One in five is yet to pay off a mortgage and one in three is racking up average credit and personal debt of £5,900.
With many people buying a home later in life and state pensions not keeping pace with inflation, there are fears the problem will only get worse.
A report from Scottish Widows paints a worrying picture.
The total debt of those over 65 has hit £57 billion, according to the investment company, while pensioners’ average credit card and personal loan debt has risen by 42 per cent in the past year.
Kate Jopling, of the charity Help the Aged, called the figures “worrying”.
“With one in five retired homeowners still paying a mortgage and one in five pensioners living in poverty, the future looks pretty bleak.”
Pensioners in £57bn of debt