US - Finance - Insurance

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.

“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.”

Insurance is “a service”, “a type of financial risk management”, “a contract”, “a financial investment”, “debit or credit”, “asset or liability”, “a cooperative device”, “provision of future needs”, “helpful to government” and “regulated by states”.