Which federal program provides protection against financial loss due to old age, disability, or death?

The Old Age, Survivors, and Disability Insurance (OASDI) program is a crucial federal program that provides financial protection against loss of income due to old age, disability, or death. OASDI is commonly known as Social Security, which encompasses various benefits designed to safeguard American workers and their families. The program includes retirement benefits for individuals who reach a certain age, as well as survivor benefits for families of deceased workers and disability benefits for those who can no longer work due to a qualifying medical condition.

This program operates through a system of payroll taxes collected from employees and employers, which fund the benefits derived by eligible individuals. The significance of OASDI lies in its role as a safety net for millions of Americans, ensuring that individuals have some level of income security in response to life-changing events such as retiring, becoming disabled, or losing a loved one.

While the other choices refer to related concepts, they do not encapsulate the comprehensive nature of financial protection that OASDI provides. Medicare, for instance, offers health insurance primarily for those aged 65 and older, but does not directly provide income protection. The term "Social Security Act" refers to the legislation that created the Social Security program, and "Retirement Insurance" is a