Over 50s 'do not realise cost of care'

Many over 50s are underestimating how much care in later life will cost, the government has warned.

Many over 50s in the UK do not realise how much healthcare in their old age will cost, according to the government.

A new survey from the Department of Health has found that more than half of people in the UK believe residential care will cost 10,000 at most.

However, the actual cost of looking after a typical 65-year-old is closer to 30,000.

This means that lots of Britons may find themselves without the money needed to fund residential care during their old age.

"Many don't realise they might have to foot a large bill if they need care," said health secretary Andy Burnham.

The government is currently carrying out a consultation into how social care in the UK should be funded in the future.

Mr Burnham said this is partly because the ageing population in Britain has left the existing system "creaking at the seams".

The comments come after Just Retirement urged the government to appoint a cabinet minister in charge solely of matters relating to retirement planning.

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