Old Age Survivors and Disability Insurance (OASDI) is a federal program in the United States that provides financial benefits to eligible individuals and their families. It is commonly known as Social Security. OASDI is designed to provide income support to individuals who are retired, disabled, or the surviving family members of deceased workers. Here are some key points about OASDI:
1. Old Age Insurance: This component of OASDI provides benefits to individuals who have reached the age of retirement, which is typically 65 years old. The amount of benefits received is based on the individual's earnings history and the age at which they choose to start receiving benefits.
2. Survivors Insurance: Survivors Insurance provides benefits to the surviving family members of deceased workers. This includes widows, widowers, children, and dependent parents. The amount of benefits received is based on the deceased worker's earnings history.
3. Disability Insurance: Disability Insurance provides benefits to individuals who are unable to work due to a disability. To be eligible for disability benefits, individuals must have a medical condition that is expected to last at least one year or result in death. The amount of benefits received is based on the individual's earnings history.
4. Funding: OASDI is funded through payroll taxes, with both employees and employers contributing a portion of their earnings. These funds are used to pay current benefits to eligible individuals.
5. Social Security Number: To be eligible for OASDI benefits, individuals must have a Social Security number. This unique identifier is used to track earnings and determine eligibility for benefits.
It's important to note that the specific rules and eligibility requirements for OASDI can vary, so it's always a good idea to consult the official Social Security Administration website or speak with a qualified professional for personalized information and guidance. I hope this helps clarify what Old Age Survivors and Disability Insurance is! Let me know if you have any other questions.