The purpose of this study was to investigate the functional decline associated with aging and gender-related differences by means of a set of sensor-based measures. A actor analysis has been performed in order to classify domains of an instrumented Timed Up and Go (TUG) test in a group of community-dwelling elderly people. 239 elderly people were recruited and underwent an instrumented TUG test. Features extracted from TUG trials, were grouped by the factor analysis in six factors with a clear clinical value. Significant correlations and gender-related differences were found between age and factors associated with the global fitness, the turning ability, and the dynamics of the trunk during postural transitions. Results provide evidence that a sensor-based assessment is a feasible and effective tool for assessing functional decline in the general population.