The Truth About Social Security
 
 

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Current Social Security

Programs

Over time, social security has evolved into three programs (and a separate Medicare Program):

  1. Old Age and Survivors Insurance (OASI)
  2. Disability Insurance (DI)
  3. Supplemental Social Insurance (SSI)

SSI provides supplemental benefits to workers whose retirement benefits would leave them in (extreme) poverty and is funded from general tax revenues. Having noted it's existence as part of the Social Security system, it is funded from general revenues and not a part of the "problem" Social security is facing.

OASI covers the retiree benefits most people consider "Social Security." But it also provides benefits to the spouses and underage dependents of deceased workers, regardless of their age at time of death.

DI provides, as it's name implies, benefits for disabled workers who have contributed to Social security, but are too young to meet the requirements for retirement benefits.

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©Copyright 2004, 2005, Michael Rosenberg. All rights reserved.