Peter is age 67, and he and his wife are retired. They receive the state pension, which gives them £1,460 a month, and their occupational pensions give them a further £2,500 a month after tax. They also own a buy-to-let property worth about £360,000 on which there is no mortgage and gives them a rental income of £450 a month. Their home is worth about £400,000.
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