Lifetime Planning

Annuity vs Care Home

  Lifetime Planning

The idea behind the first spreadsheet is to look at lifetime financial planning over lots of categories, such as Savings, Mortgage, Care Home, Pension, Salary etc.  You can have as many categories as you like.

Here’s a sample of a Savings sheet: (click to enlarge)

The user enters numbers in the green shaded cells.  The opening balance in Year 0 is £1000, growing at 5% a year until year 4, when the rate changes to 2%.  In year 2, a regular saving of £1000/year is started.  This is changed in year 8 to £500/year, growing at 10%/year.  Two one-off payments of £500 are made, one in year 5 and one in year 10.  A withdrawal of £1000 is made in year 13.  The running total of this balance is in the second column. Therefore by year 18 the account should have almost £20,000 in it.

Here’s a sample expenses sheet: (click to enlarge)

This may be Care Home costs.  The first year cost is £25000, increasing by 5% a year, until year 9 when this cost finishes.  There’s also a one-off cost of £2000 in year 4.  The running total of these costs is in the second column.

These sheets get added up onto a Summary sheet: (click to enlarge)

There’s a total of the money in/spent, and a graph.  As you can see, the graph goes down until 2019 (year 8) when the care home costs no longer feature, so the increasing account balance forces an upturn.

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