Long to quit working but drowning in debt? SARA KEENAN gets some expert advice on what you can do to manage the problem

AS retirement approaches, many people look forward to a slower pace of life and the freedom that comes with not working full time.

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But for those people 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.

"Work out what money you'll have coming in post-retirement and then think about how spending might change once you are retired.

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