When most people think of Social Security, it is usually thought of as a program that provides much-needed income during retirement – ​​the regular monthly checks one receives from the Social Security Administration based on the number of years worked.
But what about former US presidents? Do they collect social security benefits like regular citizens? Or do they have access to a different system of pension benefits?
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Yes, presidents receive Social Security
The short answer is yes: Former U.S. presidents receive Social Security benefits if they contributed to the system during their working years. Since 1984, all U.S. presidents and other federal employees have been required to pay Social Security taxes. This allows presidents to take advantage of Social Security benefits just like any other American worker.
All living former presidents, with one notable exception, have been able to (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 created in 1920 before Social Security came into being in 1935.
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Presidential benefits don’t stop at Social Security
While former presidents collect Social Security, that is only a small portion 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 approximately $246,424 in 2024. This pension is guaranteed to them for life.
In addition to retirement, former presidents receive many other benefits that the average retiree can only dream of. They receive office space, employee benefits, health benefits, travel expenses and are assured of a funeral ceremony with full honors. Former presidents and their families also receive protection from the Secret Service.
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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 will be $3,822. For those who retire at age 70 in 2024, that maximum is $4,873, and those who retire this year at age 62 will receive a maximum of $2,710. Their benefits are calculated in the same way as 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 positions.
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 maximize your benefits.
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This article Do Former US Presidents Really Collect Social Security? The Surprising Truth About Their Retirement Benefits originally appeared on Benzinga.com
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