Rising Costs of Living, Inflation, and Limited Savings Leave Many Elderly Floridians with No Choice but to Rejoin the Workforce or Move
Fort Lauderdale, FL – Florida has long been a harbor for retirees, offering warm weather, beautiful beaches, and a relatively low cost of living. However, the landscape is changing rapidly. Increasing living costs, inadequate retirement savings, and economic pressures are forcing many elderly Floridians to return to work.
According to data from the Florida Department of Economic Opportunity, the labor force participation rate for Floridians aged 65 and older has risen from 18.4% in 2016 to 22.1% in 2022. This reflects the financial pressures driving seniors back into jobs, often in service industry or retail positions.
The problem is particularly acute for those who retired to Florida seeking a life of leisure, only to be struck by the state’s rapidly rising costs. A recent analysis by the University of Florida found that housing costs in the state have increased by over 30% in the past five years, far outpacing the national average. Meanwhile, Florida has the second-highest healthcare spending per capita in the country.