February saw 66,2 million people receiving Social Security benefits. A wide variety of individuals are covered by Social Security.
It was primarily intended to provide a financial foundation for our nation’s seniors who were unable to work, including long-term disabled workers and survivors of deceased workers. In February, nearly 49 million retired workers received an average payout of $1,830.66.
What you may not realize is that one of these current beneficiaries is President Joe Biden.
Here’s Joe Biden’s 2022 Income
As has been the standard for the majority of the past 50 years, the majority of presidential candidates and incumbents release their federal tax returns to the public. Biden has 25 years of publicly accessible tax returns because he ran for the Democratic presidential nomination in 2008 and the 2020 election, which he ultimately won (1998-2022).
Joe Biden files his federal taxes for the year 2022 jointly with his wife, the first lady Dr. Jill Biden, and reports a combined income of $579,514. Despite the fact that a substantial portion of this income is attributable to Joe Biden’s $400,000 annual salary as vice president, the Bidens also received a substantial amount of Social Security income.
In 2022, the couple reported $58,465 in Social Security benefits online 6a of their joint Form 1040. This amounts to an average of $4,872.08 per month and represents an increase of approximately $317 per month compared to what the Bidens received in 2021 from America’s premier retirement program.
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Biden’s 25-year tax returns show high AGI
Due to the fact that Joe and Jill Biden file their taxes jointly, it is impossible to determine how much Joe and Jill Biden each contributed to the total of $58,465. Nonetheless, it is glaringly obvious that the Bidens receive a significantly larger pension than the vast majority of retired workers.
On the surface, $58,465 in Social Security income for a single year seems like a lot of money, especially when compared to the average Social Security payment of $1,831 for retired workers. Nonetheless, the Bidens’ Social Security benefits do not account for a disproportionately large portion of their total income.
Joe Biden and his wife have at least $210,797 in AGI since 1998, based on their publicly accessible federal tax returns. In 2017 and 2018, the couple’s AGI was $11.03 million and $4.58 million, respectively. The $58,465 in retirement benefits for the Bidens is insignificant in light of their 25-year average AGI.
According to Joe and Jill Biden’s tax return, they likely attained or came close to reaching the maximum Social Security payout. Although the Social Security Administration considers your 35 highest-earning, inflation-adjusted years when calculating your retired worker benefit at full retirement age, your benefits are capped if you are a high earner who regularly reaches or exceeds the annual maximum taxable earnings cap.
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