Old Age, Survivors And Disability Insurance Program - OASDI
 |
Definition of 'Old Age, Survivors And Disability Insurance Program - OASDI'The official name for Social Security in the United States. The OASDI is a comprehensive federal benefits program that provides benefits to retirees, disabled people and their survivors. The program was ushered in through the Social Security Act, signed by President Franklin D. Roosevelt on August 14, 1935, when the U.S. economy was in the depths of the Depression. |
 |
Investopedia explains 'Old Age, Survivors And Disability Insurance Program - OASDI'The U.S. Social Security program is the largest such system in the world and is also the biggest expenditure in the federal budget. One in seven Americans receives a Social Security benefit and more than 90% of all American workers are in jobs covered by Social Security. The program has grown in leaps and bounds over the decades: In 1940, just over 222,000 people received a total of $35 million in Social Security benefits. By 2009, that number had increased to almost 51 million Social Security recipients who collectively received $650 billion in benefits. |
Related Definitions
Articles Of Interest
-
Avoid The Social Security Tax Trap
Government benefits can cost you big money! Know the income thresholds before you file. -
10 Common Questions About Social Security
Find out everything you need to know about this program. -
Introduction To Social Security
You've probably contributed to this fund, but will you reap the benefits? Find out here. -
Retiring Early: How Long Should You Wait?
Maximize your Social Security benefits by choosing when you retire. -
Top 6 Myths About Social Security Benefits
Misinformation on retirement benefits is common. We'll set the record straight. -
Retirement Planning Basics
Realizing your post-work goals need not be daunting. We'll tell you everything you need to know to get - and stay - on track. -
5 Ways To Protect And Grow Your Retirement: Whether You’re 45 Or 75 Or Somewhere In Between
Investors who take steps now can shield themselves from the coming challenges thrust upon retirees. -
What's The Point Of Owning All This Stuff?
Are you a portfolio hoarder, hanging on to poor performers and investments that no longer match your objectives? It's time to purge those investments and put that money to use to match today’s ... -
Austerity: When The Government Tightens Its Belt
When a government tightens its belt in tough economic times the entire nation feels the squeeze. -
Enough Money To Not Worry
Our retirement goals have not changed. We still want enough money to not have to worry about it. How we go about getting there, however, has been changed dramatically.
Free Annual Reports