What is the Silver Housing Bonus and how can you benefit?
The Silver Housing Bonus helps seniors supplement their retirement income when they sell their current flat and buy a 3-room or smaller flat. To qualify for the SHB, seniors have
to top-up the proceeds from the housing transactions into their CPF Retirement Account. For every $2 of top-up made, seniors will receive a $1 cash bonus, up to a maximum of $30,000, on a household basis. To receive the maximum cash bonus, households
have to make a total top-up of $60,000.
Here’s an example of how you could benefit from the Silver Housing Bonus:
Sell current flat for $300,000
Buy next flat for $200,000
Get $100,000 in proceeds
Top-up $60,000 of proceeds into CPF Retirement Account
Receive a cash bonus of $30,000.
For more personalised information, please visit our HDB Hub. You can also click here.