The retirement income specialist found that retirees now have a collective mortgage debt of £76bn which works out as an average debt of £47,458 per person.
Andrew Tully, pensions technical director at MGM Advantage, said: "These figures are alarming and show the pressure people face on a daily basis trying to balance the household budget.
“Although many people consider themselves retired they are continuing to pay off their mortgage, some with quite substantial balances.
“Dig a little deeper and many people are working part time, sometimes through choice but often simply to make ends meet."
The research found that 6% of retired people aged 55 and over are working part-time to supplement their incomes in retirement.
Tully added: "Talking about debt in retirement will be a taboo for many people who find themselves in this position. But there are ways retirees can access practical help and advice."
