Tens of thousands of pensioners will see out their twilight years while lumbered with potentially crippling personal debts of up to £100,000, a has claimed.
'Alarming' research from retirement firm MGM Advantage has found that potentially more than 250,000 Britons are to retire with credit card, personal loan or overdraft debts of between £25,000 and £100,000.
They are among the four million, or 34 per cent, of retirees with personal debts, not to mention 1.5 million or so who enter retirement with money still owing on their mortgages.
Andrew Tully, of MGM Advantage, said: 'These figures are alarming and show the pressure people face on a daily basis trying to balance the household budget.
'Although many people consider themselves retired, they are continuing to pay off their mortgage, some with quite substantial balances.
'Dig a little deeper and many people are working part-time, sometimes through choices but often simply to make ends meet.'
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And according to MGM's survey of over 2,000 retired people over the age of 55, the equivalent of 151,400 of these still owe more than £100,000 on their mortgage, suggesting they will still be paying off their homes well into retirement.
The majority of over 55s with personal debt, some three million, currently owe more manageable levels of up to £5,000.
But the number of those saddled with higher amounts could go some way to explain why six per cent of those surveyed by MGM continue to work part-time to supplement their incomes in retirement.
Key Retirement Solutions estimated last week that UK pensioners have lost £4.6billion-a-year in income in the aftermath of the banking crisis.
Falling interest rates and volatile stock markets contributed to the amount earned in interest on investments by pensioner couples falling from £1,863-a-year in early 2008 to just £1,219 last year.
MGM is urging the retirement population to check of any ways they can boost their income, whether by claiming all the state benefits you're entitled to, tracking your personal and workplace pension arrangements, or hunting down old savings accounts or premium bonds.
It also suggests shopping around for the best annuity rate and seeking professional help from a qualified adviser to find the best financial products.
Mr Tully added: 'Talking about debt in retirement will be a taboo for many people who find themselves in this position. But there are ways retirees can access practical help and advice.'