Old Age, Survivors And Disability Insurance Program - OASDI

AAA

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 TERMS
  1. Social Security Benefits

    The monetary benefits received by retired workers who have paid ...
  2. Social Security

    A United States federal program of social insurance and benefits ...
  3. Substantial Gainful Activity - ...

    The threshold prescribed by the Social Security Administration ...
  4. Social Security Administration ...

    A U.S. government agency created in 1935 by President Franklin ...
  5. Canada Pension Plan - CPP

    One of three levels of Canada's retirement income system, which ...
  6. Medicare Doughnut Hole

    A range of total prescription drug spending in the Medicare Part ...
RELATED FAQS
  1. How can I get a 'pensionado' visa to retire in Costa Rica?

    The first and primary criteria necessary to obtain a pensionado visa in Costa Rica is that you must have a pension or pension-like ... Read Full Answer >>
  2. What is Substantial Gainful Activity (SGA) and why is it important?

    Substantial gainful activity (SGA) is what the Social Security Administration (SSA) measures to determine work, income and ... Read Full Answer >>
  3. What incentives are there for a given country to enforce sustainable growth rate ...

    There are strong incentives for a country to expressly support sustainable growth rate (SGR) policies for domestic industry. ... Read Full Answer >>
  4. How is Substantial Gainful Activity (SGA) calculated for those who own their own ...

    Substantial gainful activity (SGA) is a key phrase used by the Social Security Administration (SSA) in relation to determining ... Read Full Answer >>
  5. 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 >>
  6. 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 >>
Related Articles
  1. Taxes

    Avoid The Social Security Tax Trap

    Government benefits can cost you big money! Know the income thresholds before you file.
  2. Retirement

    10 Common Questions About Social Security

    Find out everything you need to know about this program.
  3. Retirement

    Introduction To Social Security

    You've probably contributed to this fund, but will you reap the benefits? Find out here.
  4. Options & Futures

    Retiring Early: How Long Should You Wait?

    Maximize your Social Security benefits by choosing when you retire.
  5. Retirement

    Top 6 Myths About Social Security Benefits

    Misinformation on retirement benefits is common. We'll set the record straight.
  6. Options & Futures

    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.
  7. Retirement

    10 Retirement Savings Myths That Won’t Go Away

    If you’re confused about the different retirement investment vehicles or don’t know how to save for retirement, it’s important that you do your research.
  8. Retirement

    The Purpose Of Having A Social Security Number

    When (and why) it is necessary to use the nine-digit number the United States government issues to individuals and when you should avoid it.
  9. Retirement

    Steps To Replace Or Update Your Social Security ID

    Investopedia's step-by-step guide to filling out the form that gets you a new or replacement Social Security card.
  10. Retirement

    The Purpose Of Social Security Form SS-5

    If you need a new Social Security card, you need to fill out form SS-5. Despite the details, the process is more time-consuming than difficult.

You May Also Like

Hot Definitions
  1. Mixed Economic System

    An economic system that features characteristics of both capitalism and socialism.
  2. Net Worth

    The amount by which assets exceed liabilities. Net worth is a concept applicable to individuals and businesses as a key measure ...
  3. Stop-Loss Order

    An order placed with a broker to sell a security when it reaches a certain price. A stop-loss order is designed to limit ...
  4. Covered Call

    An options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset ...
  5. Butterfly Spread

    A neutral option strategy combining bull and bear spreads. Butterfly spreads use four option contracts with the same expiration ...
  6. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
Trading Center