Vice President Joe Biden plans on relying solely on taxpayers to fund his retirement.

Biden declared on Monday that he had neither a savings account, nor any stocks to pay off his golden years.

"I have no savings account, but I have a great pension and a great salary," Biden told the crowd at the White House Summit on Working Families.

Biden's poor financial planning means that taxpayers will have to foot the bill for his retirement.

When Biden and Obama vacate the White House, they will have to make due with a $5 million "transition budget" that will cover their move out expenses, as well as Secret Service protection, according to the Congressional Research Service. Biden, however, will benefit from more than just the presidential transition budget.

Biden, 71, will be eligible for a substantial pension come 2017. While former presidents earn about $200,000 per year from their executive pension, vice presidents, who serve as the President of the Senate, draw their pension from congressional pension pools. Former members of congress are paid "no more than 80 percent" of their highest three years salary.

Despite Biden's failure to save or invest money, his role as vice president will enable him to draw a six-figure pension paid for by taxpayers.