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Gainesville Florida Estate Planning & Elder Law Blog

Friday, January 24, 2014

Myth Information: Economic Impact of Elders

It is a myth that Florida elders are a drain on our economy. Florida has one of the greatest percentages of older adults when compared to other states – leading with approximately 18% over the age of 65 and 24% over the age of 60. Older Florida residents contribute a large portion of total tax revenue.

Florida residents age 65 and over own more than 30% of the homes in the state. Their homes are usually more valuable which contributes to a higher property tax percentage. Furthermore, Floridians who are 65 or older typically use fewer of the educational and police/correctional resources because they rarely have children living at home and they are less likely to be incarcerated.

The average person age 18-64 costs the state approximately $800 per person while, on average, Florida retirees produce more than $2,000 per person in net benefits to the state. Older Floridians are also active members of the community. Annually, they contribute 154 million volunteer hours and roughly 25% of Florida residents 65 and over are working. Despite common myths, Florida’s elders are not a drain on the state economy; they provide our state with an economic boost. 


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