April 26, 2010

Sunshine, beaches, and warm weather make Florida a hot spot for retirees. But who is to support the increasing demand for services that retirees require?  Good question!

Recent state government forecasts suggest that Florida’s working-age population (shown as Workers in the charts), which picks up most of the tab for services, will make up a smaller share of the state’s population over the next 20 years while those who need services (like healthcare and education) will grow.  




Between 2010 and 2030, Florida’s population is expected to increase by about five million people, and more than half of the growth – almost three million people – will result from an increase in the population of 65 and older (labeled Retired in the charts).  The working-age population (ages 25-64) will rise only 1.2 million, college-age people (18-24) about 250,000, and children from birth to 17 about 675,000. 



Today there are almost three times as many people of working age in Florida than people 65 and older.  But by 2020 there will be 2.3 and by 2030 only 1.7 workers for each retiree.   Consequently, a smaller share of the state’s population will be in prime working (and taxpaying) ages.

Unless significant changes are made to Florida’s revenue structure in the years ahead, it will be more difficult for the state to meet the increased needs of its people.  


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