Increasingly, older generations are carrying debt into retirement, as 80 percent of baby boomers are carrying some debt into retirement, and 56 percent of the "silent generation," born between 1928 and 1945, still hold some debt.

The median debt level for baby boomers is about $70,000, as 46 percent of boomers are still paying down mortgage debt, with $90,000 being the average amount owed among the newly retired, or soon-to-be retired that hold debt on their homes.

Boomers hold nearly twice as much housing debt as their predecessors did as they began to phase out of the workforce and enter retirement.

Of the 28 percent of the oldest Americans in the silent generation that still owe money on their homes, the average remaining debt is $76,000.

Gen Xers hold more debt than any other segment of the economy, with the median amount being nearly $104,000.

Mortgages account for the greatest segment of obligations, with 56 percent of the group holding a median home debt of $129,000, an amount explained, in part, by the many Gen Xers who bought homes at market tops prior to the financial crisis, according to Pew's researchers.

The study shows that in some contexts, higher levels of debt are associated with greater financial security.

Among Gen Xers and Millennials, the most financially secure are those with the most debt.

But those in the silent generation living debt-free in retirement have substantially more wealth than their peers with debt.

That they don't have to make monthly mortgage payments fuels their sense of security: eight in 10 in the silent generation that are debt-free regard themselves as financially secure.

And that suggests that the ability to pay off mortgage debt before leaving the workforce is key to building a financially secure retirement and maintaining the peace of mind that unforeseen expenses won't bankrupt savings, suggest the report.