As American citizens above 70, President Joe Biden and First Lady Jill Biden are entitled to Social Security benefits, irrespective of their positions as the country’s leaders.
According to the Social Security Administration (SSA), recipients can still claim benefits while working, and they are eligible to receive the total amount once they reach the full retirement age, which is currently set at 67 years old.
Their tax filing data needs to be examined to determine the monthly Social Security benefits received by the Bidens.
Unlike former President Donald Trump, most American presidents have publicly released their tax documents for transparency.
The Bidens started releasing their tax filings a few years ago when Joe Biden was campaigning for the presidency.
Their latest joint filing for 2021 can be found on the official White House website. Line 6a of their 1040 form lists the total Social Security benefits received for the year, which amounts to $54,665.
This translates to approximately $4,555 per month or $2,277 for each spouse.
This figure surpasses the average monthly benefit of $1,669 for retired workers, as stated by the SSA. However, considering the Bidens’ significant wealth, it is understandable that their benefits reflect their high-income status.
Forbes reports that the couple earned approximately $22.5 million from 1998 to 2019, with a substantial portion coming from book sales and speaking engagements after Joe Biden left the White House in 2017, where he served as vice president.
SSA Calculation and Caps: Bidens’ benefits close to threshold
The SSA determines the monthly benefit for retirees based on the average of a worker’s indexed earnings over 35 years.
The SSA imposes caps on the total amount individuals can earn from the program, which stood at $3,345 in 2021. The Bidens fall approximately $1,100 below that threshold.
Biden began claiming his Social Security benefits before becoming vice president in 2008 when he turned 66.
He was receiving around $6,500 annually from Social Security.
In 2009, he became eligible for increased benefits. Between 2009 and 2019, the Bidens received $385,000 in Social Security benefits.
It is important to note that their current earnings of $54,665 are taxable.
The Bidens’ 2021 tax filing indicates that $46,465 of their benefits were subject to taxation based on their high adjusted gross income, complying with SSA regulations where 85% of benefits are taxable.
With cost-of-living adjustments (COLA) likely to be announced in October, increasing the benefits for 2023, the Bidens may receive even more from Social Security.
Experts predict a potential 10% increase in monthly checks if the Consumer Price Index continues to rise, as the SSA uses it to calculate adjustments.
Should this materialize, the Bidens could receive over $60,000 per year in benefits moving forward.