I am not a financial planner but I have always believed that being debt free would have to be a prerequisite to retirement.
What are your thoughts on this?

Not necessarily, but in general I would agree with this.

Sometimes people carry debt for a short period into retirement as they may sell down assets over a few financial years post retirement and use that to eliminate debt.

Other's, generally more wealthy individuals who have been carrying on businesses throughout their working life, never fully 'retire' and they'll continue to hold debt and invest well past 'normal working age'.

Hi Suresh,
I don’t think you have to be debt free, but I do believe that you should eliminate “bad” debt as much as possible. That means getting rid of credit card and store debt, car loans and reducing your owner occupied debt. I still think it is fine to have cash flow positive investment debt as this keeps the income stream rather than having to sell assets.
Cheers

Scott