Longing for retirement but still drowning in debt

EXPERTS SHARE THEIR ADVICE ON WHAT TO DO IF YOU LONG TO JACK IN YOUR JOB BUT OWE A FORTUNE

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AS retirement approaches, many people look forward to a slower pace of life and the freedom that comes with not working full time. But for those carrying debt into their later years, the prospect can bring anxiety as well as 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 adviser for 20 years, explains that retiring is “often going to mean that income streams narrow”, so you need to prepare yourself for any nasty shocks.

“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,” Dennis adds.

What steps to take if you want to retire

"Seeking debt advice is a really good start as is creating a budget,” says director of external affairs at Money Wellness, Sebrina McCullough.