What Are The Schemes Available To Support Retirees Who Are Asset Rich But Cash Poor In Singapore?

Your article on grants and subsidies for lower and middle income families is indeed very informative.

I am one of those who are asset rich but cash poor and my hard earned savings is depleting thanks to the high cost of living in Singapore. I am 70 and not working but pay property taxes, GST, etc.

Are there any government grants and subsidies for those without an income, such as retirees?

DollarsAndSense Answers:

The challenge faced by asset rich, cash poor Singaporeans is a serious and well-known one, and the government has been making efforts to adjust its policies to support this “sandwiched” group of Singaporeans.

Read Also: Guide To Grants & Subsidies For Middle-Income Households In Singapore

For example, in the area of healthcare, it was announced that CHAS will expanded to cover all Singaporeans with chronic conditions, regardless of income. This is one of the measures to help alleviate the cost of healthcare.

Read Also: Complete Guide To The Community Health Assist Scheme (CHAS)

Other forms of ongoing support that retirees living in private property can receive include GST Vouchers, as well as Pioneer and Merdeka generation packages.

If you are facing difficulties with the cost of living, you can consider applying to ComCare, which provides cash assistance, and discretionary grants for daily essentials and medical bills.

At the community level, you can also look for your respective Community Development Council which administers localised assistance schemes.

With closer integration among the social service sector, regardless of which social service organisation you approach for help, you’ll be referred to the right schemes and organisations that can best serve your needs.

Read Also: How Is Your Financial Health? We Went For A “Financial Health Check” To Understand Areas For Improvement

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