The average Brit’s pension fund at the starting point of their retirement would cover less than this, according to LV=, with it being even less by the time they actually require care.

The report suggested the care cost challenge is set to be more keenly felt by women because 23% approaching retirement have only the state pension to rely on compared to just 9% of men. Furthermore, women are more than twice as likely to go into care.

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The government recently announced that it was delaying the implementation of the care cost cap by four years. LV= said that it is currently unclear how much someone will have to put towards their care.

According to a new Freedom of Information request by LV=, in the past five years, more than 19,000 retirees have had a charge placed on their property by their local authority to meet the cost of their care. These charges have been placed on the homes of individuals that don’t have enough savings to cover their costs, but have enough equity in their property.

John Perks, managing director of LV= Retirement Solutions, said: “The UK is facing an uncertain future on the funding of long-term care, especially with the care cap being delayed. Although many of us leave the workplace in good health, as we are living longer with the average retirement now 17 years long, the likelihood of us needing residential or domiciliary care is increasing.

“In addition, we are also seeing a rise in the length of time being spent in care. This highlights a very real need for many to consider a more flexible retirement income solution such as a fixed term annuity.

“Low interest rates, coupled with social care budgets being cut, create a worrying financial backdrop for many, especially those already in retirement as they are currently faced with an open ended bill which makes it difficult to plan effectively to fund these costs.”