Arizona Seniors Resume the Daily Grind to Offset Surging Living Costs

The traditional retirement model of leisure and relaxation is becoming less attainable for many Americans. More seniors are returning to or staying in the workforce due to rising living costs, especially housing expenses. Census Bureau American Community Survey data analyzed by Realtor.com shows that the share of people ages 65 and older still employed has increased since 2014 in nearly every state. In Arizona, employment among seniors rose from 13.34% in 2014 to 15.8% in 2024. This change aligns with growth in the 65+ population, which increased from 1,070,757 to 1,491,158. Housing burdens from insurance, property taxes, and maintenance can make continued work necessary, while ongoing employment can keep homes off the market and raise prices. Social Security alone often does not cover retirement needs.

"The traditional image of retirement, filled with leisure and relaxation, is increasingly becoming a distant dream for many Americans. Instead, a growing number of seniors are finding themselves back in the workforce, driven by the relentless pressure of rising living costs, particularly housing."

"According to an analysis of Census Bureau American Community Survey data by Realtor.com®, the share of seniors ages 65 and older still in the workforce has grown since 2014 in almost every state. In Arizona, 15.8% of seniors aged 65 and older were employed in 2024, a stark rise in the last decade"

"This spike underscores two critical issues in today's housing market: how escalating housing costs-including insurance, property taxes, and maintenance-are burdening older homeowners, and how the necessity for continued employment among would-be retirees is keeping housing inventory off the market, thereby contributing to rising home prices."

"For many retirees, Social Security benefits form the bedrock of their financial planning. A report from the National Institute on Retirement Security indicates that Social Security benefits account for about half (52%) of retirees' i"

Read at SFGATE