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Former US president Barrack Obama has received a lifetime government pension and a variety of benefits after his presidential term ended.
Obama, the 44th president of the United States, concluded his second and final term on January 20, 2017. Upon the end of his term, Obama received privileges granted to all former US presidents.
The Former Presidents Act is a law that extends certain benefits to former presidents. One of the major benefits included is the annual pension of $205,700. By law, the amount that the former president receives is equivalent to the salary of Cabinet Secretaries. In addition, the government will provide lifetime Secret Service protection to the former president and first lady.
To assist Obama and his family in adjusting to a private life, he will receive transition funds during the first seven months after leaving office. Like previous commanders-in-chief, he will receive financial assistance for any travel that is associated with his position as a former US president. According to the Former Presidents Act, he is also entitled to health care benefits, as well as staff and office allowances.
The Former Presidents Act was implemented by the US Congress in 1958. The action was largely influenced by former president Harry Truman’s experience after leaving the office. The former president experienced financial difficulties after his term ended in 1953.
In addition to the benefits he will receive from the Former Presidents Act, Obama will also reportedly receive a pension of $383,535 from the Illinois /ˌɪl əˈnɔɪ / government for his service as a state lawmaker for eight years.