It might come as a surprise to some, but President Joe Biden does collect Social Security benefits. In fact, his 2023 tax return shows he received $42,842 in Social Security benefits for the year. That breaks down to a monthly check of about $3,570, a solid figure compared to the average retired worker's benefit, which is around $1,913 a month.
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Biden's wife, Dr. Jill Biden, also claims Social Security, earning $21,412 for the year – about $1,784 per month.
Joe Biden began collecting Social Security in 2008 when he turned 66, the full retirement age at the time. His long career as a high earner naturally led to a higher benefit amount, calculated by considering 35 years of a worker's highest earnings.
Social Security benefits are capped, so high earners like Biden don't get exponentially more. The combined Social Security benefits for the Bidens totaled $64,254 in 2023.
In 2022, the Bidens' Social Security income was slightly lower, at $58,465. Interestingly, they paid taxes on $49,695 of that amount, highlighting the impact of their taxable income. It's not uncommon for retirees with high incomes to have a portion of their Social Security benefits taxed. With decades of public service and book deals, Biden's income has consistently been higher than average.
Biden's decision to start claiming Social Security at 66 likely gave him a nice income boost. However, waiting until 67 or even later could have resulted in a higher lifetime benefit overall. Social Security rules allow delayed benefits up to age 70 and waiting can increase monthly payouts significantly. According to financial guru Suze Orman, delaying until 70 can lead to a benefit up to 76% higher.
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Only 10% of people wait to claim until 70, indicating that many would rather claim early than wait, even if it means losing out on extra dollars each month. However, for Biden, the decision to start earlier worked well enough.
It's a reminder that, like many other Americans, even the president has to think strategically about retirement income. Social Security benefits play a role in retirement planning for millions of Americans and Biden's decision, like most, involved weighing the pros and cons of timing. Though he didn't maximize his benefits by waiting longer, his steady income throughout his career still earned him a substantial payout.
With 67 million Americans receiving Social Security each month, it's not unusual to see people from all walks of life, even those in the highest offices, relying on these benefits. The Bidens are a prime example of how Social Security can be an important financial pillar, regardless of status or income.
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