For his first Independence Day out of office, former President Joe Biden chose a modest celebration at a luxury mobile home in Malibu owned by musician Moby, a friend of Hunter Biden. He and Jill Biden dined casually seaside at Paradise Cove Beach Cafe.

This contrasted sharply with the luxurious vacations of his predecessors. The Obamas opted for Martha’s Vineyard, while the Clintons attended a lavish wedding in the Hamptons.

Observers note this reflects a less glamorous post-presidency than Biden might have anticipated. At 82, he faces health challenges, including prostate cancer and skin cancer treatments.

Unlike other former presidents who profit from book deals, memoirs, and speaking engagements, Biden’s age and health limit his financial opportunities.

Biden with a bandage on his head at the funeral of former Delaware Governor Mike Castle in late August. Photo: USA Today

Biden with a bandage on his head at the funeral of former Delaware Governor Mike Castle in late August. Photo: USA Today

Beyond health, Biden's standing within the Democratic Party has diminished. Even Kamala Harris, his former vice president, recently criticized him in her book, saying the party made a "risky" decision letting him run for reelection.

Without Air Force One, Biden now flies commercial on American Airlines or takes Amtrak. His speaking fee is $300,000-$500,000, but invitations are few.

The lobbying group SHRM initially offered Biden $275,000 for a speech to over 20,000 attendees at its July annual conference. They ultimately paid $300,000 to cover his travel and accommodation.

Besides speaking fees, Biden receives a $416,000 annual pension: $250,000 as a former president and $166,000 for his years as vice president and a congressman. This is seemingly insufficient to resolve his financial concerns.

In his first weeks out of office, Biden confided to some that he expected to pay around $800,000 in personal debt, including a loan on his Rehoboth Beach, Delaware, home.

The Bidens have accrued debt in recent years. Financial records show a 2013 mortgage with TD Bank and a 2022 home equity loan with M&T Bank.

Jill Biden left her $100,000 teaching position at Northern Virginia Community College for an unpaid role as chair of the Women’s Health Network at the Milken Institute, a think tank founded by former financier Michael Milken.

An individual familiar with the family’s finances stated, "If the Bidens live frugally, they'll be fine."

However, family troubles add to the financial strain. Hunter Biden faces mounting debt. His ex-wife has been in court for 6 years seeking child support payments. According to April 2023 court filings, Hunter owed her over $3 million.

In March, Hunter admitted to a judge a "substantial decrease in income" since late 2023, now owing millions while art and book sales declined. Like his father, Hunter receives few paid speaking engagements.

"I had anticipated signing speaking engagements or paid events, but that has not occurred", Hunter told the judge.

The former president also wants to support his daughter Ashley, who filed for divorce last month, and save for his grandchildren.

Former U.S. President Joe Biden speaks in New Castle, Delaware, on 30/5. Photo: Reuters

Former U.S. President Joe Biden speaks in New Castle, Delaware, on 30/5. Photo: Reuters

This summer, Biden signed a memoir deal worth about $10 million with Hachette Book Group, significantly less than the Obamas’ $60 million deal.

Friends say Biden dedicates most of his time to the memoir. In July, he admitted to "working hard" on it, meeting with politicians and senior Democratic allies to reflect on his years of service.

Biden also aims to establish a presidential center at the University of Delaware. Fundraising has been challenging, with some donors disillusioned by his departure from the 2024 campaign.

Attorney John Morgan, a former major Biden donor, believes fundraising for the center "will be seen as a heavy lift after everything that has happened".