2. Substantial pension paychecks
If you think that the salary of a president, while they are in office, is great – $400,000 – well, you need to hear how much money they will get after leaving the office. Yes, the former commanders-in-chief will receive a taxable pension from the Secretary of the Treasury every year for the rest of their lives. The pension begins right when the president formally leaves office on Inauguration Day at noon.
The amount of money they get is the same as the salary of a Cabinet secretary (Executive Level I). From 2020 until 2022, this was $219,200 per year, but since January 2022, the former presidents will receive more money from the state, more precisely $226,300 per year. For example, Barack Obama received a presidential pension of $207,800 a year.
Another thing is that if the spouse of the president relinquishes their right to any other pension, they can too get a pension of $20,000 per year. Again, as with the president, this perk is for life.
Now, what happens if the president resigns before their official terms expire? Well, according to the law, they will get the same benefits as any other former president. This measure was decided by the Justice Department in 1974.
However, if the president is ousted from office as a result of impeachment, they will get no benefits.
