A growing number of people are entering retirement saddled with debts. This new research shows that two in five over 55s will carry debt into retirement.

Debt isn't necessarily a bad thing. When it is affordable and manageable, with a clear plan to avoid taking on more and repay the debt you have, it can be tolerable to have some debt in retirement.

However, debt is a drag on your ability to achieve financial goals in life.

Despite living in a low interest rate environment currently, unsecured debts especially can be very expensive to service. 

When living on a fixed income in retirement, the opportunities to repay debt can be limited compared to during your working lifetime.

Part of a comprehensive retirement plan should include plans to repay all debt before finishing work, including any mortgage on your home.