The three-year bear market has hit senior citizens hard, both The New York Times and Reuters report. The market has hammered stock and bond portfolios, right along with annuities, 401(k)s and any interest-bearing account.

One widow who used to earn $262 a month from a $30,000 annuity investment is now getting $120, the Times reports. Even those who receive fixed pensions are suffering due to inflation and runaway health insurance costs.

With few options available, retirees in good health are returning to work, while others are moving to less-expensive locales, taking out reverse mortgages on their homes, or making do with less, a lot less, according to Reuters.

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