-- Over 60 percent of those 65 and older said the economic crisis has permanently hurt their retirement savings -- Nearly 55 percent feel the current economic crisis is the worst they have experienced in their lifetime -- Three fourths of those surveyed are making adjustments to their lifestyle as a result of the current economic crisis -- Nearly one quarter said they have delayed making large purchases to conserve cash -- One quarter of respondents said they are either borrowing against their home or trying to sell it in order to generate income to survive -- Nearly one third said they were planning to delay retirement because of the current economic crisis -- More than 20 percent of respondents are considering returning to work because of the effect of the financial crisis on their personal plansThomas Davidoff, Ph.D., and assistant professor at Haas School of Business, University of California, Berkeley, observed: "As savings accounts continue to shrink, alternatives such as reverse mortgages are an even more attractive and natural way for senior citizens to make retirement easier." The independent online survey, conducted with Crestwood Associates in partnership with Golden Gateway Financial, polled more than 800 adult homeowners aged 65 or older from around the country. Actual percentage responses and a complete list of answers are available by contacting Golden Gateway Financial. For Golden Gateway Financial's industry-leading suite of online retirement assessment tools and resources, please visit http://www.GoldenGateway.com. About Golden Gateway Financial Golden Gateway Financial, located in Oakland, California, is a comprehensive resource for senior citizens, baby boomers and soon-to-be retirees to assess their financial health at retirement. Golden Gateway helps clients reduce money concerns and live better during what should be the best years of their lives. The company's recognized resources, online tools, and award winning calculators make it the intelligent choice for seniors and their families who want unbiased and clear communication, comparison shopping for a reverse mortgage or life settlement, and related services to help enjoy retirement. www.goldengateway.com About Crestwood Associates Crestwood Associates (www.crestwoods.com), located in Kirkland, Washington, is a full service market research firm serving both the public sector and many of the premier U.S. marketing firms. Since 1987, Crestwood Associates has been staffed by a strategic combination of marketing and market research professionals to leverage insights into market action.
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