For older Americans, it’s a hard-knock life

The tough economic environment has forced many older Americans into a “recession lifestyle,” in which they're slashing spending and making other sacrifices in order to make ends meet, a new survey has found.

The tough economic environment has forced many older Americans into a “recession lifestyle,” in which they’re slashing spending and making other sacrifices in order to make ends meet, a new survey has found.

According to Golden Gateway Financial’s online survey of 300 people 62 or older, 30% of respondents said they have sold personal items to make extra money, while 25% said they have postponed trips to the dentist or optometrist to save money.

Some 27% said they haven’t been able to pay their bills due to unexpected medical expenses.

“In our daily conversations with seniors, we hear firsthand some of the challenges they are facing,” Eric Bachman, founder and chief executive of Golden Gateway, a reverse-mortgage broker, wrote in an e-mail. “They have been hit particularly hard by this recession and have much less time to recover than the rest of the population, so they’re having to dig a little deeper to make ends meet.”

The survey showed that 15% of respondents have stopped taking certain medications altogether, or have begun cutting back the recommended dosages, so they can afford to pay for their medicines.

About 17% surveyed had to take out a loan or trim their budget to maintain their current living situation. And 21% of survey participants have begun shopping at bargain stores or warehouse clubs.