Suppose that you inherited from a rich relative an allowance of $50,000 a year, starting tomorrow, when your age is 60 (there are fewer years to use in the calculation than if we assumed that you were 20). 

Could this (or similar cash-flow patterns) be seen as an asset? 

What is the allowance worth today as a lump sum? 

Bear in mind that there is a huge market where retirees trade a lump sum for an annuity (a regular amount received over a future period). 

What other factors need to be considered?