The average level of personal debt for a retired man is £9,007 compared to £7,350 for a retired woman.
Around 178,000 retired people each owe £100,000 or more and just over 729,000 owe between £25,000 and £100,000.
Only 57% of the retired population has no personal debt.
Aston Goodey, director of MGM Advantage, said: “These figures are alarming. As the cost of living continues to put pressure on household finances, many retired people will feel under growing pressure to take on debt to fund everyday living.
“There are things you can do to minimise the chances of funding your retirement through debt. It is vital that people shop around for the best annuity rate to maximise the income they receive.
“The difference between the best and worst rates can be as much as 50%. People should also make sure they are claiming all of the State benefits to which they are entitled and also ensure that they have accounted for all old savings accounts and pension plans.”
