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 Great Depression.

 

BREAKING DOWN '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 2015, that number had increased to more than 59 million Social Security recipients who collectively received almost $870 billion in benefits.

 

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RELATED FAQS
  1. How is Social Security tax calculated?

    The Old-Age, Survivors and Disability Insurance program, or OASDI, tax is calculated by taking a set percentage of your income ... Read Full Answer >>
  2. Am I losing the right to collect spousal Social Security benefits before I collect ...

    The short answer is yes, if you haven't reached age 62 by December 31, 2015. The Bipartisan Budget Act of 2015 disrupted ... Read Full Answer >>
  3. What is the maximum I can receive from my Social Security retirement benefit?

    The maximum monthly Social Security benefit payment for a person retiring in 2016 at full retirement age is $2,639. However, ... Read Full Answer >>
  4. What's the difference between Social Security Disability Insurance (SSDI) and Supplemental ...

    Disabled persons can receive payments through two programs: Social Security Disability Insurance and Supplemental Security ... Read Full Answer >>
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