109 - Care Fees Financial Planning
Maven Money Personal Finance Podcast
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What Is the Income Gap?
In this example, there's a state pension coming in as t of ten thousand pounds. There's an annuity, which is an old form of sort of pension where you turn a lumps un pension asset into an income for life. And she's also got another type of income, which is a government benefit called attendant allowance. So once we've worked out the income and expenses in year one, there is a financial gap er of 25 thousand pounds. But that gap gets a lot larger quite quickly because the care cost, and we assume that they go up by about five % a year. We won't apply, i any velation at the moment,. so if she does live for
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