapore properties are worthless garbage.
So many 'poor' seniors living in freehold landed properties behaving like beggars on gahmen handouts ... So many international banks in Singapore don't allow them to reverse mortgage their $3M FH landed property homes, so they can just have some retirement money to spend.
Day in day out they hound gahmen for handouts and freebies and when they die, their whole family is in civil war over inheritance issues and unpaid debt of parental care.
Obviously this is a banana republic and Singapore properties are worthless/ untrustworthy collaterals to borrow based on.
Conclusion, Singapore government / economy is as untrustworthy as the fact that Singapore properties cannot be use as collateral for reverse mortgage. There should be well conceptualised, transparent and easily accessible methods for asset rich elders to borrow against their multimillion $$$ FH landed property assets to fund their retirement needs. These asset rich elders should have ample ways to access their property asset values and not need to place their families in turmoil after their demise nor hold the government hostage for their retirement needs.
And the poor shouldn't have to be burdened by GST, just to fund these asset rich elderlies and consequently, cost and social instability from inheritance issues, debts of gratitude and property title deeds.
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Forum: Retirees living in private properties largely left out in Budget 2022
PUBLISHED: 22 FEB 2022, 3:00 AM SGT
Pioneer and Merdeka generation retirees who live in private properties purchased long ago will receive far less from the Household Support Package than seniors living in Housing Board flats, due to the annual value of their homes, even though many of these properties are modest ones (Households to get more rebates, CDC vouchers to fight inflation, Feb 19).
These retirees live on their savings. They are not property speculators and would rather stay in neighbourhoods they are familiar with than downsize to an HDB flat.
The impending goods and services tax (GST) and property tax increases will further burden them.
Why not base the cash payout and utilities rebate components under the GST Voucher scheme on household income or income tax payable rather than type of housing?
As for the quantum for the cash payout to those residing in homes with annual values of between $13,000 and $21,000, the ceiling of $21,000 is too low.
Ng Suan Eng
https://www.straitstimes.com/opinio...te-properties-largely-left-out-in-budget-2022
Proof that the Singapore economy is a ponzi scheme and that Singapore properties are worthless garbage.
So many 'poor' seniors living in freehold landed properties behaving like beggars on gahmen handouts ... So many international banks in Singapore don't allow them to reverse mortgage their $3M FH landed property homes, so they can just have some retirement money to spend.
Day in day out they hound gahmen for handouts and freebies and when they die, their whole family is in civil war over inheritance issues and unpaid debt of parental care.
Obviously this is a banana republic and Singapore properties are worthless/ untrustworthy collaterals to borrow based on.
Conclusion, Singapore government / economy is as untrustworthy as the fact that Singapore properties cannot be use as collateral for reverse mortgage. There should be well conceptualised, transparent and easily accessible methods for asset rich elders to borrow against their multimillion $$$ FH landed property assets to fund their retirement needs. These asset rich elders should have ample ways to access their property asset values and not need to place their families in turmoil after their demise nor hold the government hostage for their retirement needs.
And the poor shouldn't have to be burdened by GST, just to fund these asset rich elderlies and consequently, cost and social instability from inheritance issues, debts of gratitude and property title deeds.
======================
Forum: Retirees living in private properties largely left out in Budget 2022
PUBLISHED: 22 FEB 2022, 3:00 AM SGT
Pioneer and Merdeka generation retirees who live in private properties purchased long ago will receive far less from the Household Support Package than seniors living in Housing Board flats, due to the annual value of their homes, even though many of these properties are modest ones (Households to get more rebates, CDC vouchers to fight inflation, Feb 19).
These retirees live on their savings. They are not property speculators and would rather stay in neighbourhoods they are familiar with than downsize to an HDB flat.
The impending goods and services tax (GST) and property tax increases will further burden them.
Why not base the cash payout and utilities rebate components under the GST Voucher scheme on household income or income tax payable rather than type of housing?
As for the quantum for the cash payout to those residing in homes with annual values of between $13,000 and $21,000, the ceiling of $21,000 is too low.
Ng Suan Eng
https://www.straitstimes.com/opinio...te-properties-largely-left-out-in-budget-2022
