Al Gore could be in worse shape.
Mr. Gore may be out of a job, but he stands to collect more than $5 million over his lifetime as his pension from the federal government. In addition, his wife Tipper Gore could collect an additional $831,900 spousal annuity, pushing the total federal pension for the Gore family to just under $6 million.
The former vice president's pension is paid for largely by American taxpayers, according to an estimate by the National Taxpayers Union, an Alexandria, Va.-based tax policy group. This does not include his retirement savings in the Federal Thrift Savings Plan; the National Taxpayers Union estimates Mr. Gore may have accumulated as much as $263,900 in the federal version of a 401(k) retirement plan at the end of 2000.
Mr. Gore's service as a representative, senator and vice president count toward a congressional pension starting at $94,800 a year. And, based on actuarial tables, he could collect $5.13 million over his lifetime.
Meanwhile, former President Clinton stands to collect the largest federal pension ever, a whopping $7.29 million over his lifetime. The National Taxpayers Union estimated his lifetime payout based on an actuarial formula that predicts he could live to be 82. As soon as he left office, Mr. Clinton started drawing a presidential pension starting at $161,200 a year. He also will be entitled to receive a pension from Arkansas of slightly more than $18,000 a year, but he will have to wait until August, when he turns 55, to collect it.
