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Simple English definitions for legal terms
Old Age, Survivors, Disability Insurance (OASDI)
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A quick definition of Old Age, Survivors, Disability Insurance (OASDI):
The Old-Age, Survivors, and Disability Insurance (OASDI) is a program that helps people who are retired, disabled, or have lost a spouse. It gives them money every month based on how much they earned when they were working. The program started in 1935 and is funded by taxes that workers pay. Almost everyone who is 65 or older gets benefits from this program.
A more thorough explanation:
The Old-Age, Survivors, and Disability Insurance (OASDI) is a federal insurance program that provides benefits to retired and/or disabled workers and their dependents (spouses, children) and to survivors of insured workers. The OASDI is the official name for Social Security in the United States.
For example, if a person becomes disabled and can no longer work, they may be eligible to receive monthly payments from the OASDI program to partially replace their lost income. Similarly, if a worker passes away, their surviving spouse and children may be eligible to receive benefits from the program.
The OASDI program is funded by taxes collected from workers' paychecks. These taxes are used to provide benefits to those who have paid into the program during their working years. The amount of benefits a person receives is based on their earnings history.
The OASDI program was adopted in 1935 during the Great Depression and has since provided financial support to millions of Americans. In 2022, the average monthly benefit received by OASDI recipients is $1,657.
Overall, the OASDI program plays an important role in providing financial security to retired, disabled, and surviving workers and their families.