this insurance program provides protects workers and their families against loss or of earnings caused by retirement in old age, death, and disability.">
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Old-Age, Survivors, and Disability Insurance

Posted on:2/21/2012
The largest program under the Social Security Act is Old-Age, Survivors, and Disability Insurance (OASDI). The program has influenced and shaped the philosophy, concepts, and direction of all social security programs in the United States.


 Generally, when the average American speaks of his "social security," he means old-age, survivors, and disability insurance.

This insurance program provides protects workers and their families against loss or of earnings caused by retirement in old age, death, and disability. The program is financed by taxes paid by employers and employees in those employments covered by the Social Security Act, the tax being on the earnings or wages of the employee.

Self-employed persons likewise pay a tax on their earnings. The tax rate is set by Congress, in an amount intended to be sufficient over the long-range future to enable the program to pay the benefits provided when they fall due. Funds not needed for current benefit payments and administrative expenses are accumulated in two trust funds, which are invested in interest-bearing government securities.

More than 90 per cent of those gainfully employed in the United States are covered by the system or are eligible for coverage. Persons who work long enough in covered employment become insured. Benefits are paid monthly without regard to a person's need. Benefits are based on the worker's average monthly earnings, with a higher percentage of the average monthly wage being paid to the lower earnings group. If the worker receiving benefits earns through employment or self-employment an amount over the limit established, his benefit may be reduced or completely withheld.

 


  
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