Biden’s Post-presidency Finances Look Bleak

He’s retiring late in life and still has a mortgage he won’t finish paying off until he’s 100. Some might say that isn’t great financial planning. But as he works to regain his strength after his presidency, it looks like 82-year-old Joe Biden won’t be getting much help from his Democratic friends.

Many of them are still upset that the 80-year-old president tried to run for re-election in 2024 and aren’t eager to invite him to give paid speeches or donate to his presidential library.

“There isn’t much goodwill for the former president in some significant circles, and it stems from the fact that he pushed for a re-election campaign,” a Democratic insider told the Daily Mail. “A lot of us are disappointed, even angry. So, very few of us are inclined to support a presidential library or offer him other financial assistance.Many Democrats are really disappointed with his decision and would prefer he quietly retire.”

Typically, the years following a presidency are a time for fundraising, but Biden’s financial future appears rather uncertain.

He isn’t close to being poor, but his finances seem surprisingly modest for a former commander-in-chief.

Public records show he left office with a mortgage on his main home in Wilmington, Delaware, worth between $250,000 and $500,000, with an interest rate of 3.375%.

He took out this 30-year loan from TD Bank in 2013 when he was 70, and while he made some progress paying it down during his presidency, the balance remains substantial.

Meanwhile,he also took on a $250,000 loan for his vacation home in Rehoboth Beach,Delaware,in 2022 while still in the White House.

This is a 10-year debt he’ll be paying off when he’s 90, and it has a variable interest rate.

If Donald Trump succeeds in pressuring Federal Reserve President Jerome Powell to lower interest rates, that could help biden with this debt.

when he left office, Biden also had an open-ended credit line with an interest rate between five and eight percent.