U.S. President Joe Biden, who has decided not to seek re-election, is estimated to receive up to $413,000 (approximately 573 million KRW) annually in presidential pension after leaving office in January next year.
MarketWatch reported this on the 22nd (local time), citing an analysis by the conservative Washington-based nonprofit organization, the National Taxpayers Union. The annual pension of $413,000 estimated by the union is slightly higher than President Biden's current presidential salary of $400,000.
Even if President Biden engages in other activities such as book publishing and lectures after retirement, like previous presidents, this pension is expected to be his main source of income. MarketWatch described it as "good news for President Biden, who has been cornered in recent weeks," adding that "(upon retirement) his income will increase compared to now." Having withdrawn from the Democratic presidential nomination race the day before, President Biden plans to conclude his 52-year political career, which began with his election as a federal senator at age 29, upon his retirement in January next year.
Having served in the Senate for decades, President Biden will also receive a separate pension accordingly. This is a kind of 'double dipping' (receiving two pensions simultaneously). Since Biden joined the Senate in 1973, he was able to enroll in the government employee retirement pension system, which was calculated with a relatively generous accrual rate. Additionally, having served as Vice President during the Barack Obama administration, concurrently holding the position of Senate President, his Senate career can be counted as 44 years. The Senate pension is calculated based on the highest salary, and in Biden's case, the annual $231,000 he received as Vice President can serve as that standard.
The U.S. presidential pension was established after former President Harry Truman experienced financial difficulties following his retirement in 1953. However, MarketWatch also noted that although the presidential pension Biden will receive is higher than his current salary, it is relatively modest compared to the retirement pensions of CEOs leading major corporations. The outlet commented, "Wall Street CEOs would consider $413,000 annually as mere 'pin money' (bonus) from gambling."
Forbes estimates President Biden's net worth at about $10 million. CelebrityNetWorth.com estimates former President Barack Obama's assets at $70 million and former President Bill Clinton's assets at $120 million. Former Presidents George H.W. Bush, George W. Bush, and Donald Trump were known as wealthy individuals even before their presidencies.
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