 In 1958, Congress passed the Former Presidents Act, offering a $25,000 yearly pension () to each former president.Hoover took the pension even though he did not need the money, possibly to avoid embarrassing Truman, whose precarious financial status played a role in the law's enactment.In the early 1960s, President John F. Kennedy offered Hoover various positions; Hoover declined the offers but defended Kennedy after the Bay of Pigs invasion and was personally distraught by Kennedy's assassination in 1963.