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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Types of Benefits

The total program consists of Social Security (OASDI) and Medicare. The OASDI program pays monthly retirement, survivor, and disability benefits to eligible beneficiaries. The Medicare program covers the medical expenses of almost all persons aged 65 and older and certain disabled beneficiaries younger than age 65. We discuss only OASDI cash benefits at this point; Medicare is covered later in the chapter.

Retirement Benefits

Social Security retirement benefits are the predominant source of income for the majority of retired individuals in the United States. New research analysis of retiree income by the Employee Benefit Research Institute (EBRI) shows the importance of Social Security to Americans age 65 or older. Over 60 percent ...

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