Pope Benedict's pension plan
How much will the first pope to retire from the job in nearly 600 years collect each month?
This post comes from Matthew Heimer at partner site MarketWatch.
What kind of retirement package do you give to someone who's spent 60-plus years on the job, including almost eight as chief executive? If you're the Roman Catholic Church, and that someone is Pope Benedict XVI (the once and future Joseph Ratzinger), you give him a monthly pension worth 2,500 euros, or about $3,340.
The Italian newspaper La Stampa broke the story this week, reporting that the 85-year-old Benedict -- the first pope in nearly 600 years to retire from office -- will receive the pension that the church typically offers to retired bishops. (Don't speak Italian? Neither do I: Britain's Independent has the story here.)
Coincidentally, the pope's pension is almost identical to the maximum Social Security benefit a U.S. retiree could earn if she retired this year -- $3,350 a month, according to the Social Security Administration's benefits calculator. To receive a check that size, that hypothetical retiree would need to retire at age 70 or later after having earned the taxable maximum salary throughout her career -- the equivalent of $113,700 this year.
Of course, most of Benedict's personal expenses, from food to gardening, will be covered by the Vatican for the rest of his life, so his pension is mostly play money. (Alas: no grandkids to visit.)
The pot could get sweeter, too, according to La Stampa: If Benedict's successor awards him the status of emeritus cardinal -- not out of the question, since Ratzinger held various cardinal titles before being elected pope -- his pension could double.
More on MarketWatch and MSN Money:
From a non-catholic...........so what
It's a big job and he deserves it.
Damn, he could probably buy a souped-up Ex-Popemobile for that! Go ex-pope!
No-minds, Naysayers and Nitwits-you conveniently parroted the sex-abuse scandal without knowing much about it, and even lied that that was the reason you stopped going to Church (you never went in the 1st place).
2ndly, the abusers of the innocent should've been jailed, not had their victims paid off. Likewise, any victim that took the payoff from the Catholic Church while their alleged abuser was still alive is a prostitute after the fact. Victims cry out for justice; prostitutes cry out for money. And woe to those false-accusers...
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
If you're one of the millions of sleep-deprived Americans, here's how to find cheap sleep without pills.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'