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Ever wondered what US president Barack Obama will earn as pension after he leaves office on January 20, 2017. Apart from a hefty pension, there are other expenses borne by the Government.
Here's the package that Obama will enjoy after Donald Trump takes over later this month:
Pension
Former presidents are offered a taxable lifetime pension equal to the annual salary paid to the head of executive branch departments like Cabinet Secretaries. The amount has been currently revised to $205,700 per year. Widows of ex-presidents are provided with a $20,000 annual lifetime pension and mailing privileges unless they choose to waive their right to the pension.
The pension starts immediately after the president leaves his office at noon on Inauguration Day on January 20, 2017.
Transition
Transition expenses are meant to help the former presidents with their transition into private life. Available for the first seven months, it starts one month before the Inauguration Day and covers office space, staff compensation, communications services, and printing and postage associated with the transition.
Staff and Office Allowances
Former president gets funds for office staff six months after leaving their office. They are entitled to a maximum of $150,000 per year during the first 30 months. The Former Presidents Act stipulates that the aggregate rates of staff compensation cannot exceed $96,000 annually. All the additional staff costs must be paid for personally by him.
Travel Expenses
Any travel related to the former president's status as an official representative of the United States government is compensated for the former president and no more than two of his or her staff members. The General Services Administration (GSA) determines all cost to be compensated.
Secret Service Protection
Former presidents and their spouses are entitled to receive Secret Service protection for their lifetime. The protection for the spouses of former presidents terminates in the event of remarriage and children receive protection until they reach age 16.
Medical Expenses
Treatment in military hospitals is granted to former presidents and their spouses, widows and minor children. They can avail private health insurance plans at their own expense.
State Funerals
In the event of their death, former presidents are traditionally granted state funerals.
(Funeral service of former US President Richard Nixon)
Here's a quick look at how much earlier presidents made:
a. It has been reported that Bill Clinton earned over $40 million in public speaking fees in the six years after leaving his presidency.
b. George Bush has delivered over 100 speeches since 2009 and he charges over $100,000 per speech.
But these privileges were not always granted. The 33rd president of the United States, Harry Truman left the office with only his army pension of $112.56 per month. It was after him that the Former Presidents Act of 1958 was created to ensure that not a single president leaves the white house poor.
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