Think Local. Buy Local. Be Local. 9 Facts About Social Security

Social Security's been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? Here are nine things that might surprise you.

1. The Social Security trust fund is huge. It was $2.8 trillion at the end of 2022.1

2. Most workers are eligible for Social Security benefits, but not all. For example, until 1984, federal government employees were part of the Civil Service Retirement System and were not covered by Social Security.2

3. You don't have to work long to be eligible. If you were born in 1929 or later, you need to work for 10 or more years to be eligible for benefits.3

4. Benefits are based on an individual's average earnings during a lifetime of work under the Social Security system. The calculation is based on the 35 highest years of earnings. If an individual has years of low or no earnings, Social Security may count those years to bring the total years to 35.4

5. There haven't always been cost-ofliving adjustments (COLA) in Social Security benefits. Before 1975, increasing benefits required an act of Congress; now, increases happen automatically, based on the Consumer Price Index. There was a COLA increase of

8.7% in 2023, but there was an increase of 5.9% in 2022.5

6. Social Security is a major source of retirement income for 64% of current retirees.6

7. Social Security benefits are subject to federal income taxes – but it wasn't always that way. In 1983, Amendments to the Social Security Act made benefits taxable, starting with the 1984 tax year.7

8. Social Security recipients received a single lump-sum payment from 1937 until 1940. Onetime payments were considered "payback" to those people who contributed to the program. Social Security administrators believed these people would not participate long enough to be vested for monthly benefits.8

9. In January 1937, Earnest Ackerman became the first person in the U.S. to receive a Social Security benefit – a lump sum of 17 cents.8

1. SSA.gov, 2023; 2. Investopedia.com, April 4, 2023

3. SSA.gov, 2023; 4. SSA.gov, 2023; 5. SSA. gov, 2023; 6. EBRI.org, 2022; 7. SSA.gov, 2023;

8. SSA.gov, 2023 this artiCle was submitteD by bob PoDraza of robert james inVestments at 1313 west broaD street, quakertown he Can be reaCheD at 215-583-5013 or at robertjamesinVestments Com

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

BY GARY WECKSELBLATT

Dr. Matthew Friedman, a highly respected educational leader in districts in both Pennsylvania and New Jersey, was sworn in as the next superintendent of the Quakertown Community School District on Wednesday, July 5.

President Judge Wallace H. Bateman Jr. administered the Oath of Office to Dr. Friedman, who shared the exciting moment with his family - wife Rebecca, and children Hannah, Rachel, and Ethan - members of the QCSD administration and School Board in the Bucks County Justice Center.

“I am excited for this incredible opportunity,” Dr. Friedman said. “It is a true privilege and honor to be part of this amazing school community, and I am humbled by it. I look forward to partnering with all stakeholders in this upcoming journey to accomplish the District’s mission and vision to prepare our students for life after graduation as wellrounded, responsible individuals and engaged citizens who contribute their knowledge and skills to our global community.”

He said having so many people on hand to witness his swearing-in ceremony “made it that much more special for me and my family.”

Dr. Friedman replaces Dr. Bill Harner, who retired after leading QCSD for nearly a decade.

Board President Glenn Iosue said "We are thrilled to welcome Dr. Friedman in guiding Quakertown Community School District. Dr. Friedman is a passionate educator and visionary leader. He will advance the education of our students and continue to bring our schools to an even higher and more successful level.”

Dr. Friedman, previously Superintendent of Ocean City (NJ) School District, was approved in a unanimous vote by the QCSD School Board at a Special Call meeting on March 28. He is a graduate of the University of Pittsburgh, Carnegie Mellon University and other distinguished universities. He began his career 24 years ago as a teacher and truly loved his time in the classroom. He realized, however, the need to make an impact on more students and became an administrator.

Dr. Friedman, who signed a four-year contract, was hired after a four-month national search. The search included a community survey that received hundreds of responses, multiple interviews with the School Board along with stakeholder group interviews with parents, community leaders, principals, administrators, teachers, professional office staff, and support staff.

Dr. Friedman has a wealth of experience. He advanced in his career with positions of increasing responsibility over the years. This has included Assistant Principal, Chief Academic Officer, Assistant Superintendent, and Superintendent at top-ranked schools. He makes tremendous strides in implementing successful and innovative programs to help students improve their performance in pursuing college or a career.

“I am student and family focused and committed to building upon best practices to ensure that current and future students have opportunities to explore their interests and find their true passions,” Dr. Friedman said. “I also look forward to listening and learning from - truly partnering with - all stakeholders in our community. It’s time for all of us to do great things, and I’m excited to get started.”