How much does a US Senator make at retirement?

Answer 1

A US Senator (or a representative) makes their full salary the rest of their lives. This is from the house.gov site - it applies to both houses of Congress.

This salary takes into account base pay. committee leadership and assignments. This is rolled into a lifetime salary. The next big question you should check is how they get to use left over campaign funds once they retire.

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I looked this up on the web, and it does NOT appear to be true that Senators and Representatives make their full salary for the rest of their lives. Here is the upshot of the link. Is it true that . . . Members of Congress do not pay into Social Security and when they retire they receive a pension equal to their congressional salary for the rest of their life?

The answer is no. All members of Congress pay Social Security taxes in the same amounts as they would if they were employed in the private sector at the same salary level. The amount of a congressional pension varies and depends on years of service, age at the time of retirement, and salary.

The facts: The confusion about Social Security probably results from the fact that before 1984, Senators and Representatives did not participate in the Social Security program. Like all federal government employees at that time, members of Congress were covered by a pension plan, called the Civil Service Retirement System (CSRS), that did not require payment of Social Security taxes and did not provide Social Security benefits. In 1983, Congress passed a law (P.L. 98-21) that required all federal employees first hired after 1983 to participate in Social Security. The law also required all members of Congress to participate in Social Security as of January 1, 1984, regardless of when they first entered Congress. Because the CSRS was not designed to coordinate with Social Security, Congress directed the development of a new retirement plan for federal employees, called the Federal Employees Retirement System (FERS), which does coordinate a federal pension with Social Security.

Members of Congress are eligible for a pension at age 62 if they have completed at least five years of service. They are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on years of service and the average of the highest three years of salary. By law, the starting amount of a member's retirement annuity may not exceed 80 percent of his or her final salary. As of October 1, 2000, the average annual pension for members of Congress who have retired under CSRS is $52,464, and $46,932 for retirees under FERS-only or both FERS/CSRS. let me start by saying how can the people of the usa afford to pay them that much when they have to borrow the money to do so?

Answer 2

The amount varies, depending on how long the person has served in congress. I cannot predict how many more years Senator Sanders will serve-- but I do know that he was in the House of Representatives for 16 years and is now serving his second term as a Senator; this will factor into his retirement pension. As of 2002, the average pension payment ranged from $41,000 to $55,000 annually. (But members who have spent more than 32 years in congress can earn as much as $139,000.)

Answer 3

they make about 200 bucks per hour