Mortgage debts among retirees are worth 98 billion collectively and with the average age of retirement now between 60 and 64, the figure is only going to go up.

The amount increases to over 37,000 each in the over 70s group with the average mortgage debt currently 27.5 per cent higher than in any other age group.

A spokesman at Key Retirement Solutions, said: "We are seeing increasing numbers of over-60's coming to us with mortgage debt that they are struggling to manage and looking for a way to ease the burden of debt in retirement.

"With the rising trend in higher levels of borrowing, and fewer people saving for retirement, this could be a time-bomb waiting to hit the next few generations of pensioners even harder than we're seeing now.

"Whilst this analysis is based upon those who have released equity from their home, if they are only partly reflective of pensioners as a whole, it has to be of huge concern to us all."

After paying monthly bills such as council tax and utilities, this leaves the most disadvantaged with roughly 257 per month. After paying the average mortgage debt payment of 215 a month, the average pensioner is then left with just 42 left to live on.

So how can we ensure we are not paying off a mortgage into our retirement?

Struggling to pay off a mortgage once the kids have left home and leaving yourself with little money to live on in your 40s and 50s may sound like an easy way out.

The advantages to this solution is the emotional security of actually paying off your mortgage, owning your own property and relief from the anxiety of owing money.

This will also allow you to leave a debt free home as an inheritance and enable you to invest in other opportunities for the future. The money you save on mortgage payments could also be added to your pension fund.

While the idea of paying off a mortgage as quickly as possible seems most attractive, there are also some cons such as missing out on investment opportunities while you focus on putting all spare cash into your mortgage.

You can lose the opportunity to invest (although once the mortgage is paid off you could then do it) and build up a secure retirement nest egg. However, this is only if you have spare cash outside paying your mortgage repayments in the first place.

If you use your resources to pay off your mortgage, you'll have less money to devote to growing your investments. But this drawback particularly applies if you have more than 10 years remaining before retirement.

Another disadvantage of paying off your mortgage is loss in tax savings. The interest on your mortgage is tax deductible and that could mean considerable savings for some homeowners.

When paying off your mortgage, at any stage of your life, you must always prepare for any changes in your life or financial situation that could effect not just how much you pay but how quickly it can be paid.