How Big Is Biden's Social Security Check?

  

Category:  News & Politics

Via:  gregtx  •  one month ago  •  13 comments

How Big Is Biden's Social Security Check?
Of the 66 million Americans who receive a Social Security check every month, according to the Social Security Administration, one couple claiming benefits may come as a surprise: President Joe Biden...

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Of the 66 million Americans who receive a Social Security check every month, according to the Social Security Administration, one couple claiming benefits may come as a surprise: President Joe Biden and the First Lady Dr. Jill Biden.

As American citizens over the age of 70, the Bidens are entitled to these benefits even if they do hold the highest offices in the country. The SSA also notes that recipients can still work and claim benefits just as the Bidens do — and they are entitled to the full amount as long as they have reached full retirement age, which the U.S. government currently stipulates as 67 years old.

So how much money do POTUS and FLOTUS receive from Social Security every month? That requires a look at the Bidens' tax filing data. Most American presidents over the last several decades have publicly released their tax documents for American voters to have as a reference, except for former President Donald Trump.

The Bidens started doing so a few years ago when the future president was first on the campaign trail, and their latest joint 2021 filing is on public record at the official White House website. On the 1040 form, line 6a lists the total Social Security benefits received for the year. The combined amount for both Joe and Jill comes out to $54,665. That breaks down to roughly $4,555 a month or $2,277 for each spouse per month.

This figure is well above the average monthly benefit as noted by the SSA as $1,669 for retired workers. However, the Bidens are among some of the wealthiest in the country so it makes sense their benefits would be reflective of their high earning status. As noted by Forbes, the couple brought in about $22.5 million from 1998 to 2019, with a large proportion coming in from the Bidens' book sales and other speaking gigs after leaving the White House in 2017 (when Joe Biden was then the vice president).

The way the monthly amount for retirees is determined is by the SSA using the average from 35 years of a worker's indexed earnings. Of course, the Social Security Administration puts caps on the total amount any individual can earn from the program. As of 2021, that figure is $3,345 and the Bidens are about $1,100 under that threshold.

Curiously enough, Forbes notes that Biden was claiming his rightful Social Security benefits even before entering the White House as VP in 2008 when he was 66 years old. That was prior to him reaching full retirement age and the article noted he had been receiving about $6,500 from Social Security annually at that point. As of 2009, when he did reach the full retirement age of 67 years old, he was able to receive more benefits. Forbes notes that between 2009 and 2019, the Bidens received a joint total of $385,000 in Social Security.

Their current earnings of $54,665 are also taxable — as noted on the Bidens' 2021 tax filing, line 6b, it was recorded that $46,465 was taxable based on the fact that their adjusted gross income is so high, leaving 85% of their benefits subject to taxation per rules put forth by the SSA.

With cost Of living adjustments (COLA) announcements coming likely in October, which will raise the benefits received for all of 2023, the Bidens might bring home even more in Social Security.

As GOBankingRates recently reported, some experts are expecting there to be as much as a 10% jump in monthly checks, if the Consumer Price Index keeps increasing the way it has, which is what the SSA uses to calculate the adjustments. If that is the case, the Bidens could bring in more than $60,000 a year in benefits going forward.


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GregTx
Senior Participates
1  seeder  GregTx    one month ago

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bbl-1
Professor Quiet
2  bbl-1    one month ago

How big is Trump's?  Or the remaining Koch brother's?  SS is based on what you've paid in with a cap.  Same for everyone.  End of story.

 
 
 
Ronin2
Professor Quiet
2.1  Ronin2  replied to  bbl-1 @2    one month ago

Leftists like to claim that the rich don't deserve SS. 

Seems that Brandon thinks otherwise; and is reaping the rewards.

 
 
 
devangelical
Professor Principal
2.1.1  devangelical  replied to  Ronin2 @2.1    one month ago

make the government work to benefit the majority of voters. gee, what a novel concept for re-election... /s

 
 
 
bbl-1
Professor Quiet
2.1.2  bbl-1  replied to  Ronin2 @2.1    one month ago

Your statement is false.  SS is for everyone that participated.  Reagan took it and deserved every penny he received.

The GOP, lead by McConnell, Johnson, incoming JD Vance and other are, and have been discussing ways to cut it or end it.  Check it out before you spout.

 
 
 
Thrawn 31
Professor Guide
2.1.3  Thrawn 31  replied to  Ronin2 @2.1    one month ago

I think the cap on income that can be taxed for SS  should be eliminated, but that's it. Even Jeff Bezos should be able to collect. 

 
 
 
bbl-1
Professor Quiet
2.1.4  bbl-1  replied to  Thrawn 31 @2.1.3    one month ago

Or at least quadruple the cap.

 
 
 
Thrawn 31
Professor Guide
3  Thrawn 31    one month ago

Meh, my dad is collecting SS, his military retirement, his civil service retirement, his various IRA retirements, as well as somehow working as a part time (working full time) employee for the Corps of Engineers at his same salary but still being "retired". Dude worked the system, to which I have to just applaud. Making far more now "retired" (still putting in 50 hour work weeks in his 70s) than he ever did prior. 

 
 
 
Drinker of the Wry
Sophomore Principal
3.1  Drinker of the Wry  replied to  Thrawn 31 @3    one month ago

Your Dad’s civil service pay is increasing around 4.6% next month and military retirement by 8.7%

 
 
 
Thrawn 31
Professor Guide
3.1.1  Thrawn 31  replied to  Drinker of the Wry @3.1    one month ago

Honestly it is comforting to know that my parents are okay financially. They are both over 70 now. 

 
 
 
Drinker of the Wry
Sophomore Principal
3.1.2  Drinker of the Wry  replied to  Thrawn 31 @3.1.1    one month ago

Absolutely, I haven’t started withdrawing SS yet since I still working and only 68.

 
 
 
Thrawn 31
Professor Guide
3.1.3  Thrawn 31  replied to  Drinker of the Wry @3.1.2    one month ago

When to take out SS is an odd thing. I guess it is a crap shoot on how long you will live. 

 
 
 
Drinker of the Wry
Sophomore Principal
3.1.4  Drinker of the Wry  replied to  Thrawn 31 @3.1.3    one month ago

Yes, you get the maximum amount if you don’t start collecting until 70 and off course live long enough to collect.

 
 

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