Retiring rich: Here’s the pension Barrack Obama would now receive all through his life

As per the act, Obama would be receiving an annual pension of $205,700.

According to the Former Presidents Act, all retired presidents are entitled to a variety of benefits. This includes a pension and additional funds for travel, office space, staff, and other requirements needed to "maintain the dignity" of the presidency.

The presidential pension is fixed. However Obama had requested for funds from the Congress for additional expenses related to presidents. Because of the difference in office rentals, the additional expenses vary.

The Huffington Post reports that Obama will also receive "$383,535 from the Illinois state pension he earned in eight years as a state lawmaker" once he retires.