When President Joe Biden leaves the White House on Jan. 20, he will be entitled to an annual presidential pension equivalent to a sitting cabinet secretary’s salary: $246,400.
That’s already generous but, thanks to a quirk in the law, taxpayers will be on the hook for even more. Because of his 36 years in the U.S. Senate and eight years as vice president, Biden will also receive a congressional pension worth $166,374 per year. Biden’s ability to double-dip highlights how pensions once designed to provide retired elected officials with financial security now far exceed what is necessary to achieve that goal.
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