Old Age Survivor and Disability Insurance Law & Legal Definition
Old Age Survivor and Disability Insurance (OASDI) is the largest social insurance program run by the Social Security Administration. The program provides monthly benefits that are designed to replace lost income due to retirement, disability, or death. About 96 percent of the jobs in the U.S. are covered by OASDI through a payroll tax.
Some beneficiaries designate a representative payee to who payment is made when it is in the beneficiary's best interest. For example, a beneficiary may designate a child or other adult to receive payment. The data her reflect the geographic location of the payee, not the beneficiary.
Some people who get Social Security benefits have to pay income taxes on them. This will apply to you only if you have other substantial income in addition to your benefits (for example, wages, self-employment, interest, dividends and other taxable income that you have to report on your tax return). No one pays taxes on more than 85 percent of his or her Social Security benefits and some pay on a smaller amount.
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