Pope’s retirement package: After Pope Benedict XVI retires, he will get a 2,500-euro pension, a home in the Vatican, and other amenities. How does his retirement package compare with others?
Pope Benedict XVI, who stepped down Thursday, likely has a much better retirement package than most American seniors, posits a CNBC contributor.
The pontiff will get a monthly pension of 2,500 euros ($3,266), which is near the maximum a person could receive on U.S. Social Security, the report said. However, it is quite difficult to reach get that figure per year.
“That’s quite rare,” Richard Johnson of Urban Institute told the broadcaster. One would have to wait until 70 when they retire and would have had to made the maximum pay stipulated by Social Security for a long time.
“For most people, if you look at the median, Social Security counts for about 40 percent of their income. So it’s important, but people rely a lot on other savings, like pensions or 401(k) savings,” Johnson added.
The Roman Catholic Church will cover the expenses of Benedict, born Joseph Ratzinger, and will give him a Vatican home with cooked meals and housekeepers, the report said.
“(But) just like the pope, the biggest determinant of retirement is health status. When your health starts to deteriorate, that’s what often pushes people into retirement, sometimes earlier than expected,” Johnson said.
When he stepped down on Thursday, he said that he was glad to be “surrounded by the beauty of creation,” reported The Associated Press. “I am simply a pilgrim beginning the last leg of his pilgrimage on this Earth,” he added.
Next Monday, cardinals will meet to determine the next papal conclave to elect the new pope.
“May the College of Cardinals work like an orchestra, where diversity—an expression of the universal church—always works toward a higher and harmonious agreement,” Benedict said, according to AP.
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