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Social Security Old-Age, Survivors, and Disability Insurance (OASDI)

Description: This quiz covers various aspects of Social Security Old-Age, Survivors, and Disability Insurance (OASDI).
Number of Questions: 15
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Tags: social security oasdi retirement disability survivors
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What is the full name of OASDI?

  1. Old-Age, Survivors, and Disability Insurance

  2. Old-Age and Survivors Insurance

  3. Old-Age, Survivors, and Disability Benefits

  4. Old-Age, Survivors, and Disability Pensions


Correct Option: A
Explanation:

OASDI stands for Old-Age, Survivors, and Disability Insurance.

What is the primary purpose of OASDI?

  1. To provide retirement benefits to eligible individuals

  2. To provide disability benefits to eligible individuals

  3. To provide survivor benefits to eligible individuals

  4. All of the above


Correct Option: D
Explanation:

OASDI provides retirement, disability, and survivor benefits to eligible individuals.

Who is eligible for OASDI retirement benefits?

  1. Individuals who have worked and paid Social Security taxes for at least 10 years

  2. Individuals who have reached the age of 62

  3. Individuals who have become disabled

  4. Individuals whose spouse has died


Correct Option: A
Explanation:

To be eligible for OASDI retirement benefits, individuals must have worked and paid Social Security taxes for at least 10 years.

What is the full retirement age for OASDI benefits?

  1. 62

  2. 65

  3. 67

  4. 70


Correct Option: C
Explanation:

The full retirement age for OASDI benefits is 67.

What is the earliest age at which individuals can start receiving OASDI retirement benefits?

  1. 59

  2. 60

  3. 62

  4. 65


Correct Option: C
Explanation:

Individuals can start receiving OASDI retirement benefits as early as age 62, but their benefits will be reduced.

What is the maximum age at which individuals can start receiving OASDI retirement benefits?

  1. 67

  2. 70

  3. 72

  4. 75


Correct Option: B
Explanation:

Individuals can start receiving OASDI retirement benefits as late as age 70, and their benefits will be increased.

How is the amount of OASDI retirement benefits calculated?

  1. Based on an individual's highest 35 years of earnings

  2. Based on an individual's average lifetime earnings

  3. Based on an individual's Social Security tax contributions

  4. Based on an individual's age at retirement


Correct Option: A
Explanation:

The amount of OASDI retirement benefits is calculated based on an individual's highest 35 years of earnings.

What is the maximum amount of OASDI retirement benefits that an individual can receive?

  1. $2,000 per month

  2. $3,000 per month

  3. $4,000 per month

  4. $5,000 per month


Correct Option: C
Explanation:

The maximum amount of OASDI retirement benefits that an individual can receive is $4,000 per month.

Who is eligible for OASDI disability benefits?

  1. Individuals who have worked and paid Social Security taxes for at least 5 years

  2. Individuals who have become disabled before the age of 65

  3. Individuals who have a severe disability that prevents them from working

  4. All of the above


Correct Option: D
Explanation:

To be eligible for OASDI disability benefits, individuals must have worked and paid Social Security taxes for at least 5 years, become disabled before the age of 65, and have a severe disability that prevents them from working.

What is the waiting period for OASDI disability benefits?

  1. 3 months

  2. 6 months

  3. 9 months

  4. 12 months


Correct Option:
Explanation:

The waiting period for OASDI disability benefits is 5 months.

What is the maximum amount of OASDI disability benefits that an individual can receive?

  1. $1,000 per month

  2. $2,000 per month

  3. $3,000 per month

  4. $4,000 per month


Correct Option: B
Explanation:

The maximum amount of OASDI disability benefits that an individual can receive is $2,000 per month.

Who is eligible for OASDI survivor benefits?

  1. Surviving spouses of deceased individuals who were receiving OASDI retirement or disability benefits

  2. Children of deceased individuals who were receiving OASDI retirement or disability benefits

  3. Parents of deceased individuals who were receiving OASDI retirement or disability benefits

  4. All of the above


Correct Option: D
Explanation:

Surviving spouses, children, and parents of deceased individuals who were receiving OASDI retirement or disability benefits may be eligible for OASDI survivor benefits.

What is the maximum amount of OASDI survivor benefits that a surviving spouse can receive?

  1. $1,000 per month

  2. $2,000 per month

  3. $3,000 per month

  4. $4,000 per month


Correct Option: B
Explanation:

The maximum amount of OASDI survivor benefits that a surviving spouse can receive is $2,000 per month.

What is the maximum amount of OASDI survivor benefits that a child can receive?

  1. $500 per month

  2. $1,000 per month

  3. $1,500 per month

  4. $2,000 per month


Correct Option: B
Explanation:

The maximum amount of OASDI survivor benefits that a child can receive is $1,000 per month.

What is the maximum amount of OASDI survivor benefits that a parent can receive?

  1. $500 per month

  2. $1,000 per month

  3. $1,500 per month

  4. $2,000 per month


Correct Option: B
Explanation:

The maximum amount of OASDI survivor benefits that a parent can receive is $1,000 per month.

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