When you think of the perks that come with being a member of Congress, the salary and lifetime benefits might be the first things that come to mind. But there’s more on the table — U.S. representatives and senators also have access to a taxpayer-matched savings plan that can contribute up to 5% of their salary, and they’re eligible for Social Security benefits, just like the rest of taxpayers.
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Even the most powerful politicians in the country, who often have millions in the bank, can collect Social Security if they’ve paid into the system long enough. This includes Nancy Pelosi, who has been a dominant figure in U.S. politics for more than three decades.
At 84, Pelosi has represented San Francisco in Congress for over 36 years, making history as the first and only woman to serve as Speaker of the House — first from 2007 to 2011 and again from 2019 to 2023. Throughout her career, she’s been at the helm of key decisions that have shaped the nation. And while her $223,500 annual salary as Speaker of the House was nothing to scoff at, her financial portfolio extends well beyond that.
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Thanks to her years of service, Pelosi will receive a substantial public pension and could potentially withdraw around $1 million from her federal savings account. And despite her considerable wealth — estimated at around $120 million according to Celebrity Net Worth — Pelosi is still entitled to Social Security benefits. If she started collecting in 2023, she could receive the maximum benefit of $4,555 per month, adding up to $54,660 annually.
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Before 1984, members of Congress and other federal civil service employees didn’t pay into Social Security and, as a result, weren’t eligible to receive benefits. However, those elected after 1984, like Pelosi, fall under the Federal Employees’ Retirement System (FERS) and are entitled to the same Social Security benefits as any other American who meets the eligibility requirements.
Pelosi could have started collecting Social Security benefits as early as 2002 when she turned 62, albeit at a reduced rate. The exact amount of her Social Security check isn’t publicly disclosed. But given her long career and high earnings, it’s safe to assume she qualifies for the maximum benefit.
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While some wealthy individuals might choose to skip out on Social Security, Pelosi and her husband, Paul, have other income streams that could make this choice a realistic option for them. Like other high-net-worth individuals, she has the option to decline Social Security if she wishes.
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The decision to draw Social Security benefits is a personal one, influenced by various factors, including financial needs and other sources of income. For Pelosi, it’s just one more piece of an already impressive financial puzzle, a testament to the benefits that come with a long and storied career in public service. Whether she’s cashing her Social Security checks or not, one thing’s for sure — Pelosi’s retirement years are looking pretty comfortable.
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This article Can You Guess How Big Nancy Pelosi’s Monthly Social Security Check Is? originally appeared on Benzinga.com
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