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Using Your Assets

Using your current income

Some people are able to pay for their present and future care out of current income; if you are able to meet the cost of your care from regular income (eg pension + investment returns + net rent from letting your home) then your income may be sufficient to meet the cost for as many years as you need care – even if your care needs (and therefore care costs) increase.

Using your savings

If you need to dip into savings (cash, your home or other financial assets) to meet your care costs, then there is a risk that you may outlive your ability to fund your care in the form and place that you want it. This is a risk you can insure against; but it is not cheap.

Using your home

You can use the value of your home by either selling or renting, and their are advantages and disadvantages to each choice.