Old Age, Survivors, and Disability Insurance (OASDI) is commonly known as Social Security.

In addition to insurance for retirees, survivors and disabled persons, the Social Security Administration manages  Supplemental Security Income (SSI), Medicare and other programs.

In2022:

• 70.6 million people received benefits, about 21% of the US population including 51m retired workers and dependents, 8m disabled workers and dependents and 5m survivors of deceased workers including children.
  
• 5.6 million people began drawing benefits.
  
• 55% of beneficiaries were women.
  

• With a declining birth rate, there are fewer young workers entering the workforce and paying into SS compared to the growing number of retirees, who are living longer, drawing benefits.  
  
• Since 2010, benefits paid have exceeded Social Security income; estimates suggest that without action the SS trust funds will be depleted by 2034.
  
• Beneficiaries have been assured by congressional leaders that steps will be taken to “fix” Social Security; it might be worth the effort to hold them to that pledge in the coming election season.
  

The 2024 SS cost of living increase is 3.2%.

Source: Social Security Administration publications