The National Taxpayers Union Foundation (NTUF) calculated the total pension that President Joe Biden will receive whenever he leaves the White House in a new issue brief by Demian Brady, Vice President of Research for NTUF. Biden’s career in Congress, combined with his tenure as Vice President and President, means he will receive an annual pension of $413,000 of taxpayer dollars. His salary as president is $400,000.
President Biden is entitled to a pension as the result of the Former Presidents Act of 1958, which was enacted after concerns about the financial situation of Harry Truman. Joe Biden’s net worth is currently estimated at $9 million.
Once Biden leaves office taxpayers will provide a Congressional pension of $166,000 with annual cost-of-living adjustments and an executive branch pension equal to a cabinet secretary which is $246,400 in 2024.
In the new issue brief Brady writes:
Joe Biden represents a unique situation. With his long tenure in Congress and subsequent years as Vice President and President, Joe Biden stands to benefit significantly from both systems, potentially receiving a combined payout starting at around $413,000. Lawmakers should re-examine this loophole that allows for double-dipping in two different yet generous pension programs.
Unfortunately, there are currently no limits within each pension program that would curtail the taxpayer-funded benefit afforded to the elite few who have accrued substantial pension benefits in both the legislative and executive branch, in addition to their personal wealth.
If you would like to speak with NTUF Vice President of Research Demian Brady about presidential pension reform, please contact NTUF Communications Manager Courtney Manley at ntuf@ntu.org.