Individuals pay into the program when they work, allowing them to receive benefits when they retire. Social security is the term commonly used to describe the old age, survivors insurance program (oasi) which was created by title ii of the social security act of 1935. At that time, it will pay out around 77% of the benefits for which recipients normally would be eligible. There are two social security trust funds The oasi trust fund began in 1937 The di trust fund in 1957.
The rates shown reflect the amounts received by the trust funds. Oasi trust fund, a social security fund data on oasi income and cost follow the summary table below.
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