Old-Age, Survivors, and Disability Insurance (OASDI) Program

The Old-Age, Survivors, and Disability Insurance (OASDI) Program is a social insurance program run by the United States government. It provides benefits to people who are retired, disabled, or the survivors of deceased workers.

The OASDI program is funded by a payroll tax that is paid by both employers and employees. The amount of tax that is paid depends on the amount of money that a person earns.

The OASDI program provides a number of benefits, including:

Retirement benefits: These benefits are paid to people who are retired and meet certain eligibility requirements. The amount of the benefit depends on the person's earnings history and the number of years that they have worked.
Disability benefits: These benefits are paid to people who are disabled and meet certain eligibility requirements. The amount of the benefit depends on the person's earnings history and the number of years that they have worked.
Survivor benefits: These benefits are paid to the survivors of deceased workers. The amount of the benefit depends on the deceased worker's earnings history and the number of years that they worked.

The OASDI program is an important part of the social safety net in the United States. It provides financial assistance to people who are unable to work due to retirement, disability, or the death of a loved one.

The OASDI program is also an important source of retirement income for many Americans. In 2020, the average monthly benefit for retired workers was $1,543. This benefit can help to supplement other sources of retirement income, such as savings and investments.

The OASDI program is funded by a payroll tax that is paid by both employers and employees. The amount of tax that is paid depends on the amount of money that a person earns. In 2022, the tax rate is 6.2% for employees and 6.2% for employers. The tax is paid on the first $147,000 of earnings.