Month after month, the Social Security Administration (SSA) distributes more than 60 million payments to all beneficiaries of the Program, who are mostly retirees and represent 75 percent of the beneficiaries .
Eligibility for the Social Security Program is so broad that recipients even include the President of the United States and the First Lady: Joe Biden, 79, and Jill Biden, 71.
Both Joe and Jill have worked long enough to be eligible for Social Security benefits. Plus, over the course of their careers, they’ve both earned so much that they’re close to AAA’s top monthly payment rate.
The Social Security Administration calculates the monthly deposit amount based on the taxpayer’s highest 35 years of earnings, when adjusted for inflation.
How much Social Security income do Jill and Joe Biden receive?
Since the early 1970s, most of the Presidents of the country – with the great exception of Donald Trump – have made their federal tax returns public, in order to offer transparency to the American people, and Joe Biden is the exception. .
According to the White House leader’s tax return, which he files jointly with his wife Jill Biden, during the past year, they both received $54,665 in Social Security income, which is equivalent to about $4,555 a month, according to a report in The Motley Fool.
It is worth mentioning that this amount is above what the average retired worker receives and, it is expected, that next year the amount will increase significantly due to the increase in the cost of living adjustment (COLA) that is carried out year after year to level payments at the rate of inflation.