US - Finance - Insurance

Benefits are paid out on a monthly basis to insured workers, their dependents, at “disability, death, or retirement” under the ‘Old-Age, Survivors, and Disability Insurance’ (OASDI) program. 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”.