His pension payment will be $207,800 for the upcoming year, about half of his presidential salary.
Obama and every other former president also get seven months of “transition” services to help adjust to post-presidential life. The ex-Commander in Chief also gets lifetime Secret Service protection as well as allowances for things such as travel, office expenses, communications and health care coverage.
All those extra expenses can really add up. In 2015 they ranged from a bit over $200,000 for Jimmy Carter to $800,000 for George W. Bush, according to a government report. Carter doesn’t get health insurance because you have to work for the federal government for five years to qualify.
The pensions and other benefits were first created in 1958, when former President Harry Truman was experiencing financial trouble. The annual payments are currently the same as what cabinet secretaries earn in a given year, and those salaries are set by Congress.
But the days of this kind of taxpayer support for ex-presidents may be numbered.
“Obama made $619 million from Obamacare alone, so he can wait until he’s old like everyone else to start collecting old people money. Hopefully by then pensions are all part of a privatized Social Security trust fund and he sees his payment cut in half like the rest of the mpeople who think they deserve a handout for a few years work.”