As of the term that began on January 20, 2001, the president’s salary is $400,000 per year. Congress sets the president’s salary, which cannot be increased or decreased during a presidential term. In addition, the president is allocated a $50,000-per-year taxable expense allowance to be spent however he chooses. During his term in office, the president also enjoys many perks, including living in the White House, orchestrating office suites and a large staff, sailing on the presidential yacht, flying in his private jet (Air Force One), holding meetings at the Camp David resort in Maryland, and enjoying abundant travel and entertainment funds, among other benefits. In addition, since 1959, each former president has received a lifetime pension.