Encourage older people to downsize their homes in order to be financially viable in their old age

I refer to the letter, 'Estate-duty laws unfair to the middle income' (ST, March 1).

I have often wondered, and for a long time, why there is such a disparity of exemption in estate-duty laws, namely, $9 million for property assets and only $600,000 for all 'Other Assets'.

For a retiree to live financially independent of other people, a non-fixed asset of $600,000 is hardly sufficient, if he does not own a second property to generate rental income.

This law is favourably skewed excessively to owners of multiple properties (or of one luxurious piece), versus those who can afford to own only their modest homes. A case of the rich getting richer?

It is time to change this. We should, in fact, encourage older people to downsize their homes in order to be financially viable in their old age, and estate-duty laws should reflect this.

Ng Piak Hah (Ms)