What does OASDI stand for in the context of Social Security?

OASDI stands for Old Age, Survivors, and Disability Insurance. This term encompasses the three primary components of the Social Security program in the United States. The "Old Age" portion refers to benefits provided to individuals who have retired and are of eligible age. The "Survivors" component offers benefits to the dependents of deceased workers, ensuring financial support for those left behind. Lastly, the "Disability" section provides assistance to individuals who are unable to work due to a qualifying disability.

Understanding the components of OASDI is crucial for comprehending how the Social Security system functions, as it provides a safety net for various life circumstances, including aging, death, and disability. Each aspect of OASDI plays a vital role in supporting citizens, making it a cornerstone of social insurance in the United States.