The Former Presidents Act, as amended, provides each former President a taxable pension that is equal to the annual rate of basic pay for the head of an executive department (Executive Level I), currently $191,300. The pension begins immediately upon a President’s departure from office at noon on Inauguration Day, January 20. The Secretary of the Treasury is responsible for making the monthly pension payments, as authorized by the FPA.
Despite the chain letter going around that the pension ends when a former president reaches the age of 80, there is no such stipulation in the law.
However, it’s obvious that the longer a president lives after his tenure in office, the more it will cost tax payers. With no wish for McCain’s family that he passes on prematurely — we will point out that all the Obama-as-underwear-model pictures ‘leaked’ to the press suggest that The One will simply be another of the many CEOs walking the planet with a golden parachute no one can justify, long after having left the organization they were hired to lead. And assuming, for the moment, that he lives to be as old as John McCain is at this moment (perhaps an all-arugula diet will stretch out his years even further), Obama will see another $3,252,100.00 of tax payer money AFTER he is out of the White House (paying no mind to what he will be able to sell the silverware for).
H/t to the IPL – Internet Public Library