On July 21st, Joe Biden finally gave up and said he would not be running for president again.
Biden announced on X that it had been the greatest honor of his life to serve as your President. Although he had planned to run for reelection, he decided to step aside so that he could devote all of his attention to finishing his term as president and serving his party and nation well.
Demian Brady, National Taxpayers Union Foundation (NTUF) VP of research, recently released an issue brief in which the organization determined President Joe Biden’s complete pension upon his departure from the White House. A yearly pension of $413,000 will be paid to Biden by the taxpayers, thanks to his time in Congress, as well as his terms as Vice President and President.
As president, he currently earns $400,000.
Established in 1946, Biden’s congressional pension is based on his average income upon leaving Congress, the length of time he served in any post other than the president, and his retirement age. Biden was first elected to the Senate from Delaware in 1973 and remained there for eight years until being named vice president (2009). Both his time in office and his election to the House of Representatives determine his pension. There is an advantage of the 2.5% accrual rate offered by the Civil Service Retirement System (CSRS) if you were elected before 1984.
This compensation level is modified annually in accordance with the percentage increase or decrease in the private sector’s wages and salaries section of the Employment Cost Index, but less than 0.5 percent to account for small decreases, as provided for in the Ethics Reform Act of 1989. The Office of Personnel Management (OPM) reports the wage level annually. For 2024, it is $246,400.
Although Joe Biden’s net worth is believed to be about $9 million, which is lower than the average for past presidents receiving pensions, this implies that he will get $413,000 each year for the remainder of his life. The practice of receiving pensions from both the legislative and presidential branches is not illegal.
