Combining data from the United States Census Bureau, the Kaiser Family Foundation (KFF.org,) and the AARP (AARP. Org), seniors in the state rank in among the worst at number 10, that are the most vulnerable to bankruptcy in the U.S.
Some of the factors to determine which put elderly U.S. citizens (aged 65 and over) at the greatest risk of bankruptcy included poverty rates, healthcare costs, average debt-to-income ratio and living cost like food and housing.
The data shows almost a quarter of the Florida elderly population is under the 150% poverty line. California ranks as the state where seniors face the highest risk of bankruptcy, as estimated by the analysis.
Greg Kemper, the CEO of Polaris Home Care, said when it comes to retirement, it is a time of life that we must prepare for.
“While for many it may feel like a distant notion, the sooner in life you prepare for it, the better. While this may not be viable for all, if you can, anticipating your future is the best way to minimize the risk of financial worries later in life,” said Kemper.
Florida Daily financial analyst Steve Beaman says while there has been some positive efforts made to help lower cost for Florida seniors, “prices from mortgages to healthcare to groceries, and retirees are some of those who face the highest risk of struggling financially, if they cannot afford these rising costs,” said Beaman.
A survey by the AARP found that in 2025, nearly half of the U.S. population over 50 has credit card debt, and of those, 50% feel ‘financially insecure’. Of those who feel insecure, a staggering 43% cite ‘everyday expenses’ as a major reason for this debt. Plus, 62% of all those with credit card debt say that their debt is a result of medical expenses.
