OASDI, which stands for Old Age, Survivors, and Disability Insurance, is a federal program that provides financial assistance to eligible individuals in the event of retirement, disability, or the death of a family member. The program is funded by payroll taxes and is commonly referred to as Social Security.
Understanding the basics of OASDI can be helpful for those who may need to file a claim in the future or for those who are currently receiving benefits. Here are some things you should know about OASDI:
Eligibility: In order to be eligible for OASDI benefits, you must have earned enough credits through paying Social Security taxes during your working years. The amount of credits needed to be eligible for benefits varies depending on your age and the type of benefit you are seeking.
Retirement Benefits: If you are at least 62 years old and have earned enough credits, you may be eligible to receive retirement benefits. The amount of your benefit is based on your average lifetime earnings and the age at which you choose to start receiving benefits. You can choose to start receiving benefits as early as age 62, but your monthly benefit will be reduced compared to starting at full retirement age, which is currently 67 for those born in 1960 or later.
Disability Benefits: If you become disabled and are unable to work, you may be eligible for disability benefits. In order to be eligible, your disability must be expected to last at least 12 months or result in death. The amount of your benefit is based on your average lifetime earnings and is typically less than the amount of a retirement benefit.
Survivor Benefits: If you are the surviving spouse, child, or parent of a deceased worker who earned enough credits, you may be eligible for survivor benefits. The amount of your benefit is based on the average lifetime earnings of the deceased worker.
Legal Advice: If you are having trouble receiving your OASDI benefits or believe that you are entitled to more benefits than you are currently receiving, it may be helpful to seek the advice of an attorney who specializes in Social Security law. They can help you navigate the complex rules and regulations of the OASDI program and represent you in court if necessary.
In conclusion, understanding OASDI can be helpful for those who may need to file a claim in the future or for those who are currently receiving benefits. Be sure to keep track of your earnings and credits, and seek legal advice if you are having trouble receiving the benefits you are entitled to.
