US Politics
Past presidents have hit a financial windfall after leaving office. Biden is struggling to find work
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.
Read more
Former President Joe Biden is reportedly struggling to cash in on his years of public service, unlike other former commanders-in-chief, with fewer lucrative speaking gigs and a smaller advance on his memoir.
In the modern post-presidency, many profit off their time in office by charging hundreds of thousands of dollars for speaking engagements, earning millions from must-read memoirs, establishing nonprofits, or going back into business.
But at 82 years old, coming off an unpopular presidency, combined with concerns about President Donald Trump seeking retribution against companies that show allyship toward Biden, the former president is struggling with money-making ventures, according to the Wall Street Journal.
Biden has had speaking engagements since leaving office, for which he charges anywhere from $300,000 to $500,000. But he’s only had a handful.
He’s also received a $10 million advance for his upcoming memoir about his time in office. It’s a significant amount, but far less than the reported $60 million former President Barack Obama and First Lady Michelle Obama received for their memoirs.
open image in gallery
Biden’s days of flying private appear to have been left with Air Force One. The former president has been spotted in the first-class cabin of commercial flights or taking Amtrak.
The Independent has asked a Biden spokesperson for comment.
Presidents receive a pension after leaving office that is adjusted annually. In 2024, that was approximately $246,400, according to the National Taxpayers Union Foundation. But Biden is also eligible for an additional pension, worth around $166,374, given to members of Congress, since he served in the Senate for 36 years and then Vice President for eight years.
Though that’s more than $400,000, it may not be enough to sustain the Bidens’ lifestyle, pay off debts, and leave money for their two living children and seven grandchildren – which Biden wants to do, according to the Journal.
Shortly after leaving office in January, Biden reportedly confided in those close to him that he intended to pay off around $800,000 in personal debts.
open image in gallery
The Bidens have liabilities in the form of a home equity loan secured in 2022 for the couple’s Rehoboth Beach house and a mortgage obtained in 2013, according to financial disclosures.
Two of Biden’s children have also recently confronted expensive legal woes. Hunter Biden has publicly expressed financial troubles after his high-profile federal gun trial last year. Hunter recently asked a judge to dismiss a civil lawsuit regarding the contents of his laptop because he could not afford to proceed.
Ashley Biden, meanwhile, recently filed for divorce from her husband of 13 years.
In addition to those financial costs, Biden is battling an aggressive form of prostate cancer.
While Joe and Jill Biden are far from financial concerns, their lifestyles differ from other former presidents who have had decades post-presidency to build wealth through book deals and speeches.
The Obamas are estimated to have a net worth of $70 million, according to Forbes.
The Clintons, who left the White House in 2001 in debt, are believed to be worth more than $45 million.
Former President George W. Bush and First Lady Barbara Bush have an estimated net worth of $40 million.
