Old Age, Survivors and Disability Insurance (OASDI)

This is the official name of Social Security. This federal program provides benefits to retirees, people with disabilities, and their survivors. This is financed by the workers themselves, in the form of payroll deductions that appear as taxes from the Federal Insurance Contributions Law (FICA). If you become disabled before reaching retirement age, you may be able to receive your OASDI benefits sooner.

To receive OASDI for retirement benefits, it must be five years for partial benefits, or between 65 and 67 for full benefits. If you were born before 1950, you can receive full benefits at age 65. If you were born between 1950 and 1960, you become eligible for full benefits at age 66, and those born after 1960 become eligible for full benefits at age 67.

Generally, a non-working spouse is entitled to half of the working spouse’s benefits. To receive OASDI benefits before retirement age, you must be completely disabled and unable to work.

In 2017, Montana provided OASDI benefits to nearly 62 million people. Almost 75 percent of OASDI recipients were 65 or older. Have a look:

Total beneficiariesRetiredDisabled workersSurviving spouses and parentsSpouses.Kids
61,903,36042,446,9928,695,4754,090,5232,501,7294,168,641
Source: United States Office of Social Security Retirement and Disability Policy
AS AN AMAZON ASSOCIATE I EARN FROM QUALIFYING PURCHASES.
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