‘I wasn’t able to pay for my mortgage or food’: Retired Florida seniors are going back to work in 2025 to make ends meet — why ‘unretirement’ is currently big in the Sunshine State

Struggling to make ends meet

In recent years, rampant inflation has driven the cost of living upward, putting many seniors in a tight spot financially.

The Federal Reserve puts the median household retirement account balance among 65- to 74-year-olds at $200,000 as of 2022. Recent stock market gains may have helped boost that median balance since. But even so, it's not a lot of money to live on. Following the 4% rule, a $200,000 nest egg safely grants you $8,000 of annual income. Fidelity says a 65-year-old who retired in 2024 can expect to spend an average of $165,000 in health care and medical expenses throughout retirement, up nearly 5% from 2023.

Meanwhile, the average monthly Social Security benefit for retired workers after a disappointing COLA adjustment of 2.5% in 2025 is $1,976, totaling a little under $24,000 per year.

According to a 2024 survey of American retirees between the ages of 62 and 75 by the Employee Benefit Research Institute (EBRI), 31% said their spending is much higher or a little higher than they can afford, up from 27% in 2022 and 17% in 2020.

Retire richer: The secret to building wealth faster

Most people miss out on key opportunities to grow their wealth. Partnering with the right financial advisor can help you secure a brighter future. Learn how to make your money work harder for you today.

Discover the secret

Why so many older Florida residents are exiting retirement

Florida tends to attract retirees due to its warm climate, and due to the fact that there's no state income tax. But the cost of living in Florida has been creeping upward, making retirement unaffordable for many older Americans.

Julia Dattolo, president and CEO of CareerSource Palm Beach, told Housingwire that many South Florida seniors are returning to work for three main reasons — economic necessity, the desire for social interaction, and personal interest.

“We see our mature clients coming into our centers to seek part-time employment to supplement their retirement income because of their increased living expenses, insurance premiums, and even rent/HOA fees,” she said.

The median Florida home sale price was $411,100 as of December 2024, according to Redfin. Five years prior, it was closer to $250,000. Higher property values tend to go hand in hand with higher property taxes, making housing more expensive even for Florida residents whose homes are mortgage-free.

Another issue Florida residents have grappled with in recent years is exorbitant Homeowners’ Association (HOA) fees. Miami-Dade County’s median monthly condo association fee of $900 from April through June last year was up over 59% from the same period in 2019, according to data from Redfin cited by The Miami Herald. Similarly, in Broward fees jumped more than 56% to $613.

Rising insurance premiums have been a big driver of increased HOA fees. And new laws forcing condo communities to maintain vast cash reserves for repairs are only adding to homeowners' costs. For seniors on a fixed income, it’s easy to see why going back to work may be such a necessity.

But there’s also the non-financial aspect of un-retiring to consider. And that’s not particularly unique to Florida.

Many retirees find that they need the mental stimulation and social interaction a job can offer. So even when money isn’t tight, exiting retirement can be desirable.

That's the route Philip Williams took. Williams retired from Miami-Dade County Public Schools, where he was in grants administration, according to CBS. He now has a part-time job at a Miami Springs charter school.

Though he doesn't need the money, the job keeps him busy and makes it possible to pursue his passion — being a playwright. "That's what my business card says, and I've now got I think 65 plays posted on my website," he said.

He's also not the only retired educator working in his school. Other retirees are clocking in five days a week, and he said it's work that keeps them engaged, which makes it worth doing even if money isn't a concern.