Don't let debt scupper your retirement plans

Debt experts share their tips on how to retire when you're in red

- 

As retirement approaches, many people look forward to a slower pace of life and the freedom that comes with no longer working full-time.

But for those carrying debt into their later years, the prospect of retiring can bring just as much anxiety as it does anticipation.

With income often dropping and expenses sometimes shifting in unpredictable ways, it's important to take stock of your financial situation beforehand.

Dennis Hussey, team manager at National Debtline who has also been a money advisor for 20 years, explains that when retiring it is 'often going to mean that income streams narrow'.

"For most people, it means that they are giving up a regular waged income and have a pension income that's possibly going to be more modest," he explains. What are the first steps someone should take if they want to retire but are in debt?

"Seeking debt advice is a really good start but also creating a budget," says director of external affairs at Money Wellness Sebrina McCullough. "Work out what money you'll have coming in post-retirement and then think about how spending might change once you're retired.

"Money Wellness has a budgeting tool on its website which can help work out what your income and outgoings will be post-retirement, which can give people a greater sense of whether or not they will struggle to maintain debt payments."