When most people think about Social Security, it’s usually considered a program that provides much-needed income during retirement – the regular monthly checks one receives from the Social Security Administration based on working years.
But what about former U.S. presidents? Do they collect Social Security benefits like regular citizens? Or do they have access to a different system of retirement perks?
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Yes, Presidents Do Receive Social Security
The short answer is yes – former U.S. presidents receive Social Security benefits if they’ve paid into the system during their working years. Since 1984, all U.S. presidents and other federal employees have been required to pay Social Security taxes. Because of this, presidents can benefit from Social Security payouts like any other American worker.
All living former presidents, with one notable exception, have been able (or will be able) to receive Social Security benefits. The exception is Jimmy Carter. Carter served from 1977 to 1981 and is covered by the Civil Service Retirement System (CSRS) instead of Social Security.
Before 1984, federal employees – including presidents – were part of the CSRS, a pension system established in 1920 before Social Security came into existence in 1935.
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The Presidential Perks Don’t Stop at Social Security
While former presidents collect Social Security, that’s only a small part of the retirement benefits they receive. Under the Former Presidents Act of 1958, former presidents are entitled to an annual pension equal to the salary of a cabinet secretary, which will be around $246,424 in 2024. They are guaranteed this pension for life.
Beyond the pension, former presidents are afforded many other benefits that the average retiree could only dream of. They receive office space, staff allowances, health benefits, travel expenses and are guaranteed a funeral ceremony with full honors. Secret Service protection is also provided to former presidents and their families.
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What About Their Social Security Checks?
Former presidents are subject to the same benefit caps as all Social Security recipients. In 2024, the maximum monthly benefit for those who reach full retirement age is $3,822. For those who retire at age 70 in 2024, that maximum is $4,873, and those who retire at age 62 this year receive a maximum of $2,710. Their benefits are calculated similarly to those of any other citizen.
However, Social Security benefits are just a drop in the bucket compared to the rest of the benefits presidents receive. Even President Joe Biden, who has had a long political career as a senator and vice president, is entitled to separate pensions for his previous roles.
For retirees or those nearing retirement who want to learn more about how Social Security will impact their finances and retirement income, consider speaking with a financial advisor to ensure you’re maximizing your benefits.
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This article Do Former U.S. Presidents Really Collect Social Security? The Surprising Truth About Their Retirement Perks originally appeared on Benzinga.com
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Source: finance.yahoo.com