OASDI (Old-Age, Survivors, Disability Insurance) is the most significant part of the Social Security Disability program. It is designed to ensure continuing income for those who are retired, surviving spouses and dependent children of workers who have died, and those who qualify for Social Security Disability.
The OASDI program was instituted in 1935, when Social Security was first introduced to the United States. The program has no income limitations, and disabled or retired persons are able to qualify for Old-Age, Survivors, Disability Insurance by meeting the eligibility requirements, which are based on how much time the person has spent working (or, in the case of survivors, how long your spouse or parent has worked). The time requirement is on a sliding scale based on the claimant’s age.
OASDI is funded by contributions from employers and workers. The workers’ contributions are deducted from their payroll in the form of FICA taxes. The amount of Social Security Disability benefits available to those who become disabled, or Old-Age/Survivor benefits for those who retire or lose their wage earning spouse or parent is based on how long the worker worked and how much he paid into the Social Security Disability Insurance program.
The bulk of Old-Age, Survivors, Disability Insurance payments are made for Old-Age benefits. To qualify for Old-Age benefits, you must be at least 62 years old (for partial benefits) or between 65 and 67 to receive full benefits, depending on birth year. Those born prior to 1950 can receive full benefits at age 65; those born between 1950 and 1960 are eligible for full benefits at age 66, and those born since 1960 become eligible at age 67. A spouse who didn’t work is generally eligible for half of his or her working spouse’s benefits.
Those who qualify according to Social Security Disability standards may receive OASDI before they reach retirement age. In order to qualify for Social Security Disability, you must be completely disabled and unable to perform any gainful work.