The YouGov research for Old Mutual Wealth revealed that the average amount of debt held at the point of retirement was £34,500. Some 19% of people had debts of over £50,000 and almost one in ten had debts of over £100,000.

It indicated almost a third of retired people were still carrying debt at the point they gave up full time work.

The figures, to be published in Old Mutual Wealth’s Redefining Retirement study, showed mortgage debt is most common, with 21% of people still owing money on their house when they retire. Some 14% owed money on credit or store cards, while 6% had unsecured loans.

Adrian Walker, retirement planning manager at Old Mutual Wealth, said:

“The data shows that debt planning is just as important as saving and investing in relation to how much income people will have in retirement.”

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The average amount withdrawn in cash from pension funds by retirees since the reforms has been £28,000, according to the research, with 19% of retirees using some of that money to pay off debt but 58% of those who had debt at the point of retirement were still in debt when surveyed. Some 30% still had mortgage debt and 28% still owed money on credit or store cards.

Mr Walker said: “We have become a nation comfortable with debt and this follows many people into retirement. I imagine most people would hope to be releasing themselves from the shackles of debt before they retire, particularly the debt attached to their home.

“This new data shows the harsh reality that many will not be able to release themselves from those ties immediately, as levels of debt are higher than they perhaps imagine.”