Keeping on top of debts is crucial for those who want a stress-free retirement, it has been said.

Rising everyday costs are making it difficult for retirees to stay on top of their finances, according to Dave Carpenter of the Associated Press to the Houston Chronicle, which may make it more important as ever to seek debt management advice.

Monitoring cashflow and debt can help people keep on top of their finances, he stated, as can reducing spending by around ten to 15 per cent.

"Your retirement savings should be as sacrosanct as possible," he writes, adding that anyone who dips into their reserves should remember they would have to pay it back quickly if they lost their job.

Analysis from Key Retirement Solutions recently revealed that women are giving themselves greater financial freedom in retirement and that financial priorities differ between the sexes.

Single females tend to be less material in their purchases than their male counterparts, the study found, with single males spending the most when purchasing a new car.