Social Security Fundamentals: A Fact-Based Foundation (CRS Report for Congress)
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| Release Date |
April 26, 2023 |
| Report Number |
TE10083 |
| Report Type |
Testimony |
| Authors |
Barry F. Huston |
| Source Agency |
Congressional Research Service |
Summary:
Old-Age, Survivors, and Disability Insurance (OASDI), or Social Security, is a federal social insurance
program that provides monthly cash benefits to eligible retired or disabled workers and their dependents,
and to the eligible survivors of deceased insured workers.1 Workers obtain insurance protection by
earning a minimum number of work credits during their careers in jobs covered by Social Security. Cash
benefits are computed using a progressive formula and are based on a worker's wage-indexed career average earnings in covered employment and adjusted for inflation through annual cost-of-living
adjustments (COLAs). In 2023, Social Security covers approximately 183 million workers (about 94% of
the workforce) and provides monthly cash benefits to over 66 million beneficiaries.2 The program is
authorized under Title II of the Social Security Act and administered by the Social Security
Administration (SSA).
