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The United States Social Security Act, passed in 1935, contains several different programs under the general heading of "Social Security." We are concerned here only with that portion of the act originally known as the Federal Old Age Benefit System, later the Old Age and Survivors Insurance program, and now, after many amendments, the Old Age, Survivors and Disability Insurance Program. The original objective sought was twofold in character: (1) to remove older workers from the labor force and (2) to provide a federal basic minimum retirement benefit to such workers.
The act originally contemplated and provided for a close relationship between the amount of Social Security taxes paid and the benefits received by retired workers. The plan was relatively simple. Only retired workers over 65 were to receive benefits. A contributory system was established based on special taxes paid by workers and employers. The proceeds were invested in government
SOCIAL SECURITY FOR PHYSICIANS: 1. THE OLD AGE, SURVIVORS AND DISABILITY INSURANCE PROGRAM (OASDI). JAMA. 1957;165(6):683–685. doi:10.1001/jama.1957.72980240005011
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