How Much Money Do Congressmen Make? How Much Cheddar Your Local Congressman Is Likely Bringing In

While your congressman is out there making laws and presenting your interests to the government, they are also earning from it. Do you know how much your congressman earns? The average salary of a rank and file Member of Congress is $174,000 per year. The congressional leaders make more because of their additional responsibilities. The Speaker of the House makes $223,500 every year while the Senate President pro tempore gets $194,400 per year. And so just how much money do congressmen make? Here’s a chart to summarize these figures:

Rank and file Member of Congress

$174,000

Speaker of the House

$223,500

Senate President (President Pro Tempore of the Senate)

$194,400

What Other Benefits do Members of Congress Get?

Your congressman and senator also get additional perks while in office, and some even after retirement. The quantity of these benefits depends on how long the person has been in office. The benefits include:

Annual allowances
Healthcare allowance
Pension
Family death gratuity
Free parking

Why is it so Hard to Get to Congress?

Have you ever considered running for a Congress position in your state? Well, the chances of getting into that parliament are very slim for a very simple reason. There are only 535 seats in Congress and 330 million American citizens. This means that only 1 person out of 600,000 Americans is a member of Congress.

Additionally, you would have to create a very robust career in politics, which could take years. Some of the traits you need to have are outstanding results in your undergraduate, be an orator, charismatic, and persuasive.

Past these preliminary requirements, here are some other factors that will help you to get to congress, as these are some of the most common things that members of congress have under their belt:

Education – Nearly all members of congress are either college graduates or Ivy League MBA’s, and in fact most have either a master’s degree or a law degree. Want to make it to congress? MBA or JD is basically an educational pre-requisite.

Become a Millionaire – Nearly all members of congress are millionaires, money always helps to get you in there.

Have a Fantastic Social Network – Another big one that can help you make it all the way to Congress. You will need a campaign manager, a marketing manager, a chief of staff, a family at home to console and use for TV ads, speech writers, and the like. Social network is another huge part of this equation.

Have A Family In Politics – Plenty a members of congress have family that were also in the field of politics, this helps quite a bit to get you there.

Do Members of Congress Get Pensions?

Yes, members of Congress get pensions. Here’s the structure followed for one to access their pension:

Must be at least 62 years with at least 5 years of service or
50 years or older with 20 years of service or
25 years of service at any age.

Members of Congress can also get a reduced pension depending on which age or service options they take.

Final Thoughts On How Much Money Do Congressmen Make?

Becoming a member of the US congress is no mean feat because of the high level of competition. However, it is worth all the effort because of the hefty salaries and the additional benefits, as well as the huge legacy that you will leave behind for your family for generations to come if you manage to pull this off. For more information on all things business, finance and politics, read on or subscribe to our blog for additional details and information.

Cheers!

*Inflation Hedging.com

Sources:

https://www.bankrate.com/banking/cds/cd-rates/

https://money.cnn.com/data/markets/

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