Biden will rake in eye-popping pension, largest ever paid out by United States taxpayers

A new report reveals how much taxpayers may be doling out for former President Joe Biden’s pension.

The National Taxpayer Union Foundation is claiming that Biden’s career in public service is about to net him the largest pension ever paid out by United States taxpayers. According to the report, he will be taking home $417,000, which is reportedly more than any former president.

“It’s pretty unusual, historically unusual, to have such a large pension amount,” explained National Taxpayer Union Foundation vice president Demian Brady in a statement to the New York Post. “I would have to say that it’s the largest.”

For reference, this amount is “double what Biden’s former boss, Barack Obama, has received in retirement pay after leaving the White House and $17,000 more than Biden’s $400,000-per-year presidential salary.”

Brady explained the reason behind Biden’s eye-popping pension and credits it to a “loophole” that allows him to draw from multiple pensions as a former senator, vice president, and president.

“Biden, who once described himself as ‘one of the poorest members’ of Congress, is able to collect the lucrative payouts by double-dipping in benefits established under the Former Presidents Act of 1958 as well as the Civil Service Retirement System for ex-senators,” The Post reported. “Annual pay in the CSRS pension plan is determined by a formula that takes into account Biden’s 44 years in the Senate and as vice president, as well as his three highest years of salary during that span.”

“The former prez would have raked in more than $254,000 in annual benefits from CSRS if not for a cap limiting his annual payouts to 80% of his highest salary, which was $230,700 a year as vice president and president of the Senate.”

ADVERTISEMENT

“Biden’s starting pension could be as much as $166,374, including an $18,186 set-aside in the program for the spousal portion of benefit,” Brady noted, pointing out that this estimation assumes the former president was seeking the maximum Senate pension.

X users weighed in on the shocking retirement payout:

ADVERTISEMENT

Sierra Marlee

Comment

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

Latest Articles