Tuesday 14th August, 2007 

We think that by the time we retire, all our debt problems will be over. We can then relax, kick back our heels and enjoy the autumn of our life. Not so, according to research from Scottish Widows.

This research has revealed that one in five, approximately 1.1 million, retired homeowners still have an outstanding mortgage of £38,000. Added to this is the national average outstanding unsecured debt of £5,900 and we can see that many retired Britons are facing financial uncertainty.

If this were not enough to worry about, Scottish Widows research indicates that you may be retired from work but not from your dependents with one in twelve retirees still having financially dependent off-spring to worry about.

The advice from Scottish Widows for those who are close to reaching retirement? Prepare yourself for the inevitable juggling of debts on a lower income when you stop working.

And the advice from Debt Watchdog? Get shot of that debt before retirement if at all possible and prepare to enjoy your well-earned rest.