Former U.S. presidents are very wealthy and have lucrative opportunities with books, speeches, and media deals, yet still receive millions in taxpayer-funded pensions and perks, according to a new report National Taxpayers Union Foundation (NTUF) released Wednesday.
Since 2000, former presidents have received over $130 million in taxpayer-funded pensions and perks, an average of more than $5 million per year.
“Today’s ex-presidents do not need taxpayer help,” said NTUF Vice President of Research and report co-author Demian Brady. “They earn millions privately and should not rely on public subsidies.”
The Former Presidents Act of 1958 (FPA) guarantees a pension for former presidents equal to a Cabinet Secretary’s salary—$250,600 in 2025. The FPA also provides additional taxpayer-funded perks, including staff, equipment, and office space.
Former President Joe Biden recently landed a $10 million book deal for his presidential memoir. Yet, despite his private-sector earnings and personal wealth, Biden is receiving more taxpayer-funded perks than any other former president. By virtue of his time in the Senate and as Vice President, Biden is eligible for a congressional pension in addition to his presidential pension, resulting in a taxpayer-funded annual retirement income of nearly $417,000, exceeding the $400,000 salary paid to the president.
New legislation from Senator Joni Ernst (R-IA) would reform these generous benefits to protect taxpayers from subsidizing wealthy former presidents. The Presidential Allowance Modernization Act of 2025 (S. 534) would cap pensions, limit expense allowances, and cut perks for wealthy ex-presidents.
“With the federal deficit at nearly $2 trillion and former presidents sitting on personal fortunes, it’s time to trim back the pension and perks provided under the Former Presidents Act. These wealthy former presidents don’t need the extra income, and taxpayers need relief,” Brady said.
Read the full report.