Common conversations heard over dinner,
“When you all grow up and all married liao, I will downgrade my house for my retirement.”
Honestly, I really thought it was a feasible retirement plan. It doesn’t sound all too bad when I first heard it back when I was young, in fact, it sounds like a terrific retirement plan! I believe this was what most of our parents had planned to do.
But, is it really as simple it seems? Like this equation below?
A Myth:3-Step Process to Get Money (in Cash) for My Retirement 1 Sales Proceed from my current house 2 Minus: Cost of New House (A Downgrade) 3 Equals: My Retirement Savings (In Cash) Yes, if you paid for your house using cash. No, if you have used your CPF, HDB or bank loan to finance your home....