Post-presidency
Upon leaving the presidency, Truman returned to Independence, Missouri, to live at the Wallace home he and Bess had shared for years with her mother. Once out of office, Truman quickly decided that he did not wish to be on any corporate payroll, believing that taking advantage of such financial opportunities would diminish the integrity of the nation's highest office. He also turned down numerous offers for commercial endorsements. Since his earlier business ventures had proved unsuccessful, he had no personal savings. As a result, he faced financial challenges. Once Truman left the White House, his only income was his old army pension: $112.56 per month. Former members of Congress and the federal courts received a federal retirement package; President Truman himself ensured that former servants of the executive branch of government received similar support. In 1953, however, there was no such benefit package for former presidents, and he received no pension for his Senate service.
Truman took out a personal loan from a Missouri bank shortly after leaving office, and then set about establishing another precedent for future former chief executives: a book deal for his memoirs of his time in office. Ulysses S. Grant had overcome similar financial issues with his own memoirs, but the book had been published posthumously, and he had declined to write about life in the White House in any detail. For the memoirs, Truman received only a flat payment of $670,000, and had to pay two-thirds of that in tax; he calculated he got $37,000 after he paid his assistants. However, the memoirs were a commercial and critical success; they were published in two volumes in 1955 and 1956 by Doubleday (Garden City, N.Y) and Hodder & Stoughton (London): Memoirs by Harry S. Truman: Year of Decisions and Memoirs by Harry S. Truman: Years of Trial and Hope.
The former president was quoted in 1957 as saying to then-House Majority Leader John McCormack, "Had it not been for the fact that I was able to sell some property that my brother, sister, and I inherited from our mother, I would practically be on relief, but with the sale of that property I am not financially embarrassed." The following year, Congress passed the Former Presidents Act, offering a $25,000 yearly pension to each former president, and it is likely that Truman's financial status played a role in the law's enactment. The one other living former president at the time, Herbert Hoover, also took the pension, even though he did not need the money; reportedly, he did so to avoid embarrassing Truman.
Truman's predecessor, Franklin D. Roosevelt, had organized his own presidential library, but legislation to enable future presidents to do something similar had not been enacted. Truman worked to garner private donations to build a presidential library, which he donated to the federal government to maintain and operate—a practice adopted by his successors. He testified before Congress to have money appropriated to have presidential papers copied and organized, and was proud of the bill's passage in 1957. Max Skidmore, in his book on the life of former presidents, noted that Truman was a well-read man, especially in history. Skidmore added that the presidential papers legislation and the founding of his library "was the culmination of his interest in history. Together they constitute an enormous contribution to the United States—one of the greatest of any former president."
Truman supported Adlai Stevenson's second bid for the White House in 1956, although he had initially favored Democratic Governor W. Averell Harriman of New York. He continued to campaign for Democratic senatorial candidates for many years. Upon turning 80 in 1964, Truman was feted in Washington, and addressed the Senate, availing himself of a new rule that allowed former presidents to be granted privilege of the floor. After a fall in his home in late 1964, his physical condition declined. In 1965, President Lyndon B. Johnson signed the Medicare bill at the Harry S. Truman Library & Museum and gave the first two Medicare cards to Truman and his wife Bess to honor the former president's fight for government health care while in office.
On December 5, 1972, Truman was admitted to Kansas City's Research Hospital and Medical Center with lung congestion from pneumonia. He developed multiple organ failure and died at 7:50 am on December 26 at the age of 88. Bess Truman opted for a simple private service at the library for her husband rather than a state funeral in Washington. A week after the funeral, foreign dignitaries and official Washington attended a memorial service at Washington National Cathedral. Bess died in 1982; they both are buried at the Harry S. Truman Library & Museum in Independence.
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