What are the main components of the Social Security program?

The Social Security program primarily consists of the Old Age, Survivors, and Disability Insurance (OASDI) component. This is the foundational aspect of Social Security, providing financial assistance to retired individuals, survivors of deceased workers, and disabled persons who are unable to work due to their condition.

OASDI serves to ensure that these groups have a source of income, thereby reducing poverty among the elderly and providing support in the event of a worker’s death or disability. The program functions through a system of payroll taxes collected under the Federal Insurance Contributions Act (FICA), which fund the benefits that eligible individuals receive.

In contrast, while Medicare is often associated with Social Security as it serves a similar demographic, it is a separate health insurance program for individuals over 65 and certain younger people with disabilities. Medicaid also caters to low-income individuals and families, but it is distinct from Social Security and focuses on healthcare coverage rather than financial support. Unemployment Insurance and Workers' Compensation represent safety nets for job loss and workplace injuries, respectively, but are not part of the Social Security program. Similarly, Veterans' Benefits and Educational Grants, while important, do not fall under the Social Security umbrella, making OASDI the correct and central answer regarding the primary