Lower property tax helps, but retirees must pay heed to costs of owning private homes

SOME older Singaporeans are asset-rich and cash-flow-poor. A local retiree, who is over 60 years old, could be owning a private home bought years back that has since appreciated significantly in price. 

The said retiree, whose key asset is his owner-occupied home, may lack robust sources of cash flow and struggle with paying for costs linked to owning a home, such as property tax.

The above scenario can be viewed as a first-world problem.