Americans’ anger over wealth should be aimed at Washington as ousted politicos getting paychecks

This week, the American voting base showed their frustration with the White House as the electorate gave Republicans a majority in both the House and Senate. What should be even more frustrating, however, is that many are leaving Congress, but will still be on the taxpayers’ dime as they continue to receive checks.

Members of Congress garner a pension after serving five years in public office – so senators are eligible after just one term. However, these politicos can’t draw on the checks until they reach the age of 62. The annual pension is approximately 10 percent of their yearly income, which can translate to just under $20,000 a year in pension benefits.

Of course, there are some caveats to understand regarding payment structures for esteemed representatives. For instance, Colorado Senator Mark Udall, who only served one term, will get about $47,000 because he served five terms in the House, and he will immediately take his pension since he’s 64.

Furthermore, elected officials with 32 years in public service can earn 80 percent of their entire pay. This is roughly $139,000; nine members of Congress are exiting Washington with this figure. Those with at least 20 years of experience can start drawing out on their pension beginning at the age of 50.

Meanwhile, CNN Money reports:

“Figures from the nonpartisan Congressional Research Service show that as of a year ago there were 617 former members of Congress collecting pensions worth an average of $60,250 a year, or about $5,000 a month. The total cost of those pensions comes to $37.2 million a year.

“The pensions that lawmakers get are defined benefit plans, which means they are guaranteed to be paid a certain sum for as long as they’re alive. Another perk: These benefits increase with the cost of living. Both are features that have become rare in private sector retirement plans.”

If people want to lambast CEOs, who often earn money in the private sector without the aid of taxpayers, unless they’re cronyists, then the general public has to also target their anger at politicians in Washington. Not only do they receive generous annual salaries with an abundance of benefits and perks, they also get a fantastic retirement plan.

Talk about the one percent…all thanks to the taxpayers.