Biden’s Social Security Earnings
Social Security benefits are a crucial source of income for millions of retired Americans, and even the President and First Lady of the United States are entitled to receive them. In 2021, Joe and Jill Biden received a combined total of $54,665 in Social Security benefits, above the average monthly benefit for retired workers.
Even though Biden has a high earning status, they are entitled to receive Social Security benefits. It’s a testament to the importance of this program for retirees. According to a published article in Go Banking Rates, even before reaching full retirement age, Biden is receiving around $6,500 annually from Social Security. Their Social Security benefits are taxable, and they paid taxes on $46,465 of their benefits for the year 2021.
READ ALSO: Does Biden Signal For Another Stimulus Check?
The upcoming COLA adjustments could further support retired Americans who rely on Social Security as a significant source of income. If the Consumer Price Index keeps increasing, there could be as much as a 10% jump in monthly checks. The Bidens’ Social Security benefits could bring in more than $60,000 a year in benefits going forward.
The Bidens’ Social Security earnings serve as a reminder of the impact of this program on the lives of millions of Americans. As the government considers the cost of living adjustments to Social Security benefits, it is crucial to remember that even the President of the United States is entitled to these benefits. Recipients can still work and claim benefits just as the Bidens do, as long as they have reached full retirement age.
Bidens’ Social Security earnings and benefits highlight the importance of this program for retirees and its impact on the lives of all Americans. Despite their wealth, they are still entitled to claim these benefits as American citizens over the age of 70. It is essential to remember that Social Security is a vital program that provides a significant source of income for millions of Americans, regardless of their socioeconomic status.
READ ALSO: House Republicans Propose Bold Changes To Student Loans, Bidens Debt Cancellation
