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“Equity release is not right for everyone but it is vitally important that people are not prevented from considering how their largest asset, their home, can support them in retirement by misconceptions and unanswered questions concerning later life lending options.

“There is a lot of help available online on how to budget for retirement and working with a financial adviser in the run-up to retirement can make a massive difference in being as retirement ready as possible.”

Key said that while some of those who are retiring with debt do so due to last minute unplanned expenses, 34 percent of people only start to make definite plans to retire within 12 months of their intended finish date.

The equity release adviser said that this time frame is a relatively short period in which to clear borrowing, adding that people who take the average two years and four months to plan for the end of the working lives could find clearing their debt a challenge, if they owe around £17,000.

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