Many Elderly Americans Likely To Leave Behind Unpaid Debts

Retired and elderly Americans have been hit hard by the recession, incurring credit card debt and bankruptcies as they compile large medical expenses on limited renewable funds.

However, according to a new study, many in the demographic say they aren't worried about paying off the debts.

Conducted by CESI Debt Solutions, the study found 40 percent of retired Americans say they won't pay off debts in their lifetime. Of the survey respondents, more than half of said they saved less than $50,000 for retirement, while only 4 percent said they delayed their golden years due to debt.

"At the end of the day, some people of a certain age say, ‘It’s too late in the game for me to do anything about it," Neil Ellington, executive vice president at CESI, told CNBC. "I can’t win. So I’m just going to stop playing the game."

The report cites the generation's unwillingness to talk about monetary problems as one of the main issues, CNBC reports. More than 75 percent of the seniors surveyed said they went into debt for medical and funeral expenses.