Old Age, Survivors And Disability Insurance Program - OASDI

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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.


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  2. Can I stop working to decrease my Substantial Gainful Activity (SGA)?

    In theory, the threshold for receiving Social Security Disability Insurance (SSDI) is the inability to perform meaningful ... Read Full Answer >>
  3. What would privatized Social Security mean for Americans?

    The current Social Security system in the United States operates in a pay-as-you-go framework; the Social Security taxes ... Read Full Answer >>
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    Individuals nearing retirement can implement a number of strategies to cover living expenses during their post-working years. ... Read Full Answer >>
  5. What are the top Social Security scams targeted at the elderly?

    Elderly recipients of Social Security benefits are a highly targeted group for online con artists. Some scams operate over ... Read Full Answer >>
  6. Is there any way to opt out of paying Social Security?

    Exemptions from the Social Security program exist for a small number of groups. These individuals are not responsible for ... Read Full Answer >>
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