US - Finance

_Government

OASDI Tax

The “OASDI (Old-Age, Survivors, and Disability Insurance) tax” is the official name for the U.S. Social Security tax that funds benefits for “retirees, survivors of deceased workers, and individuals with disabilities.” OASDI revenues go into two separate “trust funds” (the OASI Trust Fund and the DI Trust Fund), rather than the general Treasury. This earmarking means Congress cannot spend Social Security payroll taxes on unrelated programs.

Personal_

Half dollar

A half dollar is a U.S. coin with a face value of “50 cents” (or half a dollar). It is also known as the ‘50-cent piece’ and is larger than the ‘quarter’ (25-cent coin). The ‘half dollar’ is commonly called the ‘Kennedy half dollar’ because it has featured John F. Kennedy’s portrait since 1964.

Credit_Union

Apple Federal Credit Union

“Apple Federal Credit Union” (Apple FCU), founded in 1956, has grown into one of the top 100 credit unions in the United States. It serves approximately 245,000 members and manages an impressive ‘$4.4 billion’ in assets. Members own “credit unions” (which are non-profit financial cooperatives). Joining a credit union, such as Apple FCU, entitles you to “membership and shares” in the organization.

Personal_

How much is a quarter

A U.S. quarter is worth “25 cents,” or one-fourth of a U.S. dollar. Its value in U.S. currency is $0.25. Also, the ‘quarter’ is the 25-cent coin used in the U.S. The 1804 ‘quarter’ was the first silver coin in U.S. Mint history to display its ‘face value.’ Prior to this, both silver and gold coins minted in the United States didn’t have their ‘values’ marked on them.

Insurance

OASDI

The ‘Old-Age, Survivors, and Disability Insurance’ (OASDI) program, commonly known as Social Security, provides monthly benefits to eligible workers and their dependents in “three key scenarios” (i.e., retirement, disability, or the death of a covered worker). The worker’s earnings and “contributions to Social Security” determine eligibility and benefit payments.

_Government

SSI

Those who are blind, “65 years of age or older,” or have a qualifying impairment and have little money or resources are eligible for monthly compensation from SSI. SSI is also available to blind or disabled “children.” The “Supplemental Security Income” (SSI) program is run by Social Security.

Investment

CD

A “certificate of deposit” (also known as a CD) is a kind of savings account where the issuing bank/union pays interest in exchange for holding a specific amount of money for a predetermined duration of time, such as “six months, a year, or five years.” Among the safest ways to save money are certificates of deposit (CDs).

Personal_

COLA

Payments for “Supplemental Security Income” (SSI) and “Social Security benefits” are adjusted to account for cost-of-living (living expenses) as determined by the “Consumer Price Index for Urban Wage Earners and Clerical Workers” (CPI-W). The “Bureau of Labor Statistics” (BLS) prepares the CPI-W. The method for calculating the COLA is outlined in the “Social Security Act.”

Insurance

Social Security

“Social Security” is a government social insurance scheme that offers elderly beneficiaries a lifetime pension that is geared for inflation. A potential recipient who waits to collect “Social Security” payments not only benefits from inflation indexing but also lowers their chance of “running out of savings” by increasing their lifetime monthly payout, which is basically an additional “longevity insurance policy.”