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.

 

RELATED TERMS
  1. Social Security Benefits

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

    An account used by the United States federal government to record ...
  3. Old-Age and Survivors Insurance ...

    The Old-Age and Survivors Insurance Trust Fund, a Social Security ...
  4. Social Security Act

    A law enacted by President Franklin D. Roosevelt in 1935 to create ...
  5. Outside Earnings

    Income that temporarily reduces a retired individual's Social ...
  6. Disability Insurance

    A program managed by the Social Security Administration that ...
Related Articles
  1. Retirement

    Will the Social Security Cap Increase Help It Last Longer?

    The Social Security cap increase will be 7% in 2017, but even that may not be enough to keep Social Security from running out of funds.
  2. Retirement

    3 Ways to Get Social Security Benefits

    Social Security isn't just for retirement. Learn about all three benefits provided by the Social Security Administration: retirement, survivor and disability.
  3. Retirement

    Social Security: Will the Benefits Last?

    Will Social Security's well really run dry in the not so distant future?
  4. Retirement

    12 Million to Pay More Social Security Tax in 2017

    2017 may be a year of tax cuts, but there's at least one exception.
  5. Retirement

    How Social Security for Legal Immigrants Works

    If you earn enough work credits in the U.S. – or combined with credits from certain other countries – you can claim benefits. Here is how.
  6. Retirement

    Social Security Benefits for Children: How They Work

    There are millions of children in tough situations who receive Social Security benefits each month to help with finances. Here's who qualifies.
  7. Retirement

    Common Questions About Social Security

    Find answers to the 10 Social Security questions that most people ask, from how to apply for benefits to how secure the system is.
  8. Retirement

    The Facts About Social Security's Solvency

    Will Social Security really go broke in the not-so-distant future? Here are the facts.
  9. Retirement

    Is Social Security the Next President’s Problem?

    Social Security isn't going bankrupt, but someone will need to fix it at some point.
  10. Retirement

    Will Baby Boomers Bankrupt Social Security?

    Will the massive Baby Boomer generation, now retiring in droves, bankrupt the Social Security System?
Hot Definitions
  1. Exchange-Traded Fund (ETF)

    A security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.
  2. Net Present Value - NPV

    Net Present Value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows ...
  3. Return On Equity - ROE

    The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability ...
  4. Bond

    A bond is a fixed income investment in which an investor loans money to an entity (corporate or governmental) that borrows ...
  5. Whole Life Insurance Policy

    A life insurance contract with level premiums that has both an insurance and an investment component. The insurance component ...
  6. Compound Annual Growth Rate - CAGR

    The Compound Annual Growth Rate (CAGR) is the mean annual growth rate of an investment over a specified period of time longer ...
Trading Center