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Simple English definitions for legal terms
OASDI
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A quick definition of OASDI:
Term: OASDI
Definition: OASDI stands for Old Age, Survivors, and Disability Insurance. It is a program that provides financial assistance to people who are retired, disabled, or have lost a loved one who was receiving Social Security benefits. This program helps people pay for their basic needs, such as food, housing, and medical care. It is important because it helps ensure that people are not left without support during difficult times in their lives.
A more thorough explanation:
OASDI
OASDI stands for Old Age, Survivors, and Disability Insurance. It is a program that provides financial assistance to people who are retired, disabled, or have lost a loved one who was the primary breadwinner.
1. A retired person who has worked and paid into the OASDI program for many years can receive a monthly benefit check to help cover their living expenses.
2. A family who has lost their main source of income due to the death of a parent can receive survivor benefits through the OASDI program.
3. A person who becomes disabled and is unable to work can receive disability benefits through the OASDI program.
The examples illustrate how the OASDI program provides financial assistance to different groups of people. The program is funded through payroll taxes and provides a safety net for those who are no longer able to work or have lost a loved one who was the primary breadwinner. The benefits provided by the program can help cover living expenses and provide a source of income for those who are in need.