The survival processing paradigm has recently drawn attention to the functional aspects of memory functioning. The survival effect, characterized by better memory performance when information is processed in a survival context, as compared with a variety of controls, is now well established in healthy populations. The main goal of this study was to test this paradigm in a group of cognitively impaired older adults and elderly; their data were compared to the data obtained in a group of healthy older adults and elderly. Seventeen cognitively impaired and 17 healthy participants performed a typical survival task using a blocked within‐subject design procedure and free recall as the memory test. The healthy older adults and elderly performed better on this memory task as well as on other tests included in a neuropsychological evaluation protocol. Importantly, both groups benefited from survival processing. These results provide further support for the power of survival processing, extending this phenomenon to cognitively impaired aging participants. The data also suggest that the survival effect is not simply a form of deep processing. Potential applied considerations are presented.