Britons need to save £16,700 more per year to live comfortably, cover long-term care costs, and pay back debts in their retirement.

The country faces a staggering £9 trillion shortfall in savings to support the next generation after they stop work, according to a report from the Chartered Insurance Institute (CII).

"Currently, many pre-retirees have little savings and carry the burden of significant debts just at a time when their incomes are about to fall," it says.

A spokesman for the CII added: "A lot of people are going to have their assets depleted by parents' long-term care costs or their own."

The report says the average care home costs £26,000 per year and the average stay is two years, although a significant proportion of people stay for more than...........Read more HERE