Buffalo man retired at 55. At 68, he was forced back to work to keep up with property taxes

Jaime Jakubczak retired at the age of 55, confident that his savings and Social Security payments would be enough to get him through the rest of his life. Thirteen years later, he finds himself returning to the working world to pay his bills as inflation has outstripped the retirement program's annual cost-of-living adjustments (COLA).

"We were getting ahead a little bit with the COLA based on inflation, but the inflation is so high that it doesn't offset what our COLA allowance is," he told the Associated Press.

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Jakubczak, a resident of Buffalo, New York, cited rising property taxes — which are facing a proposed 3.9% increase in his area — as his personal financial pain point, but other recipients struggle on multiple fronts.

Soaring gas and food prices, along with increased healthcare costs, have put many older Americans in a similar position. While Social Security benefits for recipients will increase 3.6% in 2027, an average of about $75 per month, that's a tick below the 3.7% increase in the consumer price index. It also doesn't account for the higher number of doctor visits older Americans often face.

Add in the fact that one in five Americans over the age of 50 have no retirement saving, and the financial security crisis leans more toward the redline.

Funding shortfall

The Associated Press did not mention Jakubczak's profession, but a Buffalo-area man with the same name, who was quoted in a local news report in 2024, is described as a retired building inspector who has remained active with the Western New York Alliance of Home Inspectors.

Assuming that's the same Jakubczak, he's likely to find plenty of work to help him make ends meet. The New York Department of State notes there's a shortage of home inspectors in the state, and the Buffalo housing market has been hot for the past six years.

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Still, no one wants to be forced back to work after retirement. But a report earlier this year from the Social Security and Medicare trustees has many retirees worried they might have to consider that at some point. The Social Security retirement trust fund, the group warned, will face a funding shortfall in 2032.