Joe Biden’s swearing-in as the 46th President of the United States is all set to take place today. Biden, who served as the 47th vice president during the Obama administration from 2009 to 2017, was elected to become the 46th President of the United States on November 7 last year.If elected president, Biden will earn an annual salary of $400,000 per year.
It also comes with a salary that would be a substantial pay increase from his past government salaries. If elected president, Biden will earn an annual salary of $400,000 per year. Additionally, he’ll receive a $50,000 per year expense allowance, a $100,000 non-taxable travel account and $19,000 for entertainment.
Living Expenses: While the first family doesn’t pay rent to live in the White House, they do foot the bill for living expenses. In her memoir “From the Heart,” Laura Bush offered a glimpse at some of the costs that come out of a president’s salary, including food, dry cleaning, clothing, hairstyling and all expenses from private parties. Maintaining a polished presidential image certainly isn’t cheap, so these costs could add up quickly.
Presidential Pay Increase: This would be a huge pay bump from Biden’s years as vice president, where his salary topped out at $230,700 per year. It’s also a much more substantial increase from his 36 years as a Delaware senator, where his salary varied from $44,600 when he was first elected in 1973 to $169,300 when he stepped down in January 2009 to become vice president.
Post-Presidential Benefits: As with many jobs, presidential benefits don’t stop when they leave office. Former presidents are eligible for a taxable lifetime pension equal to the annual salary of heads of executive branch departments Cabinet secretaries. As of 2020, this was $210,700 per year.
No Longer ‘The Poorest Man in Congress’: Regardless, Biden won’t be hurting for cash when he enters retirement. His net worth is currently $9 million, according to Celebrity Net Worth. This is a huge shift from his decades in the Senate when he used to joke that he was “the poorest man in Congress.”
In fact, his tax returns since 1998 show just three years where Biden and his wife Jill’s earnings exceeded $400,000. The couple’s earnings have exponentially increased since leaving the White House, totaling $11 million in 2017 and $4.6 million in 2018. This is due to several factors, including a three-book deal worth a rumored $8 million, according to Publisher’s Weekly, and paid speaking fees.
Earning Power Post-Presidency: Biden has clearly done well financially since stepping away from public office, but his earning power could rise substantially as a former president. For example, former President Barack Obama currently commands $400,000 per paid speech, according to ThoughtCo. He and his wife, Michelle, also scored a $65 million book deal for their respective memoirs and signed a multiyear Netflix deal for an unknown amount, according to Variety.
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