Charity proposes lower age eligibility for Lease Buyback Scheme, one-stop retirement planning platform
Leap201 suggested lowering the eligibility age for the Lease Buyback Scheme from 65 to 55.
Charity Leap201 has proposed lowering the age requirement for Singapore's Lease Buyback Scheme and launching a single platform for retirement planning to better serve seniors. Their recommendations emerged from a survey of 1,000 seniors aged 50 to 59, who were mostly living in three-room flats with monthly incomes below $5,000. The survey found that 60% of respondents would consider selling part of their flat's lease to HDB for extra retirement income, but are currently ineligible due to age restrictions.
Leap201 suggested reducing the eligibility age for the Lease Buyback Scheme, aiming to lower it from 65 to 55 in stages. They also proposed a smoother transition for buyers who use the scheme to move into community care apartments with senior-friendly amenities. The charity believes this will give lower-income seniors earlier access to monetization options and more time to decide when and how long to work, as well as where to age.
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