Recently, Joe Biden announced he will not seek a second term as president. In his announcement, Biden expressed that while it had been his intention to run for reelection, he believes stepping down is in the best interest of his party and the country. He stated that he will focus on his duties for the remainder of his term.
Even though former presidents often turn to speaking engagements or corporate boards to increase their income, Biden’s situation is particularly noteworthy.
Concerns about Hunter Biden’s financial future are unnecessary, as the National Taxpayers Union Foundation has reported that Biden will actually receive a higher income now that he’s no longer president. According to the foundation, Biden will receive an annual pension totaling around $413,000, which is more than his presidential salary of $400,000.
This pension amount combines his congressional and presidential pensions. Biden’s lengthy career in Congress, which began in 1973 and continued until he became vice president in 2009, qualifies him for a generous congressional pension. This pension is determined based on his tenure, age at retirement, and average salary during his last years in Congress. Although details can be complex, Biden’s congressional pension is estimated at around $166,374 annually.
Additionally, Biden is eligible for a presidential pension as outlined by the Former Presidents Act of 1958, which provides a pension equivalent to the salary of a head of an executive department, adjusted for inflation. This pension amounts to $246,400 in 2024.
With both pensions combined, Biden stands to receive approximately $413,000 each year. There is no restriction against receiving both pensions, leading to significant benefits for him. This situation has raised calls for lawmakers to review the system that allows for such substantial “double-dipping” from both congressional and presidential pension programs.
